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Yogi Adityanath launches bond of Lucknow Municipal Corporation

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

twitter-logoBusinessToday.In | December 2, 2020 | Updated 17:14 IST
Yogi Adityanath launches bond of Lucknow Municipal Corporation
Credit rating agency India Ratings has given AA rating to bonds, while Brickworks Rating has given it AA (CE) rating

Uttar Pradesh Chief Minister Yogi Adityanath rang the bell for Rs 200-crore Lucknow Municipal Corporation (LMC) bond at the Bombay Stock Exchange (BSE) on Wednesday morning.

Lucknow has now become the ninth city in the country to have issued municipal bonds that have cumulatively touched around Rs 3,600 crore.

"A new chapter will be written in the development history of UP, CM Shri @myogiadityanath Ji to ring the bell at @BSEIndia in Mumbai today for listing of bond of Lucknow Municipal Corporation. LMC's bonds have witnessed an astounding oversubscription since it's launch," said Yogi Adityanath's Office in a tweet.

On Tuesday, UP Cabinet Ministers Siddarth Nath Singh, Ashutosh Tandon, and Additional Chief Secretary (Information Department) Navneet Sehgal visited BSE to oversee the preparations for the listing ceremony.

Speaking on this momentous occasion, Adityanath said, "In Covid times, the 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."

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.

Credit rating agency India Ratings has given AA rating to bonds, while Brickworks Rating has given it AA (CE) rating.

The first issue of Lucknow Municipal Corporation Rs 200-crore bond, which was launched on November 13 on a private placement basis using the BSE bond platform, was subscribed 4.5 times and closed at 8.5% coupon rate for 10 years. It was also the second-lowest rate of all the municipal bonds launched till date.

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