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Business Economy

Lucknow Nagar Nigam's Municipal Bond to be listed in BSE on Dec 2

Lucknow, Nov 27 (UNI) The Lucknow Municipal Corporation (LMC) is all set to adorn the corporate culture as its first-ever Bond will be listed in the Bombay Stock Exchange (BSE) on December 2.

This step will not only change its working culture but it will also directly benefit the people of Lucknow.

The funds raised via the bond will not only enhance the development, beautification and cleanliness standards of the city, but it will also give the LMC the option of bearing the cost of implementing the development plans of the capital.

Uttar Pradesh Chief Minister Yogi Adityanath will be a witness to the historic event along with others when the Bond of LMC gets listed at BSE.

The bond will be market oriented and transparent and will give further impetus to the LMC by raising its finances to be used in the development of the city. “The state government is also preparing to encourage other local bodies to emulate the achievements of LMC,” said Ajay Kumar Dwivedi, the Municipal Commissioner of Lucknow here on Friday.

It is expected that the municipal corporations of Ghaziabad, Varanasi, Agra and Kanpur may also release their bonds in the coming months, he added.

The Rs 200 crore-bond issue was floated just before Diwali and was oversubscribed by 4.5 times to raise Rs 450 Crore. The 10-year bond was closed at a very attractive coupon rate of 8.5 percent.

The decision of approaching the public markets for fund raising and listing of the bonds on BSE’s Bond Platform was announced by Prime Minister Narendra Modi in the Investors Summit in Lucknow in 2018. CM Yogi also took this as a challenge to launch the first municipal bond under the `AMRUT’ Yojana in North India.

“The over subscription of the bonds also indicates that the investors are showing interest in the improving economic environment of the country and the step also symbolises a change in the urban governance” Mr Dwivedi said.
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