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Lucknow Municipal Corp garners Rs 200 cr on BSE Bond platform

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Lucknow Municipal Corporation (LMC) on Friday raised Rs 200 crore by issuing municipal bonds on non-public placement foundation utilizing BSE BOND platform, the change stated.

The municipal company acquired 21 bids on BSE BOND platform for Rs 450 crore, which is 4.5 occasions of the situation dimension, BSE stated in a press release.

The change stated it’s the popular selection amongst municipal companies to boost debt as this was the eighth profitable municipal bond issuance on the platform.

Out of the whole 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 per cent, the change stated.

“We are happy with the success of the first bond issue of Lucknow Municipal Corporation which was oversubscribed by 4.5 times. This shows the investor’s confidence in the financial discipline of Lucknow Municipal Corporation,” stated Ajay Kumar Dwivedi, Municipal Commissioner Lucknow.

Ashishkumar Chauhan, Managing Director and Chief Executive Officer of the change stated that BSE firmly believes that Indian bond market is poised for substantial development and India can use its home financial savings to fund its infrastructure wants in a considerable method.

In the present monetary yr (until Friday), BSE BOND platform has enabled company India to boost Rs 2.46 lakh crore by situation of debt capital.

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