Municipal Corporations of Gujarat achieve the success of linking the local urban
body to the global financial market for obtaining funds through municipal bonds
for urban infrastructure facilities: – Chief Minister Shri Bhupendra Patel

The listing of the first Municipal Bond of the Municipal Corporation of Vadodara on
the Bombay Stock Exchange concludes in the presence of the Chief Minister

Bhupendra Patel at Mumbai

Under the ‘Amrut’ mission, the corporation is entitled to a contribution of Rs. 100
crore which Vadodara succeeds in raising through municipal bonds

After Ahmedabad-Surat, the third Municipal Corporation of the state-Vadodara

received funds from Municipal Bond

Gandhinagar, Wednesday: Chief Minister Shri Bhupendra Patel has said that Gujarat Municipal
Corporation has succeeded in connecting local urban bodies with the global financial market by
obtaining funds from municipal bonds for infrastructure development works, urban infrastructure
facilities for the well-being of the citizens living in the cities.
Mr. Bhupendra Patel was addressing a function organized in Mumbai on the occasion of listing of the
first Municipal Bond-2022 of the Vadodara Municipal Corporation of the State at the Bombay Stock
Exchange.

The Chief Minister inaugurated the day-long operation of BSE by Bell Ringing at the Bombay Stock
Exchange.
The Vadodara Municipal Corporation has raised the amount for submission to central government
under Atal Mission for Rejuvenation and Urban Transformation- ‘Amrut’ has been raised through
municipal bonds.
The bond issue was opened on 24-03-2022 for online subscription on the electronic platform of the
Bombay Stock Exchange. The financial bond was subscribed 4.52 times in the initial seconds of the issue.
36 bids worth Rs 1007 crore for a 100 crore bond were issued under ‘Amrut’ mission.
It is also an achievement that this bond of Vadodara Municipal Corporation has been subscribed at the
lowest rate till date i.e. 7.15%.
The Chief Minister congratulated the entire team of Mahanagar Seva Sadan and Mayor Mr. Keyur
Rokadia and Commissioner Mrs. Shalini Agarwal for listing this first Municipal Bond of Vadodara
Municipal Corporation on Bombay Stock Exchange.
The amount raised through bonds by Vadodara Municipal Corporation Rs. 100 crore will be used for
Sindhrot water supply project and APS at Amitnagar. The water supply project at Sindhrot will meet the
drinking water needs of the people of the city while the Amitnagar APS project will help in the efficient
disposal of sewage water.
Shri Bhupendra Patel said that Prime Minister Shri Narendrabhai Modi has inspired Prudential Financial
Management by setting up municipal bonds in collaboration with the country’s Urban Local Bodies,
Urban Development Department and SEBI.
The Chief Minister added that with the help of such bond funds, the growth of urban infrastructure
works has been linked to ‘Sauno saath, sauno vikas, sauno vishwas’. The Chief Minister said that
Vadodara is the third corporation in Gujarat after Ahmedabad and Surat which has given a new direction
to urban welfare works with such bonds.
“Urbanization is no longer a challenge, it is an opportunity, and cities are becoming more livable with
world-class infrastructure,” he said. The definition of urban well-being has expanded from light, water,
sewerage to Ease of Living.
Shri Bhupendra Patel expressed confidence that with the inspiration of Prime Minister Shri
Narendrabhai Modi, this year is being celebrated in the country as the Amrut Mahotsav year of
independence.
Shri Bhupendra Patel added that such bonds would lead to self-reliance in financial management of
corporations.
The Chief Minister hoped that such bonds would be important in making Gujarat atmanirbhar in the
field of urban development and urban infrastructure development and the name of Atmanirbhar India
would come true from atmanirbhar cities, atmanirbhar Gujarat.

On this occasion, the Mayor of Vadodara Shri Keyurbhai Rokadia said that the Vadodara Municipal
Corporation has listed the first bond. Rs. 100 crore fund has been raised through bonds at a very low
rate, which will be used for development projects including drinking water for the citizens of Vadodara.
M.D. of BSE and CEO Mr. Ashish Kumar congratulated the Vadodara Municipal Corporation and said that
this fund would be a boon for the development of Vadodara. He also added that the urban local body
could add to the convenience of the citizens with a positive attitude through such funds.
Mr. Kunal Kumar, Director, Smart City Mission and Joint Secretary, Government of India, said that this
approach of the Government of Gujarat towards urban development has become an inspiration to
others. The joint efforts of the Government of India and the Bombay Stock Exchange have created a new
platform for building infrastructure in the cities of the country.
Principal Secretary to Finance Department of GoG Shri J. P. Gupta said the fund would be a driving force
for urban development. After Ahmedabad, Surat and now Vadodara Municipal Corporation has raised
funds for the welfare of the citizens.
Mr. Bill Block, US Treasurer, congratulated the GoG and the Vadodara Municipal Corporation for their
good work in raising funds through bonds. He also requested to get more funds and do works in the
public interest.
On this occasion, Commissioner of Vadodara Municipal Corporation Mrs. Shalini Agarwal, Deputy Mayor
Nandaben Joshi and other leaders were present.