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* Base Issue of Rs 122 crs oversubscribed by 5.91 times with a total collection of Rs 720.75 Crore

* The debutant Retail category was oversubscribed by 5.78 times with a collection of Rs 176.33 Crore

* Issue closes on Tuesday, February 14, 2023

 Indore Municipal Corporation (“IMC” or “Corporation”), established in the year 1956 under the Madhya Pradesh Municipal Corporation Act, 1956 public issue of rated, listed, taxable, secured, redeemable, non-convertible green municipal bonds has been oversubscribed 5.91 times on the first day garnering Rs 720.75 crore.

The issue has a face value of Rs. 1,000 each. The base issue size is Rs. 122 crores with an option to retain oversubscription up to Rs. 122 crores, aggregating up to Rs. 244 crores.

According to the base issue size, the Institution/QIB category was subscribed the most with 7.52 times, followed by 6.71 times in the corporate category, 5.78 times in the retail category, 3.62 times in the HNI category. The Issue opened on February 10, 2023 and closes Tuesday, February 14, 2023.

The issue saw a robust demand in the Institutional and Corporate category of investors with a total collection of Rs 229.35 Crore, and Rs 204.57 crore respectively, while Retail and HNI category garnered Rs 176.33 crore and Rs 110.50 crore respectively.

The Green Bonds have a tenor of 3 years (STRPP A), 5 years (STRPP B), 7 years (STRPP C) and 9 years (STRPP D). Effective yield (per annum) for NCD holders in Category I (QIB), Category II (Corporate), Category III (HNI) and Category IV (Retail Individual) for tenor 3 years, 5 years and 7 years is 8.41% and for STRPP D with 9 years tenor is 8.42%. Interest payments are through various modes, i.e., Direct Credit, NACH, RTGS, NEFT and Registered Post/Speed Post.

The Green Bonds have been assigned a rating of ‘CARE AA: Stable’ by CARE Ratings Limited and ‘IND AA+/Stable’ by India Ratings & Research Private Limited.

Lead Managers to the Issue are A.K. Capital Services Limited and SBI Capital Markets Limited and Vistra ITCL (India) Limited as trustee. Registrar to the Issue is KFin Technologies Limited.

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