Nashik civic body announces launch of green bonds to finance Simhastha Kumbh Mela projects

Nashik, Feb 23 (PTI) Nashik Municipal Corporation on Monday announced the launch of its maiden public issue of green bonds, which officials said would finance several projects associated with the 2027 Simhastha Kumbh Mela.

The announcement of the taxable, unsecured, redeemable, non-convertible green municipal bonds in the nature of debentures of face value of Rs 1,000 each was made by mayor Himgauri Aher-Adke, deputy mayor Vilas Shinde and civic commissioner Manisha Khatri.

The issue will open on February 25 and close on March 2, they said while urging citizens to purchase the bonds and contribute in "Nashik's development and the Simhastha Kumbh Mela 2027". On December 1 last year, NMC listed its bonds on National Stock Exchange of India (NSE).

The net proceeds from the issue are proposed to be utilized towards incurring capital expenditure for augmentation of Mukane Water Supply Scheme - Water Treatment Plant (WTP), construction of gravity main from Vilholi to Gandhinagar, Sadhugram and Nilgiri Baug WTP for Simhastha Kumbh, officials said. PTI COR BNM