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Gandhinagar Municipal Corporation (GMC) on Wednesday announced the listing of its ₹25 crore municipal bond on the National Stock Exchange (NSE).
The listing was carried out through a ceremonial bell ringing, held in the presence of Gandhinagar Mayor Miraben Patel, GMC and NSE officials, stated an official release from the state government.
With this move, Gandhinagar becomes the fifth municipal corporation in Gujarat to issue municipal bonds, joining urban bodies of Ahmedabad, Surat, Vadodara, and Rajkot cities of the state.
Urban growth
In 2016, Prime Minister Narendra Modi encouraged urban local bodies across the nation to build a vibrant municipal bond market, supported by SEBI, to encourage self-reliant and sustainable urban growth.
Aligning with this vision, Gandhinagar Municipal Corporation has now become the first in the state to issue municipal bonds within just 15 years of its establishment, the release added.
Sriram Krishnan, Chief Business Development Officer of NSE, stated that so far, 17 municipal corporations across the country have issued bonds worth ₹3,359 crore. Of this, Gujarat has made a notable contribution by issuing bonds worth ₹925 crore, accounting for 27 per cent of the total bonds.