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Pune moves to revive municipal market with bond sale

Reuters  |  MUMBAI 

By Rafael Nam and Krishna MerchantMUMBAI (Reuters) - Pune sold $31 million in 10-year bonds on Monday, as cities in Asia's third-largest economy look to tap investors for the first time in a decade to finance infrastructure projects.Though small, the issuance is a key first step in India's plan to revive a municipal bond market that saw its last sale in 2007. The funds raised will help pay for its ambitious "Smart Cities" project that aims to modernise 100 cities by 2020, including by improving water supply and transportation.Pune Municipal Corp sold the debt at 7.59 percent, raising 2 ...

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First Published: Mon, June 19 2017. 20:41 IST