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CRDA to hold investors meet in Mumbai today
The AP Capital Region Development Authority (APCRDA) will conduct Investors Meet in Mumbai on Thursday to explain about ‘Amaravati Bonds’ to the institutional investors.
Amaravati: The AP Capital Region Development Authority (APCRDA) will conduct Investors Meet in Mumbai on Thursday to explain about ‘Amaravati Bonds’ to the institutional investors.
The CRDA is also contemplating to prepare a strategy to release the bonds in the market based on the response from the investors during Thursday’s meeting.
The State government has decided to raise funds for capital construction through Amaravati Bonds. The CRDA prepared the bonds with an aim to raise Rs 2,000 crore. Though the government initially decided to release the bonds by the end of May, now it is of the view that the date of release of bonds should be decided only after holding discussions with the investors.
CRDA Special Commissioner V Ramamanohara Rao told The Hans India that the date of issue the bonds is yet to be finalised. “The CRDA completed the process of readying the bonds. Only two days notice is required to go to market. We would release the bonds into the market within a week or 10 days. Before deciding the date of releasing the bonds, we want to know the response of investors,” he said.
CRDA Commissioner Ch Sreedhar, vice-chairman of AP State Planning Board C Kutumba Rao and other senior officials will attend the investors meet in Mumbai. The CRDA wants to explain to investors the advantages in investing in Amaravati bonds.
“We will explain to the investors that Andhra Pradesh government will stand as guarantor for the bonds. So, we have confidence that the Amaravati bonds will receive good response from investors,” Ramamanohara Rao said. The government is also contemplating to issue special bonds for Non-Resident Indians (NRIs) who evince interest in investing in Amaravati.
The CRDA has estimated that it needs to raise Rs 51,208 crore from various sources for capital construction in phase-1. According to officials, Rs 12,406 crore is required for Amaravati Government Complex, Rs 37,446 crore for trunk infrastructure and LPS infrastructure and Rs 1,356 crore for commercial housing and other purposes.
The CRDA has put forth various proposals before the government to tap the finance from various financing sources such as HUDCO, commercial banks, multilateral, masala bonds and domestic bonds.
Of the total infrastructure works worth Rs 48,115 crore in Amaravati under phase-1, only works worth 49 per cent (Rs 23,295 crore) are under execution or at tender stage. The CRDA has also proposed land monetization plan and placed it before the government to raise funds for capital construction.
