Nashik, February 23 The Nashik Municipal Corporation announced on Monday the launch of its first public offering of green bonds, which officials said would finance several projects related to the 2027 Simhastha Kumbh Mela.
The announcement of the taxable, unsecured, redeemable, non-convertible green municipal bonds, with a face value of Rs 1,000 each, was made by Mayor Himgauri Aher-Adke, Deputy Mayor Vilas Shinde, and Civic Commissioner Manisha Khatri.
The offering will open on February 25 and close on March 2, they said, while urging citizens to purchase the bonds and contribute to "Nashik's development and the Simhastha Kumbh Mela 2027." In December last year, the NMC listed its bonds on the National Stock Exchange of India (NSE).
The net proceeds from the offering are proposed to be used for capital expenditure on the augmentation of the Mukane Water Supply Scheme - Water Treatment Plant (WTP), the construction of a gravity main from Vilholi to Gandhinagar, Sadhugram and Nilgiri Baug WTP for the Simhastha Kumbh, officials said.