HYDERABAD: The state government has cleared the decks for the Greater Hyderabad Municipal Corporation (GHMC) to borrow `1,000 crore by floating Bonds and `2,500 crore through Rupee Term Loan as per its requirement without Government Guarantee. Totally, the GHMC proposed to raise `3,500 crore to fund developmental projects in Hyderabad.
The government has entrusted SBI Capital Markets Limited with the task of raising `1,000 crpre through bonds, at a fee of 0.1 per cent of the funds raised. The government would also pay `15 lakh plus taxes for preparation of information memorandum to raise money through the RTL route.
An order to this regard was passed by the government recently. As as per GHMC Act 1955 (Sec 149), the “Corporation may from time to time borrow or re-borrow and take up at interest from Central or State Government or with the sanction of Government, from any other person, any sum necessary.”
3 agencies submit bid
As per guidelines issued by MoUD for Smart Cities, empanelled agencies were requested to participate in tenders for raising `3,500 crore funds for GHMC. Three agencies submitted bids