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CareEdge Advisory provides Second Party Opinion for Ahmedabad Municipal Corporation’s Rs. 200 Cr. Green Bond

Published: February 12, 2024

CareEdge Advisory, a division of CARE Analytics and Advisory Private Limited (formerly CARE Risk Solutions Private  Limited), is honoured to announce its collaboration with the Ahmedabad Municipal Corporation (AMC) by offering  a Second Party Opinion on its Rs. 200 crore Green Bond issuance. This Second Party Opinion is in strict accordance  with the International Capital Market Association (ICMA) Green Bond Principles (GBP) of 2021, the Securities and  Exchange Board of India (SEBI) Green Debt Securities Notification of 2023, and the SEBI (Issue and Listing of Non Convertible Securities) Regulations of 2021. 

The projects identified under the Green Bond fall under the GBP project taxonomy:  

  • Renewable Energy Projects 
  • Sustainable Water Project 
  • Waste Water Management 

The coupon rate, or interest rate paid to investors, was set at 7.90%, payable semi-annually. The bonds were  oversubscribed by 6.8 times, by Institutional Investors. 

The services extended by CareEdge Advisory exhibit strong commitment by CareEdge in support of India’s  sustainable finance journey. 

About CareEdge 

CareEdge is a knowledge-based analytical group offering services in Credit Ratings, Analytics, Consulting and  Sustainability. Established in 1993, the parent company CARE Ratings Ltd (CareEdge Ratings) is India’s second largest rating agency, with a credible track record of rating companies across diverse sectors and holding leadership  positions in high-growth sectors such as BFSI and Infra. The wholly-owned subsidiaries of CareEdge Ratings are  (I) CARE Analytics & Advisory Private Ltd previously known as CARE Risk Solutions Pvt Ltd, and (II) CARE ESG  Ratings Ltd, previously known as CARE Advisory Research and Training Ltd. CareEdge Ratings’ other international  subsidiary entities include CARE Ratings Africa (Private) Limited in Mauritius, CARE Ratings South Africa (Pvt) Ltd,  and CARE Ratings Nepal Limited.

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