Gandhinagar Municipal Corporation (GMC) started a huge response to the municipal bond issue from investors, marked a historic financial milestone.
Corporation said in a statement that the ₹ 25-crores of bonds offer in the National Stock Exchange membership window in just one hour of prices of 225 crores, showing strong investors in the financial credentials of the civic body.
Bonds carrying a coupon rate of 7.65%have deployed Gandhinagar on the national map for urban financial innovations.
And 25 crores, for the development of iconic and civil-friendly infrastructure, will be used to increase traffic efficiency and commutary facilities.
With this, GMC has become the youngest Municipal Corporation in the country, which has successfully tapped the Bond Market. It is also the fifth urban local body in Gujarat after the 17th in Ahmedabad, Surat, Vadodara, and Rajkot and India, which is to raise funds through municipal bonds.
In addition, Gandhinagar is expected to receive almost recovent Rs 3.25 crore in interest subsidy under the Amarut Yojana, so that the impact of the raised capital can be further increased.
Published – June 21, 2025 09:12 pm IST
