Mumbai, Aug 27: Andhra Pradesh CM Nara Chandrababu Naidu on Monday rang the opening bell to mark the listing ceremony of 'Amaravati Bond 2018' at Bombay Stock Exchange (BSE).
The bond was issued by Andhra Pradesh Capital Region Development Authority (APCRDA) for the construction of the state capital, Amaravati.
The APCRDA has raised Rs 2,000 crore by way of issuance of bonds on private placement basis on BSE's electronic book mechanism platform. The platform was launched on July 1, 2016, to facilitate online bidding for private placement of debt securities. Since then, 120 issuers have garnered Rs 4.86 lakh crore through the exchange mechanism, reports PTI.
"On August 14, 2018, APCRDA successfully raised Rs 2,000 crore by issuing bonds on private placement basis using BSE BOND platform," the exchange said in a statement.
"Amaravati Bond 2018 has created history by over-subscription raising Rs 2,000 crore and is the testimony of investors' confidence in Andhra Pradesh and Amaravati. This will help in developing Amaravati as smart, sustainable and happy city and as a global destination of people, jobs and investments," Andhra Pradesh CM Chandrababu Naidu said.
Chandrababu Naidu at BSE
Andhra Pradesh CM N. Chandrababu Naidu, addressing a packed gathering at the listing of ‘Amaravati Bond 2018' on 27th August, 2018 at at Bombay Stock Exchange (BSE). Courtesy: @ncbn
Naidu and BSE MD
Chandrababu Naidu interacts with Ashish Chauhan, MD & CEO BSE India, ahead of the Listing Ceremony of Amaravati Bonds. Courtesy: @ncbn
a 10-year instrument
According to reports, ‘Amaravati Bond 2018', a 10-year instrument is offered at a fixed interest rate of 10.32% per annum, paid quarterly, with a 5-year moratorium on principal payment, which is redeemed on yearly basis for next 5 years at 20 per cent every year. Courtesy: @ncbn
Bond rated by CRISIL
The issue is guaranteed by the Government of Andhra Pradesh and is rated by CRISIL, Brickwork and Auicte. M/s AK Capital Services officiated as the sole arranger. Courtesy: @ncbn