• Public Issue of Rated, Listed, Taxable, Secured, Redeemable, Non-Convertible Green Municipal Bonds of face value of Rs. 1,000 each (comprising 4 (four) separately transferable and redeemable principal parts (“STRPP”) namely 1 STRPP A of face value of  ₹ 250/-, 1 STRPP B of face value of  ₹ 250/-, 1 STRPP C of face value of  ₹ 250/- and 1 STRPP D of face value of  ₹ 250/-) with a base issue size of Rs. 122 crores with an option to retain oversubscription up to Rs. 122 crores aggregating up to Rs. 244 crores (“Green Bonds Issue”/ “Issue”)
• The Green Bonds have been rated by India Ratings & Research Private Limited (“India Ratings”) with ‘IND AA+/Stable’ and CARE Ratings Limited (“Care Ratings”) with ‘CARE AA; Stable’
• Tenor: 3 years, 5 years, 7 years and 9 years with half yearly coupon payment options
• Effective Yield 8.42% p.a.# and Coupon rate of 8.25% p.a. payable half yearly
• NCD Issue opens on February 10, 2023 and closes on February 14, 2023
• The NCDs are proposed to be listed on NSE Limited

^# Applicable for STRPP D for tenure of 9 years. For further details, please refer to the Offer Document dated February 01, 2023.

MUMBAI/ INDORE, FEBRUARY 06, 2023 (GPN): Indore Municipal Corporation (“IMC” or “Corporation”), established in the year 1956 under the Madhya Pradesh Municipal Corporation Act, 1956 has filed offer document for public issue of rated, listed, taxable, secured, redeemable, non-convertible green municipal bonds of the face value of Rs. 1000 each (comprising of 4 (four) separately, transferable and redeemable principal parts (“STRPP”) namely 1 STRPP A of face value of ₹250/-, 1 STRPP B of face value of ₹250/-, 1 STRPP C of face value of ₹250 and 1 STRPP D of face value of ₹250/-). The Issue opens on February 10, 2023 and closes on February 14, 2023.

The Green Bonds Issue offers coupon rate of 8.25% p.a. payable half yearly and effective yield of 8.42% per annum. The NCDs are proposed to be listed on National Stock Exchange of India Limited (“NSE”) (the “Stock Exchange”) with NSE as the Designated Stock Exchange for the Issue. 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.

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 is through various modes, i.e., Direct Credit, NACH, RTGS, NEFT and Registered Post/Speed Post.

The Net Proceeds from the Issue are proposed to be utilized towards installation of 60 MW Ground Mounted Captive Solar PV Power Plant at village Samraj & Ashukhedi, District Khargone in Madhya Pradesh (“Project”).

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.

The terms of the NCDs offered in the Issue are set out below:

Series	I
Type of Instrument	Secured NCDs
Face Value / Issue Price of NCDs (₹ /NCDs)	₹ 1,000 per NCD comprising of 1 STRPP A of Face value of ₹250, 1 STRPP B of Face value of ₹250; 1 STRPP C of Face value of ₹250 and 1 STRPP D of Face value of ₹250
Minimum Application	₹ 10,000 (10 NCDs comprising of 10 STRPP A, 10 STRPP B, 10 STRPP C, 10 STRPP D
In Multiples of thereafter (₹)	₹ 1,000 (1 NCD comprising of 1 STRPP A, 1 STRPP B, 1 STRPP C, 1 STRPP D)
STRPP with different ISIN	STRPP A	STRPP B		STRPP C		STRPP D
Tenor	3 years	5 years		7 years		9 years
Face value per STRPP (₹)	Rs 250	Rs 250		Rs 250		Rs 250
	Aggregating to ₹ 1,000 (i.e. 1 NCD)
Coupon (% per annum) for NCD Holders in Category I, Category II, Category III & Category IV	8.25% p.a. payable half yearly		8.25% p.a. payable half yearly	8.25% p.a. payable half yearly		8.25% p.a. payable half yearly
Effective Yield (% per annum) for NCD Holders in Category I, Category II, Category III & Category IV	8.41%		8.41%	8.41%		8.42%
Frequency of Interest Payment	Half Yearly		Half Yearly	Half Yearly		Half Yearly
Mode of Interest Payment	Through Various Modes available i.e., Direct Credit, NACH, RTGS, NEFT and Registered Post/Speed Post.
Maturity / Redemption (from the Deemed Date of Allotment)	3 years		5 years		7 years		9 years
Put and Call Option	N.A.		N.A.		N.A.		N.A.

About Indore Municipal Corporation (IMC): Indore Municipal Corporation (IMC) is the chief municipal body of Indore city. Currently, Shri Pushyamitra Bhargav is the Mayor and Smt. Pratibha Pal, IAS, is the Commissioner (Nagar Aayukt) of the Issuer. IMC is covered under AMRUT Scheme of Government of India. Also, Indore Municipal Corporation holds 50% equity shareholding of Indore Smart City Development Limited (ISCDL) which has been incorporated as a Special Purpose Vehicle under the Companies Act, 2013 to implement the smart city proposal of Indore Municipal Corporation under Smart City Mission (SCM). ISCDL has been involved in successful completion of several projects.                                      

LISTING: The Green Bonds offered through this Offer Document are proposed to be listed on National Stock Exchange of India Limited (“NSE”) (the “Stock Exchange”). The Issuer has received in-principle approval from NSE for listing of the Green Bonds to be allotted pursuant to the Issue through its letter dated December 26, 2022 bearing number NSE/LIST/D/2022/0190. For the purposes of the Issue, the Designated Stock Exchange is National Stock Exchange of India Limited.

Offer Document Link: https://www.akgroup.co.in/docs/Indore%20Municipal%20Corporation%20Offer%20Document_1%20Feb%202023.pdf