Chandrababu Naidu elated over huge response to capital bonds

Vijayawada: Chief Minister N Chandrababu Naidu was elated as there has been an over-subscription of Amaravati Bonds-2018 by 1.53 times within an hour after they were issued on Electronic Bidding Platform of Bombay Stock Exchange.

During a teleconference with the officials of Andhra Pradesh Capital Region Development Authority (APCRDA) here on Wednesday, the Chief Minister said that from the beginning, he was confident that the national and international investors had good faith in Amaravati capital city project and were keen to invest here.

“Now it has been proved that I had the right assessment. The response of investors is a great boon for capital city. The credibility of Amaravati has enhanced manifold at national and international level.

This credit goes to people of Andhra Pradesh, particularly farmers of Amaravati, who parted their lands to facilitate construction of capital city. I am sure that the investments will double in near future,” he said.

The Chief Minister directed them to invite all prominent businessmen and investors to the programme in Mumbai during which the Amaravati Bonds would be listed in Bombay Stock Exchange (BSE).

“Sky is the limit for us. We have overwhelming support from people of the State and investors as well. They have reposed good faith in us. My credibility is a big asset in attracting investments to Amaravati. The officials have to work out the strategies to utilise this golden opportunity to build the best world-class capital city on a fast track and realise the aspirations of five crore people,” he said.

The Chief Minister instructed the CRDA officials to prepare a report on the listing of the bonds on the Bombay Stock Exchange on August 27 and on further steps that should to be taken on Amaravati Bonds issue and submit the same during the review meeting on Thursday (at Secretariat).

The Chief Minister is going to discuss the bonds issue and the future course of action. The officials said that Amaravati public issue of bonds for individuals will be launched by October 2018. When the officials explained that the retail investors were keen to invest in Amaravati, the Chief Minister suggested to them that the common public should also be involved in the capital development. “I strongly desire that the economic and development fruits of Amaravati need to reach all the people of the State,” he said.

He asked officials to explain to the people that the credibility of the State government has been established once again with the quick response of investors. It is a history that the APCRDA could get Rs 2,000 crore within just an hour without mortgage of any lands or assets.

No State government in the country has achieved this record so far. As the entire world has watched the miracle, it will definitely encourage the global investors to come and invest in Amaravati and various districts across the State,” he said.

He also wanted the officials to have constant interaction with the investors and the businessmen and highlight the progress in capital city up to date which would be useful in realising the investments promised during the Partnership Summits also.

The jubilant CRDA officials, who are happy with response to Amaravati Bonds, briefed the Chief Minister that they were actively pursuing the issue with various financial institutions for funds to the projects in Amaravati worth over Rs 27,000 crore which are underway and projects worth Rs 11,000 crore that are ready to be awarded.

Chandrababu Naidu instructed them to give priority to the banks or financial institutions that offer low interest rates only. Minister for Municipal Administration Dr P Narayana, Chief Secretary Dinesh Kumar, Special Chief Secretary to the CM Satish Chandra, Principal Secretary to CM G Sai Prasad, Amaravati Development Corporation (ADC) chairperson Lakhsmi Parthasaradhi, Principal Secretary Energy and CRDA Ajay Jain, CRDA Commissioner Ch Sreedhar, Special Commissioner of CRDA Ramamanohar Rao and Additional Commissioner Shan Mohan were present.