Yogi Adityanath rings the bell at BSE before listing bonds of Lucknow Municipal Corporation

Mumbai: Uttar Pradesh CM Yogi Adityanath along with prominent industrialists on Wednesday attended the listing of Rs 200 crore Lucknow Municipal Corporation (LMC) bond at the Bombay Stock Exchange.

Lucknow now becomes the ninth city in India to have raised municipal bonds and the first city to issue such a bond after the launch of Atal Mission for Rejuvenation and Urban Transformation (AMRUT) Scheme.

The funds raised through the bond will be invested in various infrastructure schemes in the state capital, including the water supply project and housing project being implemented under the AMRUT Scheme, an official spokesman told PTI.

The LMC bond, launched on November 13, was 4.5 times oversubscribed and closed at 8.5 per cent coupon rate for 10 years, which is the second lowest rate of all the municipal bonds launched till date, an official spokesman here said.

On Friday, Urban Development Minister Ashutosh Tandon said that the listing would mark the end of the culmination of the process of floating of bonds that began in 2018 after PM Narendra Modi announced the investors’ summit.

UP Cabinet Ministers Siddarth Nath Singh, Ashutosh Tandon and ACH (Information Dept) Navneet Sehgal visited the BSE on Tuesday to oversee the preparation for the listing ceremony.

Yogi Adityanath`s schedule in Mumbai

Adityanath arrived in Mumbai late Tuesday night for a mega-shopping blitzkrieg in the country`s commercial and entertainment capital.

The CM`s visit is to attract big money, big business and big glamour as his takeaways, presenting a brand-new face for UP as an `investor-friendly` state.

He dined with Bollywood actor Akshay Kumar on Tuesday.