India, June 23 -- Seven merchant bankers have submitted bids to manage the Brihanmumbai Municipal Corporation's (BMC) maiden Rs.1,000-crore green bond issue, which will be used to finance environmentally sustainable infrastructure projects, including the Gargai dam, sewage treatment plants and water tunnels.

The seven firms were among 13 financial institutions which attended a pre-bid meeting on May 29. They will now make presentations before the civic body on June 25, after which financial bids will be scrutinised and a lead manager for the green bond will be appointed, likely by June 29, officials familiar with the matter told Hindustan Times.

The seven bidders are Trust Investment Advisors Private Limited, Real Growth Securities Priv...