 "BSE, markets")
The bonds worth Rs 200 crore of Lucknow Municipal Corporation (LMC) have been oversubscribed by 250 per cent on its debut at the Bombay Stock Exchange (BSE) on Friday. The municipal bonds floated by the LMC with 10 year tenure offers 8.5 per cent interest.
“The successful launch of the bonds at the BSE is a great instrument of paradigm change in urban governance,” UP additional chief secretary, information and MSME, Navneet Sehgal said.
The bond is a debt security issued by a municipality to finance capital expenditure, while the investors get payments on predetermined rate of interest over a stipulated time
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