Pune metropolitan region development authority will issue bonds to raise Rs 1,000 crore
PMRDA had also made the demand of 2 TMC of water for the PMRDA region, including Sus, Mhalunge and Wagholi areas. Gitte said that the state government still has to take a final decision on this
After the Pune municipal corporation (PMC), the Pune metropolitan region development authority (PMRDA) will now issue bonds to raise money from the open market.
Kiran Gitte, PMRDA metropolitan commissioner, said, “PMRDA is planning to issue bonds soon and will be the second development authority in the country, after the Andhra Pradesh Amarwadi region, to do so. PMRDA is looking to raise Rs 1,000 crore through these bonds.”
Gitte said PMRDA has appointed credit rating agencies India Rating and SPA, to issue its credit rating.
“PMRDA has a balance of Rs 900 crore on its books and is expecting a good rating,” Gitte said, adding “This money will be utilised to develop town planning schemes.”
The PMC raised Rs 200 crore by floating a bond for the 24x7 water supply project for the city. The bond offering of Rs 2,300, earlier this year, was hailed as the India’s largest municipal bond issue till date. PMC was issued a long-term credit rating of ‘AA+’.
Meanwhile, PMRDA had also made the demand of 2 TMC of water for the PMRDA region, including Sus, Mhalunge and Wagholi areas. Gitte said that the state government still has to take a final decision on this.