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 Wednesday, December 2.

 Uttar Pradesh Chief Minister Yogi Adityanath fly down to Mumbai to attend this historic event along at BSE. “The Rs200 crore-bond was floated just before Diwali and was oversubscribed by 2.25 times to raise Rs450 crore. The 10-year bond was closed at a coupon rate of 8.5%,” officials said. The funds raised by the bond will be used to enhance the development, beautification and cleanliness standards of the state capital. “The state government is encouraging other local bodies to emulate the achievements of Lucknow Nagar Nigam,” Ajay Kumar Dwivedi, the Municipal Commissioner of Lucknow Nagar Nigam told media.

 It is expected the Nagar Nigams of Ghaziabad, Varanasi, Agra and Kanpur districts may also release their bonds in the coming months, he added. “The oversubscription of the bonds indicates that the investors are showing interest in the improving economic environment and urban governance of the state,” a UP government official said.

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