Lucknow Municipal Corp bonds to list on BSE today

Yogi Adityanath, chief minister of Uttar Pradesh will attend listing of Lucknow Municipal Corporation (LMC) Bonds at BSE on Wednesday, 2 December.

LMC is the first civic body in north India to issue bonds under Atal Mission of Rejuvenation and Urban Transformation (AMRUT). LMC has raised Rs. 200 crores by issuing municipal bonds on private placement basis using BSE Bond platform.

The municipal bonds which carry 8.5% interest per annum and have tenure of 10 years were oversubscribed by 2.25 times earlier this month.

On BSE BOND platform, the municipal corporation received 21 bids for Rs 450 crore, which is 4.5 times of the issue size, BSE said in a statement. The exchange further stated that the preferred choice amongst municipal corporations to raise debt as this was the eighth successful municipal bond issuance on the platform.

Out of the total 11 municipal bond issuances totalling to Rs 3,690 crore, Rs 3,175 crore have been raised on BSE BOND platform scaling its market share to 86%, the exchange said.