Uttar Pradesh Chief Minister, Yogi Adityanath rang the bell at the Bombay Stock Exchange (BSE), to mark the listing of bonds of Lucknow Municipal Corporation on the exchange. The bonds of LMC were launched on November 13, with a coupon rate of 8.5 per cent and had tenure of 10 years. The issuance had garnered 4.5 times subscription.
About Lucknow Municipal Corporation Bond:
- Lucknow is the 9th city in India and first from UP, to have raised municipal bonds for fundraising. It is also the first city to issue municipal bond after the launch of Atal Mission for Rejuvenation and Urban Transformation (AMRUT) scheme.
- Lucknow Municipal Corporation is the first civic body from North India to issue a bond on BSE.
- The funds raised through the bond will be invested in various infrastructure schemes, being implemented under the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) Scheme, in Lucknow.
- Ghaziabad will be the next city of the state to issue a municipal bond and it will be followed by Pragyaraj, Varanasi, Agra and Kanpur.