Surat Municipal Corporation successfully raised Rs.200 Crore on BSE Bond Platform
Mumbai: February 27, 2019: BSE, Asia’s oldest exchange and now world’s fastest exchange with the speed of 6 microseconds on 1st July 2016 had launched the platform for Electronic Book Mechanism “BSE BOND” for issuance of debt securities on private placement basis.
On February 27, 2019 Surat Municipal Corporation successfully raised Rs.200/- Crore by issuing Municipal Bond on Private Placement Basis using BSE- Bond. (EBP Platform)
Speaking on this occasion Shri Ashishkumar Chauhan, MD & CEO, BSE said, "I am happy that Surat Municipal Corporation (SMC) is able to raise Rs.200/- Crore successfully using the BSE Bond Platform, a market leading platform for bond raising in India. Surat Municipal Corporation is the second Municipal Corporation to raise funds in the state of Gujarat after Ahmedabad Municipal Corporation this year. BSE firmly believes that Indian Bond Market is poised for a substantial growth and India can use its domestic savings to fund its infrastructure needs in a substantial manner."
Dr. Jagdishbhai Patel, Mayor of Surat Municipal Corporation and Mr. M.Thennarasan IAS, Commissioner of Surat Municipal Corporation said, "SMC is a fore runner in reforms by providing better civic amenities. The Benchmark of various services of Surat Municipal Corporation is much higher than eligible limits. We are extremely happy for the platform provided by BSE which enable us to raise Rs.200/- Crore at competitive rates against prevailing market yield for strategic upgradation and enhancement of sewerage treatment projects."
The support, information, suggestions received by the esteem and well-mannered team of BSE enable us to tap the bond market very easily and it is our pleasure to have BSE Platform for our aforesaid successful bond issue.
Yatin Padia/ Rahul Vyas
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