The Indore Municipal Corporation (IMC) was established in 1956 in accordance with Article 243Q(1)(c) of the Constitution of India, 1949, as per the Madhya Pradesh Municipal Corporation Act, 1956. Serving as the primary municipal authority of Indore city, IMC plays a vital role in its governance. Currently, Shri Pushyamitra Bhargav holds the position of Mayor, while Smt. Pratibha Pal, IAS, serves as the Commissioner (Nagar Aayukt) of the Corporation.
Indore, the largest city in Madhya Pradesh, stands as a bustling metropolis with a significant population. It functions as the administrative center for both Indore District and Indore Division. The city holds distinction as an educational hub, hosting esteemed institutions like the Indian Institute of Technology and the Indian Institute of Management.
The responsibilities of the municipal corporation encompass the enforcement of the MPMC Act. Additionally, the Indore Municipal Corporation holds a 50% equity stake in the Indore Smart City Development Limited (ISCDL). This entity operates as a Special Purpose Vehicle, dedicated to the implementation of the smart city initiative proposed by the Indore Municipal Corporation under the Smart City Mission (SCM).
Indore Municipal NCD February 2023 Detail #
| Issue Open | Feb 10, 2023 – Feb 14, 2023 |
| Security Name | Indore Municipal Corporation |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| Issue Size (Base) | Rs 122.00 Crores |
| Issue Size (Shelf) | Rs 244.00 Crores |
| Issue Price | Rs 1000 per NCD |
| Face Value | Rs 1000 each NCD |
| Minimum Lot size | 10 NCD |
| Market Lot | 1 NCD |
| Listing At | NSE |
| Credit Rating | IND AA+/Stable by India Ratings and CARE AA; Stable by CARE Ratings Limited. |
| Tenor | 3, 5, 7, and 9 years |
| Series | Series I |
| Payment Frequency | Half yearly |
| Basis of Allotment | First Come First Serve Basis |
| Debenture Trustee/s | Vistra Itcl India Limited |
NCD Rating #
The company has received rating of IND AA+/Stable by India Ratings and CARE AA; Stable by CARE Ratings Limited for the bonds proposed to be issued pursuant to this Issue.
Company Financials #
| Period Ended | Total Assets | Total Revenue | Profit After Tax | Reserves and Surplus |
|---|---|---|---|---|
| 31-Mar-20 | 5,119.80 | 1,675.36 | 258.80 | 4,152.11 |
| 31-Mar-21 | 5,991.88 | 1,564.94 | 265.53 | 4,616.16 |
| 31-Mar-22 | 6,373.51 | 1,807.43 | 303.01 | 4,994.85 |
| Amount in ₹ Crore | ||||
Objects of the Issue #
The Corporation proposes to utilize the proceeds raised through the Issue towards Funding capital expenditure towards the installation of 60 MW Ground Mounted Captive Solar PV Power Plant at Village Samraj & Ashukhedi, District Khargone in Madhya Pradesh.
Coupon Rates
| Series 1 | ||||||||
|---|---|---|---|---|---|---|---|---|
| STRPP with different ISIN | STRPP A | STRPP B | STRPP C | STRPP D | ||||
| Nature | Secured | |||||||
| Frequency of Interest Payment | Half Yearly | |||||||
| Tenor | 3 Years | 5 Years | 7 Years | 9 Years | ||||
| Coupon Rate (Retail) | 8.25% | 8.25% | 8.25% | 8.25% | ||||
| Effective Yield (% per Annum) | 8.41% | 8.41% | 8.41% | 8.42% | ||||
Indore Municipal NCD February 2023 Prospectus #
Indore Municipal NCD February 2023 Subscription Status #
The Indore Municipal NCD February 2023 was subscribed 0.41 times on Feb 14, 2023 5:00:00 PM. The NCD subscribed 0.30 times in Retail, 0.02 times in HNI, 1.31 times in Non-Institutional, and 0.00 times in the Institutional category.
| Category ? | Subscription (times) |
|---|---|
| Retail | 0.30x |
| HNI | 0.02x |
| Non-Institutional | 1.31x |
| Institutional | 0.00x |
| Total | 0.41x |
Check Day by Day Bidding Details
Company Contact Information #
Narayan Singh Saput Marg,
Shivaji Market, Rajwada, Nagar Nigam,
Indore-452007Phone: +91 0731-2431610
Email: aoimc@imcindore.org
Website: https://imcindore.mp.gov.in/
Indore Municipal NCD February 2023 Registrar #
Kfin Technologies Limited
KFintech, Tower-B, Plot No 31 & 32,
Financial District, Nanakramguda, Gachibowli,
Hyderabad, Telangana India – 500 032.
Phone: 04067162222, 04079611000
Email: imc.bonds@kfintech.com
Website: https://kosmic.kfintech.com/ipostatus/
