Sign In
Learn bits
Today in News
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 

More Related Current Affairs View All

17 Sep

Reasons Behind the heavy rain in Uttarakhand, Himachal

'Dehradun and several other districts in Uttarakhand have experienced very heavy rainfall over the past few days, triggering landslides in multiple areas and causing rivers to swel

Read More

08 Sep

Rajasthan’s coaching centre Bill

'The Rajasthan Coaching Centres (Control and Regulation) Bill, 2025, is a significant piece of legislation passed by the Rajasthan Assembly to regulate and oversee the state's burg

Read More

28 Aug

IADT-1

'Recently, the Indian Space Research Organisation (ISRO) successfully carried out its first Integrated Air Drop Test (IADT-1), a crucial milestone in the preparation for the countr

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps