Amaravati bonds were listed on Monday on the Bombay Stock Exchange (BSE). The bonds were issued by the Andhra Pradesh government to raise funds in order to build its capital city Amaravati.
Amaravati bonds were listed on Monday on the Bombay Stock Exchange (BSE). The bonds were issued by the Andhra Pradesh government to raise funds in order to build its capital city Amravati. The BSE listing ceremony of ‘Amaravati Bond 2018’ was attended by Andhra Pradesh Chief Minister Chandrababu Naidu. The A P Capital Region Development Authority (APCRDA) floated bonds worth Rs 2,000 crore. The issue was oversubscribed by 1.53 times. CM Naidu range the opening bell at BSE during the bond listing earlier today.
Chief Minister N Chandrababu Naidu rang the opening bell at the Bombay Stock Exchange during the listing of the ‘Amaravati Bond 2018’.
“Overwhelmed by the investors’ trust in our governments’ commitment to build a world-class capital. #AmaravatiBonds issued by the Government of AP oversubscribed 1.53 times enabling to mobilise Rs 2000 Cr for the development of @PrajaRajadhani,” N Chandrababu Naidu said on twitter.
The bonds were issued at a coupon rate of 10.32 percent payable quarterly and the 10-year bond has a 5-year lock-in on principal part after which 20 percent of the principal will be redeemed every year for coming five years.
“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.
The Amaravati bonds which were issued by Capital Region Development Authority (CRDA), an entis of the Andhra government is the nodal agency establishment of Greenfield capital city at Amaravati.