Mumbai, 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 HT. The seven bidders are Trust Investment Advisors Private Limited, Real Growth Securities Private Limited, AK Capital Services Limited, Tipsons Consultancy Services Private Limited, Taurus Corporate Advisory Services Limited, PRP Professional Edge Associates Private Limited and SBI Capital Markets Limited (SBICAPS). The appointment of a lead manager is a crucial step in the BMC's first-ever foray into the debt market. The lead manager will be responsible for structuring the green bond; advising on pricing, investor outreach, regulatory compliance, and timing of the issue; and overseeing its overall execution. The BMC had floated a tender seeking a lead manager on May 22 and the deadline for submissions expired on June 19. As reported by HT on June 1, 13 firms attended the pre-bid meeting on May 29 including HDFC Bank, YES Bank and SBICAPS, which sought clarifications on tender conditions. "Nearly half of those who attended the pre-bid meeting did not eventually submit bids," said a senior BMC official, requesting anonymity. Some firms did not fit the eligibility criteria while others chose not to participate for a variety of reasons, the official noted. Rajesh Gupta, chief executive officer (CEO) of Real Growth Securities, one of the seven bidders, said the company decided to participate in the bidding process as sustainability-linked financing is becoming increasingly important. "Our investment base largely consists of public sector undertakings, making this a natural fit for us," Gupta told HT. A representative of Taurus Corporate Advisory Services, another of the seven bidders, said the firm viewed the BMC's initiative as a significant step for the municipal bond market. "As India's richest civic body takes this route, it can encourage many other municipal corporations to explore green financing and follow the same path," the representative said....