NDMC plans to raise Rs200 crore through municipal bonds
New Delhi: New Delhi Municipal Corporation (NDMC) plans to raise Rs200 crore shortly by selling bonds for strengthening its electricity distribution network, said Geetali Tare, financial advisor at the civic body responsible for providing urban services to Lutyen’s Delhi, home to the country’s most powerful politicians and bureaucrats. This follows Pune Municipal Corporation (PMC) raising Rs200 crore earlier this month through bonds for a water metering project. There is a growing appetite for municipal bonds with PMC, Maharashtra’s second-largest corporation, receiving 21 bids amounting to Rs1,200 crore. PMC is the first urban local body to raise funds through selling bonds, nearly two years after capital markets regulator Securities and Exchange Board of India (Sebi) issued new norms for municipal bonds. Enthused by the response, Indian cities have been ramping up their municipal bonds issuance plans. This, in turn, will bring in fiscal discipline for the municipalities and make the