Hans News Service Vijayawada

TheAndhra Pradesh Mineral Development Corporation Limited (APMDC), a state-owned enterprise, has won the prestigious ‘Best State Linked Issuer’ award at the ASSOCHAM IX National Summit & Awards on Corporate Bond Market held in Mumbai recently.

The award recognises APMDC’s successful mobilisation of Rs 9,000 crore through secured Non-Convertible Debentures (NCDs) in the corporate bond market. The fund-raising exercise is considered a major milestone for a state government-linked organisation.

APMDC credited the achievement to the leadership and guidance of Chief Minister N Chandrababu Naidu and thanked the state finance department, industries and commerce, mines and geology departments and other agencies for their support.

Under the leadership of APMDC managing director Praveen Kumar, the corporation successfully raised the funds with the support of the state government. The transaction demonstrated its financial management capabilities, regulatory compliance, corporate governance and systems for meeting debt repayment obligations.

The award selection involved a detailed assessment of governance, compliance, administration, innovation, business performance, strategic initiatives, operational efficiency and overall contribution to industry growth.

After the initial evaluation by ASSOCHAM’s Knowledge and Evaluation Partner, shortlisted nominations were examined by an independent seven-member jury comprising experts from the regulatory, financial and corporate sectors. APMDC said the recognition was the result of collective efforts by its board, employees, bankers, arrangers, credit rating agencies, debenture trustee, stock exchanges and other institutions.

The award marks an important milestone in APMDC’s efforts to promote financial discipline, transparency, good governance and sustainable development of Andhra Pradesh’s mineral sector.