Chennai's ₹100 Cr Bond Issue Attracts ₹421 Cr! Big Boost For City Planners

The Greater Chennai Corporation (GCC) has made a historic debut on the National Stock Exchange, with its municipal bonds issue getting oversubscribed 4.21 times — raising ₹421 crore against a base offer of ₹100 crore. The funds will power the Kosasthalaiar stormwater drain project, a critical step to flood-proof the northern stretches of the city. This marks a major milestone in urban civic finance, signalling growing trust in local governance. The bonds carry a 7.97% interest rate, and according to the Finance Department, the oversubscription is a vote of confidence in Tamil Nadu’s civic administration. At the bond listing ceremony in Chennai, the NSE Chief Economist lauded the state and city officials, saying this reflects strong investor sentiment and belief in infrastructure-led urban reform.