Amarvati Bonds listed on BSE

Hyderabad:

“Amarvati Bonds” floated by Andhra Pradesh government to raise funds for construction of the new state capital were listed on the Bombay Stock Exchange on Monday with the Chief Minister N Chandrababu Naidu ringing the ceremonial bell.

The bonds floated two weeks go received tremendous response surpassing all expectations and were oversubscribed by 1.53 times on the electronic bidding platform of the BSE. While the state government wanted to raise 1.3 billion rupees (Dh68.5 million) from the institutional bidders, bond sale yielded 20 billion rupees.

Speaking on the occasion Chandrababu Naidu said that the upcoming capital city will be a world class and greenfield city in which solar power will be the major source of energy. “Andhra Pradesh will now be known as sunrise city”, he said expressing happiness over the listing of Amarvati bonds. “The city will have the motto of walk to work”, he said adding that the government was taking innovative initiatives to keep the water, air and environment in the city clean. He said that for the capital city spread over an area 271 square km, the world’s biggest land-pooling was done and the farmers had voluntarily contributed their lands.

He said with the help of Singapore and other international organisations, the vision of completing the capital city work will be completed in 44 months.

Talking of the faster economic development of the state, Naidu said that by 2029 AP will generate a trillion dollar wealth.

BSE managing director Ashish Kumar Chouhan assured AP full support of the BSE in the construction of the new capital city. “Releasing the Amaravati bonds to provide basic infrastructure in the new city was a good idea”, he said.

Andhra Pradesh was leading in attracting investments as well as use of modern technologies, he added. In 1998 municipal bonds were released for Ahmedabad city, he noted.

Naidu had a very hectic day in the commercial capital of the country and held a roundtable with the industrialists and investors where he made a presentation on Amaravati city and the business opportunities in the state. He said that he was trying to make the state the best destination for investments and AP had already emerged on top in ease of doing business rankings.

He also held separate meetings with Tata Group chairman emeritus Ratan Tata, Tata Sons Chairman N Chandrasekharan and Narayamurthy of Infosys.