After failing to garner enough funds for the Strategic Road Development Plan (SRDP) through bond issue during its latest effort, the GHMC has sent a modification proposal to the government, seeking amendments in the terms of awarding bids to arrangers.
The proposal was approved by the standing committee on Thursday.
During its latest bid at Bombay Stock Exchange, the GHMC could garner only ₹100 crore instead of the ₹305 crore that it had aimed to achieve, that too at a higher interest rate of 10.23, moderated to 8.93% only by incentive from the Central government. An arranger is an entity acting as facilitator/advisor for bond issue, and the GHMC relied on SBI Capital Markets for the role. However, after the failed attempt recently, the officials have gone back to the drawing table, and have decided to have multiple arrangers at the same fee.
Accordingly, proposals to choose multiple arrangers through bids at the same 0.1% fee being paid to the SBI Capital Markets, have been prepared and sent to the government. The minimum debt to be raised by the bidders has been stipulated as ₹20 crore in this method, the officials informed.
Another proposal cleared by the standing committee on the occasion was to use 500 square meters of area in a total of 48 community halls for setting up new Basti Dawakhanas.
One more proposal was for online registration for the use of GHMC’s modern gyms through online portal www.ghmc.gov.in/sports .
A total of 16 proposals received a stamp of approval, major among them being reorganisation of advertisement rates among various categories; revision of user charges for sports coaching under GHMC; road widening proposals at Chandangar railway station, Serilingampally Circle, Balanagar Y junction, and at Khajaguda; and handing over of Nallagandla Pedda Cheruvu to Aparna Infra Housing Private Limited under corporate social responsibility (CSR).
