India, June 1 -- The Brihanmumbai Municipal Corporation (BMC) has moved a step closer to launching its maiden Rs.1,000-crore green bond issue, with 13 banks and financial institutions submitting bids to act as merchant banker for the proposed fundraising exercise. This is a significant step in the civic body's first green bond tender, which is targeted for launch in December.

The civic body had floated a tender on May 22 to appoint a lead manager for the bond issue. Officials said bids were received from 13 institutions, including HDFC Bank, YES Bank and SBI Capital Markets, after a pre-bid process that addressed queries from interested participants.

The appointment of a merchant banker is a crucial step in the civic body's first-ever f...