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Metrowater to float bond for New Veeranam Project

By Our Special Correspondent

CHENNAI, MARCH 17. Metrowater proposed to float a Rs. 50-crore tax-free bond for the New Veeranam Project.

Sources say the organisation has approached the Central Government for approval. On receipt of the sanction, the bond will be floated.

CRISIL, an independent rating agency, has assigned a provisional high safety rating to the bond programme. The agency, in a statement, said the rating reflects Metrowater's strong stand-alone credit quality and the strength of the credit enhancement mechanism provided for the instrument.

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