HomeBusinessAfter Lucknow, Ghaziabad will raise money from municipal bonds: Yogi Adityanath

After Lucknow, Ghaziabad will raise money from municipal bonds: Yogi Adityanath

Uttar Pradesh Chief Minister Yogi Adityanath has said that Ghaziabad will be the second local body of Uttar Pradesh to raise money by issuing municipal bonds. Adityanath, while addressing a function organized on the occasion of the listing of the Lucknow Municipal Corporation (LMC) bond here on Wednesday, said that Lucknow is the first and the seventh nationally city in Uttar Pradesh to raise money through this route.

LMC has raised Rs 200 crore from Municipal Bonds last month. Describing this as a historic opportunity, the Chief Minister said that other cities like Ghaziabad, Agra, Kanpur, Prayagraj and Varanasi would also mobilize resources through this route.

Adityanath said that he is confident that soon we will be present here for the opportunity of listing the Ghaziabad Municipal Corporation bond. In his address at BSE, Asia’s oldest stock market, the Chief Minister said that raising funds through bond issuance improves the accounting behavior and other systems of a corporation.

He said that this 10-year issue has come at a time when the loan rates are at the lowest level of the last decade. This is the second lowest cupoon rate with 8.5 percent. He appreciated the role of the financial capital of the country in raising resources and said that ‘Mahalakshmi Temple has been contributing to the economic progress of the country for more than a century.

The Chief Minister was accompanied by his cabinet colleagues Ashutosh Tandon, Satish Mahana and Siddharth Nath Singh and Lucknow Mayor Samyukta Bhatia and other officials. The Chief Minister met film actor Akshay Kumar on Tuesday evening when he arrived here. He is also scheduled to meet other Bollywood celebrities and other entrepreneurs including Tata Sons chairman N Chandrasekaran on Wednesday.

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