Vadodara : First municipal bond of the Vadodara Municipal Corporation listed on Bombay Stock Exchange. Chief Minister Bhupendra Patel has said that Gujarat Municipal Corporation has succeeded in connecting local urban bodies with the global financial market by obtaining funds from municipal bonds for infrastructure development works, urban infrastructure facilities for the well-being of the citizens living in the cities. Bhupendra Patel was addressing a function organized in Mumbai on the occasion of listing of the first Municipal Bond-2022 of the Vadodara Municipal Corporation of the State at the Bombay Stock Exchange. The Chief Minister inaugurated the day-long operation of BSE by Bell Ringing at the Bombay Stock Exchange. The Vadodara Municipal Corporation has raised the amount for submission to central government under Atal Mission for Rejuvenation and Urban Transformation- ‘Amrut’ has been raised through municipal bonds. The bond issue was opened on 24-03-2022 for online subscription on the electronic platform of the Bombay Stock Exchange. The financial bond was subscribed 4.52 times in the initial seconds of the issue. 36 bids worth Rs 1007 crore for a 100 crore bond were issued under ‘Amrut’ mission. It is also an achievement that this bond of Vadodara Municipal Corporation has been subscribed at the lowest rate till date i.e. 7.15%. The Chief Minister congratulated the entire team of Mahanagar Seva Sadan and Mayor Keyur Rokadia and Commissioner Shalini Agarwal for listing this first Municipal Bond of Vadodara Municipal Corporation on Bombay Stock Exchange.
The amount raised through bonds by Vadodara Municipal Corporation Rs. 100 crore will be used for Sindhrot water supply project and APS at Amitnagar. The water supply project at Sindhrot will meet the drinking water needs of the people of the city while the Amitnagar APS project will help in the efficient disposal of sewage water. Bhupendra Patel said that Prime Minister Narendra Modi has inspired Prudential Financial Management by setting up municipal bonds in collaboration with the country’s Urban Local Bodies, Urban Development Department and SEBI. The Chief Minister added that with the help of such bond funds, the growth of urban infrastructure works has been linked to ‘Sauno saath, sauno vikas, sauno vishwas’. The Chief Minister said that Vadodara is the third corporation in Gujarat after Ahmedabad and Surat which has given a new direction to urban welfare works with such bonds. “Urbanization is no longer a challenge, it is an opportunity, and cities are becoming more livable with world-class infrastructure,” he said. The definition of urban well-being has expanded from light, water, sewerage to Ease of Living. M.D. of BSE and CEO Mr. Ashish Kumar congratulated the Vadodara Municipal Corporation and said that this fund would be a boon for the development of Vadodara. He also added that the urban local body could add to the convenience of the citizens with a positive attitude through such funds.
