Lucknow Municipal Corporation bonds to be listed on BSE

Photo: housing.com

LUCKNOW: Chief Minister Yogi Adityanath will be present along with prominent industrialists of the country during the listing of the Lucknow Municipal Corporation’s bonds on the Bombay Stock Exchange (BSE) on December 2.

The bonds worth Rs 200 each were launched on November 13 and witnessed an over subscription of 225%.

Urban development minister Ashutosh Tandon on Friday said the occasion would mark the culmination of the process of floating of bonds that started in 2018 with the announcement by Prime Minister Narendra Modi at the investors’ summit.

“The CM took the task as a challenge. The launch saw a record-breaking subscription in times of pandemic,” he added. LMC is the first civic body in north India and first from Uttar Pradesh to issue bonds under Atal Mission of Rejuvenation and Urban Transformation (AMRUT).

The minister said the money raised from these bonds would help in the development of Lucknow.

“The state government is also helping municipal corporations of Ghaziabad, Varanasi, Agra and Kanpur to issue such bonds in the coming months,” Tandon added.

Municipal commissioner Ajay Dwivedi said, “Listing is the procedure which has to be completed before bonds become tradeable at BSE. The procedure will be formally conducted in the presence of the CM.”

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