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.
