Gandhinagar's Bold Debut in Municipal Bonds Market
Gandhinagar Municipal Corporation listed its first municipal bonds worth Rs 25 crore on the National Stock Exchange. The bonds received overwhelming interest, with bids reaching Rs 225 crore. This makes Gandhinagar the 17th urban local body to issue such bonds in India, marking a significant milestone in Gujarat's urban development.
Devdiscourse News Desk | Gandhinagar | Updated: 25-06-2025 20:56 IST | Created: 25-06-2025 20:56 IST
The Gandhinagar Municipal Corporation (GMC) has made its mark by announcing the listing of its inaugural municipal bonds on the National Stock Exchange, valued at Rs 25 crore.
Investor response to the bond issue was highly enthusiastic, with bids soaring to Rs 225 crore, nine times the original issue size, during the brief one-hour subscription period.
This achievement positions Gandhinagar as the fifth urban local body in Gujarat and the 17th in India to issue municipal bonds. The bonds, carrying a coupon rate of 7.65%, represent a significant advancement as Gujarat celebrates two decades of urban transformation, coinciding with the declaration of 2025 as the 'Year of Urban Development'.
(With inputs from agencies.)
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