Amaravati Bond 2018 offering 10.32% interest gets BSE listing
27th August, 2018Category: Businss and Economy, National
Amaravati bonds worth Rs 2,000 crore issued by AP Capital Region Development Authority were listed in Bombay Stock Exchange (BSE) on Monday at 9.15 am as Chief Minister N Chandrababu Naidu rang the bell. With this, the State government crossed another milestone in raising funds for the construction of capital city Amaravati.
The AP government earlier this month issued bonds worth Rs 1,300 crore, which was oversubscribed by 1.53 times, helping it raise Rs 2,000 crore for the development of its capital Amravati. The Amaravati Bond 2018 were issued at a coupon rate of 10.32 per cent payable quarterly. The 10-year bond has a 5-year lock-in on principal part following which, 20 per cent of the principal will be redeemed every year for next five years. The Andhra Pradesh government has assembled over 33,000 acres of land for the construction of its capital city Amaravati. The land has been acquired from over 27,000 farmers through a voluntary land pooling scheme.
Read More: The Hindu, Times Now News