Indore Municipal Corporation NCD (Indore Municipal NCD February 2023) Detail

Feb 10, 2023 - Feb 14, 2023
Indore Municipal Corporation Logo

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).

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 I

Payment Frequency Half yearly
Basis of Allotment First Come First Serve Basis

NCD Allocation Ratio

Category ? NCD's Allocated
Institutional 25%
Non-Institutional 25%
HNI 25%
Retail 25%

NCD's Offered by Category

Category ? NCD's Reserved
Institutional 305,000
Non-Institutional 305,000
HNI 305,000
Retail 305,000
Total NCD's 1,220,000

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

Indore Municipal Corporation Financial Information (Consolidated)
Period EndedTotal AssetsTotal RevenueProfit After TaxReserves and Surplus
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
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)

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Company Contact Information

Indore Municipal Corporation
Narayan Singh Saput Marg,
Shivaji Market, Rajwada, Nagar Nigam,

Phone: +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://karisma.kfintech.com/

Indore Municipal NCD February 2023 Lead Manager(s)


4. Prabhat Natu   I Like It. |Report Abuse|  Link|Feb 24, 2023 9:48:14 AMReply
Refuend Statues in nor clear ....Please send Refund Money
3. MUKESH GUPTA   I Like It. |Report Abuse|  Link|Feb 21, 2023 6:33:25 AMReply
When indore municipality bonds listed

2. Hetal R   I Like It. |Report Abuse|  Link|Feb 20, 2023 12:26:43 PMReply
Securities Applied For : 33
Securities Allotted : 14

Why not fully allotted?
I applied first time, Just want to know reason.
2.1. Ganesh Tirumala   I Like It. |Report Abuse|  Link|Feb 20, 2023 8:46:58 PM
Congratulations on the allotment! The issue has been overscribed and they have alloted based on proportinate basis. The base issue is 122 crores but they got 720 crores which is ~ 5.9X. The exact subscription details are on economic times. They might have used additional 122 crores which is in the shelf issue which gets to ~ 2.35X.. That's 33/2.35 = ~14 :)
1. SD   I Like It. |Report Abuse|  Link|Feb 13, 2023 1:20:00 PMReply
Any views on this!?