Lucknow,, Dec 1(UNI) Uttar Pradesh Chief Minister Yogi Adityanath will be attending the historic listing ceremony of the Lucknow Municipal Corporation (LMC) bonds in the Bombay Stock Exchange (BSE) in Mumbai on December 2.
Lucknow would become the first city from northern India to list its municipal corporation bonds on BSE.
During his Mumbai visit, the UP chief minister will also meet top industrialists of the country along with celebrities from the Hindi film industry, acceleration of the industrial development of the state along with setting up a film city in Uttar Pradesh would be on the agenda of the talks, conveyed officials here on Tuesday.
The captains of industry the CM would be meeting include N Chandrashekhar of Tata Sons, Dr. Niranjan Hiranandai of Hiranandani group, Baba Kalyani of Bharat Forge, CEO of Simmons Suprakash Chaudhary, Chairman of L&T S N Subramaniam, Vikas Jain of capital Services, Chairman of KKR Ltd Sanjay Nair, Chairman of Centrum Capital ltd Jaspal Bindra, CEO and MD of Tata Advanced Systems Sukaran Singh, Harshvardhan of Tata Defence Technology, Ashish Rajvansh of Adani Defence, Rajat Gupta of Ashok Leyland, CEO and MD of Texmaco Defence System TS Darbari.
The UP CM will also meet the prominent film personalities to roll out a roadmap for the development of the film industry in Uttar Pradesh. The film giants the UP CM is scheduled to be meeting include Rahul Mittra, Subhash Ghai, Bonney Kapoor, Bhushan Kumar of T-Series, Jatin Sethi of Zee Studio, Anand Pandit, Baba Azmi, Neeraj Pathak, Randeep Hooda, Tigmanshu Dhulia, Jimmy Shergill, Taran Adarsh, Komal Nahta and Raj Kumar Santoshi.
Officials expressed confidence that the listing of the LMC bond in the BSE will not only transform the image of Corporation but would also help mobilise further investments, especially as the municipal bodies of Ghaziabad, Varanasi, Agra, and Kanpur get ready to launch their own bonds in coming months.
The Rs 200 crore LMC bonds, which was launched on November 13, 2020, was 4.5 times oversubscribed and closed at 8.5 per cent coupon rate for 10 years, which is the second lowest rate of all the municipal bonds launched till date.
With this, Lucknow becomes the ninth city in the country to have raised municipal bonds.
The funds raised through the bond will be invested in various infrastructure schemes in the state capital, including the water supply project and housing project being implemented under Atal Mission for Rejuvenation and Urban Transformation (AMRUT).
Before launching the bond, which has been given a AA rating by India Ratings and AA (CE) by Brickworks Rating, the State machinery initiated a series of reforms to improve the accounting and financial management practices, ensuring transparency and time bound delivery to the investors.
It is to be mentioned that in the last three years, the Yogi government has taken giant strides to change the perception of the state, in terms of law and order and has gone into an overdrive to spruce up its infrastructure and air connectivity in order to accelerate the all-round development of the state.
UNI MB RKM