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MCH bond float receives good response

Our Bureau

HYDERABAD, March 21

THE Hyderabad City Development Bonds 2002, which were floated by the Municipal Corporation of Hyderabad (MCH) on Thursday, drew overwhelming response with over 90 per cent of the offer amount subscribed in the first hour itself.

The Andhra Pradesh Chief Minister, Mr N. Chandrababu Naidu, released these tax-free bond offering which was aimed at raising Rs 82.50 crore to part-finance various development projects in the city to improve the civic infrastructure.

It was announced that the State Bank of Hyderabad, Andhra Bank had subscribed for bonds worth Rs 25 crore each, while the Punjab National Bank and State Bank of Mysore secured Rs 10 crore worth bonds each. New India Assurance, Indian Overseas Bank and an individual with Rs 20 lakh were the other subscribers. These bonds were rated by Crisil as AA+ (SO) and LAA+ (SO) by ICRA, which indicates high safety and timely payment of interest and principal on the instrument, according to the City Mayor, Mr T. Krishna Reddy.

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