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The Lucknow Municipal Corporation’s ₹200-crore Municipal Bonds got listed on the BSE today.
It received 21 bids and was subscribed by 4.5 times. Corporation received bids for Issue size of ₹200 crore within 60 seconds of the issue opening, which opened for subscription on November 13.
It is one of the eight cities in India that have capitalised on the new guidelines to fund the AMRUT and Smart Cities Mission to raise an aggregate of ₹3,690 crore.
Yogi Adityanath, Chief Minister of Uttar Pradesh, stated: “It is a matter of pride for UP that the Lucknow Municipal Corporation has raised ₹200 crore through its bond issue which got listed on BSE today. It is the trust of the investors which UP has earned during last three and a half years of governance. It will augment our effort to improve infrastructure in urban areas and it shows the improvement in the Industrial climate of the state and the trust the investors have reposed in the state machinery”.
On the occasion of the listing of the bonds, Ashish kumar Chauhan, MD & CEO of Bombay Stock, said, “BSE firmly believes that the Indian bond market has a potential for substantial growth. BSE Bond platform has helped bring in transparency and efficiency in price discovery for private placement of debt securities and the platform enables to subscribe seamlessly.”
AK Mittal, MD & CEO, AK Capital, stated: “Indian Municipal Bond market is at a very nascent stage compared to the US Municipal Bond market but given the rapid pace of urbanisation, it is going to play a pivotal role in shaping the urban infrastructure sector in the country.”
The merchant bankers to the bond issue were AK Capital Services Ltd and HDFC Bank Ltd.
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