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Indian Civic Body BMC Extends Deadline to Select Merchant Bankers for Bond Issue

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India's Brihanmumbai Municipal Corp. (BMC) has extended the deadline for market players to submit proposals to select merchant bankers for its upcoming municipal bond offering to June 19 from June 15, according to a recent corrigendum to the tender on the Maharashtra government's website.

BMC, which is seen as India's richest civic authority, had floated a tender on May 22 to appoint a lead manager for the bond issue, aimed at raising up to 95 billion Indian rupees through bonds in one or more tranches.

News reports earlier this month said 13 banks and financial institutions had submitted bids to act as merchant bankers for the proposed fundraising exercise.

Bids will be opened on June 22 instead of June 16.

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