The Maharashtra Irrigation Development Corporation (MIDC), a special purpose vehicle launched by the state government has floated a bond issue of Rs 350 crore with a greenshoe option of Rs 750 crore. It bears the coupon rates ranging between 8% and 8.25%. The corporation proposes to use proceeds for funding various irrigation projects in the state. The Centrum Finance, AK, Sicom and Darashaw are the arranger for the issue which has been guaranteed by the state government.