Maiden Prayagraj municipal bond oversubscribed 4.4 times
The maiden municipal bond issued by Prayagraj Municipal Corporation has been oversubscribed 4.4 times as it received bids worth ₹221 crore against the offer size of ₹50 crore, a senior official in the state government said and credited the success to the organisation of the Mahakumbh in the state earlier this year.
The bond was issued on the Bombay Stock Exchange's Electronic Bidding Platform and achieved a cut-off coupon rate of 8.07%—the lowest ever for a municipal bond in Uttar Pradesh. The funds raised will be directed towards the construction of a ₹76.54 crore super-specialty hospital in Naini under a Public-Private Partnership (PPP) model, with the bond covering ₹50 crore of the project cost,
Principal secretary of the urban development department Amrit Abhijat said: 'The overwhelming investors' faith in the Prayagraj municipal bond is due to the effectiveness of our urban reforms and financial discipline. Mahakumbh-2025 demonstrated our ability to deliver world-class infrastructure and services, and this success is now translating into capital market trust.'
The hospital, to come up in Naini, is expected to cater to over 1.5 million residents of Prayagraj and nearby regions and generate employment for 600–700 families. 'This facility draws on the globally acclaimed health infrastructure model of Mahakumbh 2025 and will further strengthen the city's capacity to manage large-scale events and health emergencies,' Abhijat added.
So far in this fiscal year, urban local bodies in the state have collectively generated ₹5,550 crore in revenue, a sign of improving fiscal autonomy.
The hospital project will generate ₹11–12 crore annually in revenue for the Municipal Corporation, ensuring a sustainable financial model while serving essential healthcare needs.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
3 hours ago
- Time of India
PCMC's 200 crore green municipal bonds listed on BSE; CM and deputies attend ceremony in Mumbai
Pune: The Pimpri Chinchwad Municipal Corporation (PCMC) on Tuesday listed its Rs200 crore green municipal bonds on the Bombay Stock Exchange ( ) in Mumbai. The listing ceremony was attended by chief minister Devendra Fadnavis, deputy CMs Eknath Shinde and Ajit Pawar, and state chief secretary Sujata Saunik. Tired of too many ads? go ad free now PCMC has become the first civic body in Maharashtra to raise funds through green municipal bonds, and it is also the first municipal corporation in the country to issue green bonds exclusively for a sustainable mobility project. The funds raised through these bonds will be utilised for the 'Harit Setu' project in Nigdi Pradhikaran and for the sustainable mobility development project from Gawlimatha to Indrayani Nagar Chowk on Telco Road. Both promote non-motorised transport and sustainable development. Speaking at the event, Fadnavis stated that there was a very good response to the green bonds, and they were subscribed within a few minutes. "The strong investor response is a testament to the trust placed in Maharashtra govt and PCMC's governance," he said. He added that the infrastructure built using funds raised through these bonds will help boost sustainability in Pimpri Chinchwad. Last week, the bonds were floated via private placement on the BSE's Electronic Bidding Platform and attracted bids worth Rs513 Crore, oversubscribing the offer by 5.13 times. The bonds were issued at a coupon rate of 7.85% for a period of five years. PCMC commissioner Shekhar Singh said the decision to raise funds through green bonds was taken after past experience when the civic body raised Rs100 Crore through municipal bonds. Tired of too many ads? go ad free now "For some projects, the funding available from budgeting stretches up to five to six years due to limited resources with the civic body. We were thinking of ways to expedite our projects, and one such option was to have funds available for a two or three-year timeframe. That is where the idea of green bonds came up," he said. He said there has been increasing stress on financial resources that municipal corporations can allocate for different projects, and municipal bonds provide one such option where the civic bodies can leverage