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

13 Aug

Working of satellite internet

'Satellite internet is revolutionizing how we connect, extending high-speed access to virtually every corner of the globe, regardless of location.' Imagine getting online from t

Read More

13 Aug

CBSE’s plan for open-book exams

'The Central Board of Secondary Education (CBSE) has officially approved the introduction of Open-Book Assessments (OBAs) for Class 9 students starting from the 2026-27 academic se

Read More

12 Aug

Stray dog problem

'The Supreme Court  directed the Delhi government, civic bodies, and authorities of Noida, Gurgaon, and Ghaziabad to round up and move stray dogs to shelters, underlining the

Read More

India’s First Ai-Driven Magazine Generator

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