Pune Municipal Corporation's bond lists on BSE on Thursday, Union Minister Naidu and CM Fadnavis ring the gong
The Minister attended the listing of the Rs 200 crore PMC bond along with Maharashtra chief minister Deendra Fadnavis and Union Minister of State in Finance and Corporate Affairs Arjun Ram Meghwal.
Naidu later tweeted, "The AA+ rated PMC's municipal bond listing is Team India’s efforts towards the much desired urban transformation, an echo of urban revival."
"I compliment Pune Municipal Corporation for reviving the mechanism of municipal bonds. Proceeds will be used for a 24x7 water supply project," Naidu said.
The official CMO Maharashtra handle tweeted state Chief Minister Devendra Fadnavis as saying, "I congratulate Pune Municipal Corporation for being the pioneer in fulfilling Hon PM @narendramodi ji's dream of Municipal bonds."
"Today, process of urban transformation has become efficient and in smart mode. Also,we are able to bring transparency in entire processes," the CM said. "Finance from bond markets will increase the pace of development projects. I assure that Maharashtra will always lead in urban administration."
PMC has raised Rs 200 crore by selling 10-year bonds at a coupon of 7.59 per cent, according to media reports. The issue was oversubscribed six times.
The proceeds will be used for a Rs 2,300 crore water project, media reported.
Images: M Venkaiah Naidu Twitter
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