In a tweet, Union Urban Development Minister M Venkaiah Naidu congratulated the PMC for raising the Rs 200 crore from municipal bonds.
The Pune Municipal Corporation (PMC) became the first municipal corporation in the country in recent years to raise funds through municipal bonds by raising Rs 200 crore at 7.59 per cent rate at the Bombay Stock Exchange (BSE) on Monday.
“A total of 21 bidders participated for PMC bonds. Among the investors were banks, insurance companies and pension funds. The amount of Rs 200 crore will get deposited in the PMC account,” said PMC commissioner Kunal Kumar.He thanked all those involved in making it possible for the PMC to raise funds through municipal bonds for its water supply project.
In a press release, Ashishkumar Chauhan, CEO & MD, BSE Ltd, said the PMC successfully raised Rs 200 crore, the first-ever mobilisation of debt capital by a municipal corporation on the BSE BOND platform.”
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The BSE firmly believes the Indian bond markets are poised for a substantial growth and India can use its domestic savings to fund its infrastructure needs in a substantial manner, he added.