Ghaziabad and Lucknow civic bodies to list municipal bonds on NSE

Cities like Kanpur and Varanasi are also expected to expedite their respective bond market plans once Lucknow and Ghaziabad lead by example

Right after Indore Municipal Corporation (IMC) in Madhya Pradesh listed its municipal bonds on NSE, Lucknow and Ghaziabad civic bodies in Uttar Pradesh are also following suit to raise about Rs 2 billion each.

Lucknow and Ghaziabad had received A- credit rating in 2016-17 and emerged better placed to pursue debt market for raising funds under Atal Mission for Rejuvenation and Urban Transformation (AMRUT) compared to peers in the state, including Varanasi, Kanpur etc.

Of the total 17 municipal corporations in UP, Lucknow and Ghaziabad are the biggest with annual budget of around Rs 20 billion each. The bond is