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

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.

“In Covid times, the Lucknow Municipal Corporation will progress towards achieving the ‘Aatmanirbhar’ goal with the listing of municipal bonds worth Rs 200 crores. The Corporation is committed to improving the lives of the citizens living in its jurisdiction,” Adityanath said in Mumbai.

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.

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