BMC lists bonds on debt market platform of the NSE

Bhopal Municipal Corporation (BMC) Tuesday listed its bonds on debt market platform of the NSE, becoming the second municipal corporation in Madhya Pradesh to get listed after Indore.

BMC raised around Rs 175 crore on September 25, its closing day, and the issue was subscribed 1.06 times.

"NSE has listed muni bond of Bhopal Municipal Corporation (BMC)," the exchange said in a statement.

The funds mobilised will be used for implementation of projects identified under government's Atal Mission for Rejuvenation and Urban Transformation (AMRUT).

“Muni bonds play an important role in building a sustainable source of financing to fund long-term infrastructure and social obligations for Municipal Corporations. Muni bonds promote good governance in municipal corporations and will lead the way for self-sustainable communities," Managing Director NSE Vikram Limaye said.

Indore Municipal Corporation listed its bonds in July on the exchange.

Previously, urban bodies like Hyderabad and Pune also listed their bonds on the NSE.

(With inputs from agencies.)