Patna Civic Body Raises Rs 200 Crore Via Bonds, Gets Listed On Stock Exchange

The Patna Municipal Corporation (PMC) has raised nearly Rs 200 crore through municipal bonds, becoming the first urban local body in Bihar to have its bonds listed on the National Stock Exchange (NSE).

A formal ceremony was held on Tuesday to mark the listing, with Chief Minister Samrat Choudhary inaugurating the process by ringing the ceremonial bell.The bond listing is being viewed as a significant step towards strengthening the financial independence of urban local bodies and creating alternative funding mechanisms for infrastructure development.It is the first time that the PMC has raised funds directly from the capital market through municipal bonds, reducing its dependence on government grants and conventional revenue sources.The bond issue had a base size of approximately Rs 100.03 crore.