Media Release
Vadodara Municipal Corporation successfully raises Rs. 100 Crores on BSEBOND Platform
Mumbai, March 24, 2022: 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 March 24, 2022, Vadodara Municipal Corporation (“VMC”) successfully raised Rs. 100 Crores by issuing Municipal Bond on Private Placement Basis using BSEBOND. (EBP Platform). VMC received 36 bids on BSEBOND platform for Rs. 1,007 crores 10.07 times of the issue size. BSE is the preferred choice amongst Municipal Corporations to raise debt. With the successful fund raising of VMC on BSEBOND platform, BSE now hits a new benchmark of raising a total of Rs.3425 Crore in the Municipal Bond Space with a whooping market share of close to 88%. Speaking on this occasion Shri Ashishkumar Chauhan, MD & CEO, BSE said, "We are glad that Vadodara Municipal Corporation has raised Rs. 100 Crores successfully using the BSEBOND Platform, a market leading platform for raising bonds in India. BSE firmly believes that Indian Bond Market is ready to expand its horizon manifolds and these borrowings can be judiciously deployed to augment infrastructure needs & Smart City planning” Shri Keyur Rokadia Mayor of Vadodara Municipal Corporation and Smt. Shalini Agarwal, IAS, Commissioner of Vadodara Municipal Corporation
said, “Amidst the prevailing pandemic conditions and global tension, it is indeed very prestigious for VMC to get a massive over subscription of 10.07 times for its first ever Municipal Bond issuance of Rs. 100 Crore. By far this stands as the most competitive and lowest rate amongst Municipal Bond issuances in India. VMC hereby looks forward to judiciously deploy these funds in Sindhrot Water Supply Project, which will cater the needs of drinking water supply in the city as well as Liquid Waste Management Project which will help in disposal of sewage water effectively. We are extremely happy about our experience with BSEBOND platform and operational support of BSE Team all throughout the transaction.” About BSE
BSE (formerly Bombay Stock Exchange) established in 1875, is Asia’s first & now the world’s fastest Stock Exchange with a speed of 6 microseconds. BSE is India’s leading exchange group and has played a prominent role in developing the Indian capital market. BSE is a corporatized and demutualized entity, with a broad shareholder base that includes the leading global exchange- Deutsche Bourse, as a strategic partner. BSE provides an efficient and transparent market for trading in equity, debt instruments, equity derivatives, currency derivatives, commodity derivatives, interest rate derivatives, mutual funds and stock lending and borrowing.
BSE also has a dedicated platform for trading in equities of small and medium enterprises (SMEs) that has been highly successful. BSE also has a dedicated MF distribution platform BSE STAR MF which is India largest Mutual Funds Distribution Infrastructure. On October 1, 2018, BSE launched commodity derivatives trading in Gold, Silver, Copper, Oman Crude Oil, Guar Gum, Guar Seeds & Turmeric.
BSE provides a host of other services to capital market participants including risk management, clearing, settlement, market data services and education. It has a global reach with customers around the world and a nation-wide presence. BSE’s systems and processes are designed to safeguard market integrity, drive the growth of the Indian capital market and stimulate innovation and competition across all market segments.
Indian Clearing Corporation Limited, a wholly owned subsidiary of BSE, acts as the central counterparty to all trades executed on the BSE trading platform and provides full novation, guaranteeing the settlement of all bonafide trades executed. BSE Institute Ltd, another fully owned subsidiary of BSE runs one of the most respected capital market educational institutes in the country. Central Depository Services Ltd. (CDSL), associate company of BSE, is one of the two Depositories in India.
BSE has set up an Investor Protection Fund (IPF) on July 10, 1986 to meet the claims of investors against defaulter Members, in accordance with the Guidelines issued by the Ministry of Finance, Government of India. BSE Investor Protection Fund is responsible for creating Capital markets related awareness among the investor community in India.
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