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PM Modi's Varanasi constituency to float municipal bonds of Rs 200 crore

Lucknow Municipal Corporation earlier in December become the first city in North India to list at BSE

A view of deserted Rana Mahal Ghat of River Ganga in the wake of coronavirus pandemic, in Varanasi

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The government believes municipal bonds provide funds and help build the country’s image among investors.

2 min read Last Updated : Dec 30 2020 | 6:21 PM IST

Varanasi, Prime Minister Narendra Modi's parliamentary constituency, will issue municipal bonds worth Rs 200 crore to fund infrastructure projects, joining state capital Lucknow in listing on the Bombay Stock Exchange (BSE).

The Varanasi Municipal Corporation (VMC) has added 89 villages to its municipal limits for the stock listing. Its bond will a debt security to finance capital expenditure, giving investors payments on a predetermined rate of interest.

Varanasi needs funds to develop ghats (riverside), roads, flyover, inland waterways, the Kashi Vishwanath temple, and a convention centre. Nine companies could participate in bid to select a merchant banker for the listing.

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