HYDERABAD: A meeting was held at the
Greater Hyderabad Municipal Corporation (
GHMC) head office on Thursday with financiers, bankers and rating agencies to raise bonds worth 1,000 crore and loans worth 2,500 crore.
The task of floating bonds has been entrusted to
SBI Capital Market Ltd
. "For loans we will invite open tender so that we get the best price in the market," said a top official from GHMC finance department. Formalities such as pre-payment procedures, documentation, among other things, have been completed by the GHMC officials. The standing committee on Thursday approved opening an escrow account.
Another major agenda approved by standing committee was that GHMC additional commissioner (finance)
Jai Raj
will sign the documentation for bonds and loans on behalf of civic body after the approval of GHMC commissioner B Janardhan Reddy.
The GHMC has good rating said the civic commissioner on Thursday. "The
Corporation
has AA rating by
Crisil
and we are not mortgaging anything," said GHMC commissioner B Janardhan Reddy speaking to TOI. The GHMC has applied for second rating with India Ratings & Research Pvt Limited, confirmed a GHMC top official.
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