their financial strength. Singh said the Harit Setu project is a master plan for the city for the next 10-12 years, and it is a recognition of the fact that traffic congestion is not just about widening roads. "If we do not think of non-motorised or public transport options, I do not think we will be solving the traffic congestion," he said. The project has already won the Bloomberg Initiative for Cycle Infrastructure in 2023, and the civic body has also received a grant of USD 400 from the FICCI challenge for it. Pimpri Chinchwad was the only city from India and was among the nine global cities that won the FICCI award. Singh said that the corporation has also applied for a 25% grant for the Harit Setu project under the Urban Challenge Fund, a Central govt initiative introduced in this year's Union Budget. PCMC is set to become the first municipal body in the country to avail this assistance, having fulfilled the eligibility condition of raising over 50% of the total project cost through instruments like green bonds, he said. Pune: The Pimpri Chinchwad Municipal Corporation (PCMC) on Tuesday listed its Rs200 crore green municipal bonds on the Bombay Stock Exchange (BSE) in Mumbai. The listing ceremony was attended by chief minister Devendra Fadnavis, deputy CMs Eknath Shinde and Ajit Pawar, and state chief secretary Sujata Saunik. PCMC has become the first civic body in Maharashtra to raise funds through green municipal bonds, and it is also the first municipal corporation in the country to issue green bonds exclusively for a sustainable mobility project. The funds raised through these bonds will be utilised for the 'Harit Setu' project in Nigdi Pradhikaran and for the sustainable mobility development project from Gawlimatha to Indrayani Nagar Chowk on Telco Road. Both promote non-motorised transport and sustainable development. Speaking at the event, Fadnavis stated that there was a very good response to the green bonds, and they were subscribed within a few minutes. "The strong investor response is a testament to the trust placed in Maharashtra govt and PCMC's governance," he said. He added that the infrastructure built using funds raised through these bonds will help boost sustainability in Pimpri Chinchwad. Last week, the bonds were floated via private placement on the BSE's Electronic Bidding Platform and attracted bids worth Rs513 Crore, oversubscribing the offer by 5.13 times. The bonds were issued at a coupon rate of 7.85% for a period of five years. PCMC commissioner Shekhar Singh said the decision to raise funds through green bonds was taken after past experience when the civic body raised Rs100 Crore through municipal bonds. "For some projects, the funding available from budgeting stretches up to five to six years due to limited resources with the civic body. We were thinking of ways to expedite our projects, and one such option was to have funds available for a two or three-year timeframe. That is where the idea of green bonds came up," he said. He said there has been increasing stress on financial resources that municipal corporations can allocate for different projects, and municipal bonds provide one such option where the civic bodies can leverage their financial strength. Singh said the Harit Setu project is a master plan for the city for the next 10-12 years, and it is a recognition of the fact that traffic congestion is not just about widening roads. "If we do not think of non-motorised or public transport options, I do not think we will be solving the traffic congestion," he said. The project has already won the Bloomberg Initiative for Cycle Infrastructure in 2023, and the civic body has also received a grant of USD 400 from the FICCI challenge for it. Pimpri Chinchwad was the only city from India and was among the nine global cities that won the FICCI award. Singh said that the corporation has also applied for a 25% grant for the Harit Setu project under the Urban Challenge Fund, a Central govt initiative introduced in this year's Union Budget. PCMC is set to become the first municipal body in the country to avail this assistance, having fulfilled the eligibility condition of raising over 50% of the total project cost through instruments like green bonds, he said.
