Rs 200 cr Lucknow Municipal Corporation Bonds list successfully on the BSE; UP CM Yogi Adityanath rings BSE bell on listing

Lucknow Municipal Corporation (LMC) bonds have been listed on the Bombay Stock Exchange (BSE) in Mumbai on Wednesday. The listing of the bonds happened in the morning. Uttar Pradesh Chief Minister Yogi Adityanath rang the BSE bell on listing.  Earlier, Yogi Adityanath Office had posted this tweet, "A new chapter will be written in the development history of UP, CM Shri @myogiadityanath Ji to ring the bell at @BSEIndia in Mumbai today for listing of bond of Lucknow Municipal Corporation. LMC`s bonds have witnessed an astounding oversubscription since it`s launch".

Lucknow Municipal Bonds
Earlier this month, Lucknow Municipal Corporation had successfully raises Rs. 200 Crore on BSE Bond Platform. On November 13 Lucknow Municipal Corporation(LMC) successfully raised Rs. 200 Crores by issuing Municipal Bond on Private Placement Basis. 

LMC received 21 bids on BSEBOND platform for Rs.450 crores, 4.5 times of the issue size. BSE is the preferred choice amongst Municipal Corporations to raise debt as this was the 8th successful Municipal Bond Issuance on BSEBOND platform. 

Out of the total 11 Municipal Bond Issuances totalling to Rs 3689.9 Crore, Rs 3175 Crores have been exclusively raised on BSEBOND platform scaling its market share to 86%. In the current financial year till November 13, 2020, BSE BOND platform has enabled corporate India to raise Rs. 2,45,968 crore (USD 32.99 billion) by issue of debt capital.

Ajay Kumar Dwivedi, Municipal Commissioner Lucknow said, “We are happy with the success of first bond issue of Lucknow Municipal Corporation which was oversubscribed by 4.5 times. This shows the investor’s confidence in the financial discipline of Lucknow Municipal Corporation. It is a proud moment not only for Lucknow Municipal Corporation, but for the entire State of Uttar Pradesh. We would like to thank the entire team of BSE for providing a robust platform for smooth bond issuance”.

Speaking then on this issue, Ashishkumar Chauhan, MD & CEO, BSE said, "I am happy that Lucknow Municipal Corporation (LMC) is able to raise Rs. 200- Crore successfully using the BSE Bond Platform, a market leading platform for bond raising in India.  Lucknow Municipal Corporation is the first Municipal Corporation to raise funds in the state of Uttar Pradesh this Financial Year. BSE firmly believes that Indian Bond Market is poised for a substantial growth and India can use its domestic savings to fund its infrastructure needs in a substantial manner."

Uttar Pradesh Cabinet Ministers Siddarth Nath Singh, Ashutosh Tandon, and Additional Chief Secretary (Information Department) Navneet Sehgal visited BSE on Tuesday to oversee the preparations for the listing ceremony.On Tuesday, Bollywood actor Akshay Kumar called on Yogi Adityanath at a city hotel to discuss the immense possibilities of film shoots in the northern state.