<p>Chennai: Tamil Nadu capital, <a href="https://www.deccanherald.com/tags/chennai">Chennai</a>, on Monday became the 18th urban local body in the country to list its municipal bonds in the National Stock Exchange (NSE) to fund projects, which was oversubscribed to 4.21 times with an interest rate of 7.97 per cent. </p><p>Chief Minister M K Stalin attended the bell ceremony here in the presence of NSE chief economist Tirthankar Patnaik, who lauded urban bodies in the country for using bonds as a means to fund their infrastructure projects. </p>.<p>Three more municipal corporations – Tiruchirapalli, Tiruppur, and Coimbatore – are also in the process of listing their bonds. </p><p>Greater Chennai Corporation has raised Rs 200 crore through municipal bonds with a very low interest rate of 7.97% per annum for a tenure of 10 years. “Notably, this is the lowest interest rate among the municipal bond issuances in India so far in 2025,” a senior government official said. </p><p>The bids received through the National Stock Exchange’s electronic auction were 4.21 times the base issue amount of Rs. 100 crore, amounting to Rs. 421 crore, reflecting the strong financial management of the GCC and the high level of confidence investors have in the project’s structure.</p><p>“Greater Chennai Corporation's municipal bonds have been oversubscribed to 4.21x with an interest rate of 7.97%. This is a first and resolves the trust in the civic governance,” C A Rishab, Deputy Secretary (Finance), Tamil Nadu, said. </p><p>The funds raised through these municipal bonds will be utilised for the Integrated Storm Water Drainage (ISWD) system project in the Kosasthalaiyar North Basin, a crucial infrastructure project aimed at improving Chennai’s flood control and sustainable urban development.</p><p>To encourage the GCC and to strengthen investor confidence, the state government has provided special financial assistance under the PSGF (Project Sustainability Grant Fund) scheme.</p>.Polls for 8 Rajya Sabha seats from Tamil Nadu and Assam, being vacated in next two months, to be held on June 19.<p>Meanwhile, the Tamil Nadu government has constituted an exclusive disaster management authority for the city, with extreme weather events becoming more frequent. </p><p>The Commissioner of the Greater Chennai Corporation (GCC) would be the ex-officio Chairperson, and the Chennai Collector, the ex-officio Vice-Chairperson of the Chennai City Urban Disaster Management Authority. </p><p>Greater Chennai Police Commissioner, GCC Deputy Commissioner (Works), GCC City Health Officer, Chief Executive Officer of the Chennai Metropolitan Development Authority (CMDA), and Chief Engineer, Water Resources Department, Chennai Region, will be the ex-officio members of the panel.</p>
<p>Chennai: Tamil Nadu capital, <a href="https://www.deccanherald.com/tags/chennai">Chennai</a>, on Monday became the 18th urban local body in the country to list its municipal bonds in the National Stock Exchange (NSE) to fund projects, which was oversubscribed to 4.21 times with an interest rate of 7.97 per cent. </p><p>Chief Minister M K Stalin attended the bell ceremony here in the presence of NSE chief economist Tirthankar Patnaik, who lauded urban bodies in the country for using bonds as a means to fund their infrastructure projects. </p>.<p>Three more municipal corporations – Tiruchirapalli, Tiruppur, and Coimbatore – are also in the process of listing their bonds. </p><p>Greater Chennai Corporation has raised Rs 200 crore through municipal bonds with a very low interest rate of 7.97% per annum for a tenure of 10 years. “Notably, this is the lowest interest rate among the municipal bond issuances in India so far in 2025,” a senior government official said. </p><p>The bids received through the National Stock Exchange’s electronic auction were 4.21 times the base issue amount of Rs. 100 crore, amounting to Rs. 421 crore, reflecting the strong financial management of the GCC and the high level of confidence investors have in the project’s structure.</p><p>“Greater Chennai Corporation's municipal bonds have been oversubscribed to 4.21x with an interest rate of 7.97%. This is a first and resolves the trust in the civic governance,” C A Rishab, Deputy Secretary (Finance), Tamil Nadu, said. </p><p>The funds raised through these municipal bonds will be utilised for the Integrated Storm Water Drainage (ISWD) system project in the Kosasthalaiyar North Basin, a crucial infrastructure project aimed at improving Chennai’s flood control and sustainable urban development.</p><p>To encourage the GCC and to strengthen investor confidence, the state government has provided special financial assistance under the PSGF (Project Sustainability Grant Fund) scheme.</p>.Polls for 8 Rajya Sabha seats from Tamil Nadu and Assam, being vacated in next two months, to be held on June 19.<p>Meanwhile, the Tamil Nadu government has constituted an exclusive disaster management authority for the city, with extreme weather events becoming more frequent. </p><p>The Commissioner of the Greater Chennai Corporation (GCC) would be the ex-officio Chairperson, and the Chennai Collector, the ex-officio Vice-Chairperson of the Chennai City Urban Disaster Management Authority. </p><p>Greater Chennai Police Commissioner, GCC Deputy Commissioner (Works), GCC City Health Officer, Chief Executive Officer of the Chennai Metropolitan Development Authority (CMDA), and Chief Engineer, Water Resources Department, Chennai Region, will be the ex-officio members of the panel.</p>