Andhra Pradesh

Amaravati bonds listed on Bombay Stock Exchange

Chief Minister N. Chandrababu Naidu at the listing ceremony of ‘Amaravati Bonds 2018’ in Mumbai.

Chief Minister N. Chandrababu Naidu at the listing ceremony of ‘Amaravati Bonds 2018’ in Mumbai.   | Photo Credit: SHASHI ASHIWAL

Set up an innovation centre in State, Naidu tells BSE MD

The ringing of the bell at Sir Dinshaw Petit International Convention Hall at the Bombay Stock Exchange (BSE) by Chief Minister N. Chandrababu Naidu at 9.15 a.m. on Monday marked the listing of Amaravati bonds just about two weeks after their placement with qualified institutional buyers.

The AP-Capital Region Development Authority (AP-CRDA) issued the bonds worth ₹2,000 crore including a basic offer of ₹1,300 crore and a green-shoe option of ₹700 crore on August 14 and what made the issue a historic one is it is the biggest ever fund-raising made by any Indian urban development authority for infrastructure creation.

Addressing the gathering after the ceremonial ringing of the gong, Mr. Naidu said it was one of a wide variety of funding avenues that the Andhra Pradesh government had explored in the process of mobilising funds for the construction of Amaravati and said the good response had reflected the investor confidence in the State government and the capital project.

He described the bond route as a new approach to fast-track development and exuded confidence that Amaravati would shape up into the happiest city with the highest quality of infrastructure and a thriving economic environment.

Asserting that A.P. was far ahead of others in adopting new concepts and technologies, Mr. Naidu requested BSE MD and CEO Ashish Kumar Chauhan to set up an innovation centre in the State. The bond issue was guaranteed by the Government of A.P. and was rated by CRISIL, Brickwork and Acuite supported by A.K. Capital Services as the sole arranger.

Principal secretary (CRDA) Ajay Jain detailed the major milestones the State government had crossed in the construction of the capital city.

State Planning Board vice-chairman C. Kutumba Rao said to start with, only a small portion of the ₹2,000 crore of the entire project requirement (Phase-I) of nearly ₹48,120 crore had been mobilised through bonds .

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Printable version | Feb 27, 2020 10:11:09 AM | https://www.thehindu.com/news/national/andhra-pradesh/amaravati-bonds-listed-on-bombay-stock-exchange/article24795729.ece

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