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The Indore Municipal Corporation was constituted under Article 243Q(1)(c) of the Constitution of India, 1949, and established in the year 1956 under the Madhya Pradesh Municipal Corporation Act, 1956. IMC is the chief municipal body of Indore city. Presently, Shri Pushyamitra Bhargav is the Mayor, and Smt. Pratibha Pal, IAS, is the Commissioner (Nagar Aayukt) of the Corporation.
Indore is the largest city in the Indian state of Madhya Pradesh and among the most populous cities. It is regarded as the headquarters of both Indore District and Indore Division. Indore is considered an education hub as it has campuses of both the Indian Institute of Technology and the Indian Institute of Management and is considered as an education hub.
The municipal corporation is responsible for carrying out the provisions of the MPMC Act. Also, Indore Municipal Corporation holds a 50% equity shareholding of Indore Smart City Development Limited (ISCDL) which has been incorporated as a Special Purpose Vehicle to implement the smart city proposal of Indore Municipal Corporation under Smart City Mission (SCM).
| 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 Trusties | VISTRA ITCL INDIA LIMITED |
Category  |
NCD's Allocated |
|---|---|
| Institutional | 25% |
| Non-Institutional | 25% |
| HNI | 25% |
| Retail | 25% |
| Category |
NCD's Reserved |
|---|---|
| Institutional | 305,000 |
| Non-Institutional | 305,000 |
| HNI | 305,000 |
| Retail | 305,000 |
| Total NCD's | 1,220,000 |
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.
| 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 | ||||
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% | ||||
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 |
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Indore Municipal Corporation
Narayan Singh Saput Marg,
Shivaji Market, Rajwada, Nagar Nigam,
Indore-452007
Phone: +91 0731-2431610
Email: aoimc@imcindore.org
Website: https://imcindore.mp.gov.in/
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://karisma.kfintech.com/
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