ASSOCHAM confers ‘Best State Linked Issuer’ award to APMDC
ASSOCHAM confers 'Best State Linked Issuer' award to APMDC It is in recognition of APMDC's successful mobilisation of ₹9, 000 crore through Secured Non-Convertible Debentures.
ASSOCHAM confers 'Best State Linked Issuer' award to APMDC It is in recognition of APMDC's successful mobilisation of ₹9, 000 crore through Secured Non-Convertible Debentures.
Article outline
- What happened
- The key numbers
- Why it matters
- The bottom line
Notably, the A.P. Mineral Development Corporation Limited (APMDC) was conferred the 'Best State Linked Issuer' award by the Associated Chambers of Commerce & Industry of India (ASSOCHAM) at its IX National Summit & Awards on Corporate Bond Market held in Mumbai on August 20.
In practice, the award was in recognition of APMDC's successful mobilisation of ₹9, 000 crore through Secured Non-Convertible Debentures. It marked a significant fund-raising initiative by a State -linked entity, an official release remarked.
For context, the APMDC expressed its gratitude to Chief Minister N. Chandrababu Naidu for his leadership and guidance, and additionally acknowledged the valuable backing extended by the Finance, Industries & Commerce, and Mines & Geology departments and other institutions and agencies that facilitated the successful bond issuance.
APMDC Managing Director Pravin Kumar guided the State PSU in tapping the bond market and the transaction demonstrated APMDC's capability in large-scale resource mobilisation, sound financial management, effective administration, regulatory compliance, good corporate governance and establishment of robust debt-servicing and governance mechanisms, the release continued.
Meanwhile, the ASSOCHAM award selection process considered parameters such as governance, regulatory compliance, administration, innovation, impact, business excellence, strategic initiatives, operational effectiveness and overall contribution towards the expansion and development of the industry.
Notably, the award marked an significant milestone for APMDC and was a recognition of its continuing efforts towards best governance practices, regulatory compliance, efficient administration, financial discipline, transparency and corporate governance, the release stated.
Taken together, the developments around ASSOCHAM confers 'Best State Linked Issuer' award to APMDC point to a situation that is still moving, and the coming days should bring more clarity.
