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Mahesh

09/11/22 14:32 PM IST

Vadodara issued first-ever municipal bond

In News 
  • Vadodara became the second city in India to issue a municipal bond with assistance from the US Treasury Department’s Office of Technical Assistance.
Vadodara Municipal Bond
  • Vadodara Municipal bond was listed at the Bombay Stock Exchange (BSE) on March 23.
  • With this, Gujarat’s Vadodara became the second Indian city to issue a municipal bond with assistance from the US Treasury Department’s Office of Technical Assistance. The first city to avail the US Treasury Department’s services was Pune in 2017.
  • The Vadodara Municipal Bond received overwhelming response from investors. The bond issue was oversubscribed by around 10 times of the issue size with a total bids worth Rs.1,007 crore from 33 interested investors.
  • It was priced at a low yield of 7.15 per cent. This makes it the cheapest fund raised by the civic body till date.
  • The India Ratings and Research had accorded the bond A+/stable rating.
  • Municipal finance can help to pay for vital capital projects including roads, energy, water, sanitation, and other essentials.
Source- India Today 

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