PUNE: The Pune Metropolitan Region Development Authority (PMRDA) has invited proposals from merchant bankers for raising funds for the development authority through municipal bonds. PMRDA chief Kiran Gitte, on Friday, said that the authority is planning to raise around Rs 1,000 crore through bonds.

“Not many civic bodies have raised money through this mode and so it will be a proud moment for us,” added Gitte.

PMRDA is working on various large projects including Hinjawadi-Shivajinagar metro, Mumbai-Pune Hyperloop, Pune Ring Road, Town Planning Schemes and is also looking after the development needs of Pune metropolitan region, which is 7,500 square kilometre in area.

“We recently had a meeting with different merchant bankers. About eight merchant bankers have shown interest in working with us. Till date, five corporation bodies and the Region Development Authority in Amaravati have raised funds through bonds in India. If PMRDA does it, it will be the second development authority in India to do so,” added Gitte.

The PMRDA chief said that they will call for tenders for different works to be undertaken by it and then will call for the bonds so that funds are utilised in an efficient manner. The work of credit rating of PMRDA is also in progress, said Gitte, who is confident of getting a good credit rating.

The Pune Municipal Corporation had raised Rs 200 crore through municipal bonds in June 2017, which remains unutilised till date, costing the civic body a heavy rate of interest.