Friday, Apr 01, 2005
Friday, Apr 01, 2005 |
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Chennai
By Our Staff Reporter
CHENNAI, MARCH 31. The Chennai Corporation's non-convertible tax-free bonds of Rs.44.8 crores were listed on the Bombay Stock Exchange on Thursday. According to senior officials, the civic agency will save on interest on loans once the target amount is raised at the stock exchange. "The interest rate on the bonds is only 5.4 per cent. Today, we paid back Rs. 27 crores to a private bank. Now the only outstanding loans due are to Government financial institutions like TUFIDCO," a senior official added. The civic agency has recovered from a position of outstanding loans of Rs.235 crores three years ago to Rs.86 crores today. It also achieved record property tax collections of Rs.206 crores last year. Officials said the civic agency's finances were in good health.
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