Uttar Pradesh Chief Minister Yogi Adityanath on Wednesday attended the listing ceremony of the Lucknow Municipal Corporation (LMC) bond, the first such listing from the entire northern region, on the Bombay Stock Exchange (BSE) in Mumbai.
The Rs 200 crore LMC bond, which was launched on November 13, was 4.5 times oversubscribed and closed at 8.5 per cent coupon rate for 10 years, which is the second-lowest rate of all the municipal bonds launched till date, an official spokesman told PTI.
Mumbai: Uttar Pradesh CM Yogi Adityanath rings the bell at BSE at the listing of bonds of Lucknow Municipal Corporation pic.twitter.com/VTfSjNdiSa— ANI (@ANI) December 2, 2020
"In COVID times, Lucknow Municipal Corporation will progress towards achieving the 'Aatmanirbhar' goal with the listing of municipal bonds worth Rs 200 crores. The Corporation is committed to improving the lives of the citizens living in its jurisdiction, UP CM Yogi Adityanath," said in the listing ceremony of the LMC bond.
With this, Lucknow becomes the ninth city in the country to have raised municipal bonds and the first city to issue such a bond after the launch of AMRUT Scheme, the spokesman added.
The funds raised through the bond will be invested in various infrastructure schemes in the state capital, including the water supply project and housing project being implemented under the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) Scheme.