Time of India
8 hours ago
- Time of India
Andhra Pradesh attracted Rs 9.2 lakh crore investments in 11 months, says industries minister Bharat
1 2 3 Visakhapatnam: Industries minister TG Bharat on Tuesday said the NDA govt in the state had drawn investments worth 9.2 lakh crore within 11 months — an achievement the previous YSRCP regime failed to match in five years. The investments are expected to generate over 8.5 lakh employment opportunities. Addressing the Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) Excellence Awards 2025 as chief guest, Bharat emphasised the govt's industry-first approach. "Our focus is on restoring investor confidence and addressing the long-standing concerns of the industrial sector," he noted. Highlighting reforms, Bharat said Andhra Pradesh now has among the most competitive industrial policies in the country. He urged entrepreneurs to leverage state-provided incentives and cited the "Speed of Doing Business" initiative for expediting approvals. He also called on businesses to participate in the P4 (People-Public-Private Partnership) model for inclusive growth. Visakhapatnam MP M Sribharat urged industry leaders to identify challenges and offer transformative ideas. "Your innovation could be the game changer Andhra Pradesh needs," he said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 나이들어 노안+백내장 절대 방치 하지 마세요! 부산백내장노안 전문안과 더 알아보기 Undo FAPCCI president Kankatala Mallikharjuna Rao commended the state's MSME policy, highlighting its generous incentives for tourism projects. These include a five-year 100% SGST exemption from the start of commercial production, full reimbursement of land conversion fees, and industrial tariffs for power bills. He assured that all reimbursements would be processed within six months. Awards were presented in 11 categories. Nekkanti Sea Foods Ltd, Visakhapatnam, was honoured for Excellence in Agri & Aqua Based Industries. Other winners are Ananda Enterprises (Export Performance – MSEs), Efftronics Systems (Product Innovation), and Ms. Annandi Suneetha (Outstanding Women Entrepreneur). Recognitions were also given to Steelon Call (Start-up), Divi's Laboratories (CSR), ITC – Agri Division (Employee Welfare), CCL Products (All Round Performance), Dalmia Cement (Green Energy), Aravind Industries (Rural Entrepreneurship), and Sarda Metals (Export – Large & Medium Enterprises).
The Hindu
10 hours ago
- The Hindu
NMC yet to give permission for enhancement of medical seats; medical seat matrix delayed
The National Eligibility-cum-Entrance Test (NEET-2025) results will be out in a few days, and this time, the Karnataka Examinations Authority (KEA) has made preparations to conduct the Common Entrance Test (CET-2025) and NEET counselling simultaneously for admission to various professional courses, including medical and engineering. However, even though the deadline given by KEA has expired, the Department of Medical Education (DME) has not submitted the medical seat matrix. It has been learnt that the reason for the delay is that the National Medical Commission (NMC) has not yet given permission for the enhancement of undergraduate (UG) and postgraduate (PG) medical seats in the State's medical colleges for 2025-26. The DME had submitted a proposal to the NMC in March 2025 for the enhancement of a total of 800 MBBS and 700 PG medical seats for the State. However, even after three months of submitting the request, permission has not been granted for the seat enhancement. The last date for submitting the seat matrix was June 4, 2025. The Technical Education Department has submitted the seat matrix, according to which a total of 69,717 government quota engineering seats are available for 2025-26. This year, there has been an increase of 7,650 (11.9%) engineering seats, all of them Computer Science and related courses. Tentative seat matrix However, the DME has already prepared a tentative medical seat matrix for 2025-26, including the number of additional seats proposed in the request submitted to the NMC and the seats available in government medical college proposed to be established in Ramanagara and the Farookh Academy of Medical Education in Mysuru starting this year. There are a total of 71 medical colleges in the State, out of which 12,395 MBBS seats will be available this year. In addition, 3,355 dental seats are available in 45 dental colleges, 39,595 BSc Nursing seats in 650 nursing colleges, 16,441 Allied Health Sciences seats in 202 Allied Health Sciences Colleges, and 5,710 seats in 120 Physiotherapy colleges. In addition, 4,027 PG medical seats are available in 47 postgraduate medical colleges, 846 MDS seats in 31 postgraduate dental colleges, 4,772 seats in 204 postgraduate nursing colleges, 1,217 seats in 43 PG allied health sciences colleges, and 819 seats in 41 PG physiotherapy colleges. Speaking to The Hindu, Rathod, director, Directorate of Medical Education said, 'It is not known why the NMC is delaying the increase in seats in medical courses. Already, the NMC has served show-cause notices to 22 government medical colleges and several private medical colleges that are facing problems, including non-appointment of necessary faculty. We have given an appropriate response to the NMC in this regard. So, we are hoping that we may get permission to increase the UG and PG medical seats before the NEET results. The matrix will be submitted as soon as the NMC gives permission.'
