VMC raises Rs.100cr through municipal bonds

Vadodara Municipal Corporation (VMC) successfully raised Rs 100 crore by issuing municipal bonds on private placement basis using BSE Bond, BSE India announced on Thursday. VMC received 36 bids on the platform for Rs 1,007 crore which was 10.07 times the issue size. VMC plans to deploy these funds in the Sindhrot Water Supply Project.

"It is indeed very prestigious for VMC to get a massive over subscription of 10.07 times," said Keyur Rokadia, Vadodara mayor and Shalini Agarwal, municipal commissioner, in a joint statement.

Ashishkumar Chauhan, MD & CEO, BSE said, "These borrowings can be judiciously deployed to augment infrastructure needs and smart city planning." tnn