Patna, Nov. 10 -- Patna Municipal Corporation (PMC) has become the first urban local body in Bihar to raise funds through municipal bonds, mobilising nearly Rs 200 crore from the capital market to undertake infrastructure development projects at 15 locations across the state capital.

The municipal bond listing was marked by a ceremony held at Taj City Centre in Patna on Tuesday, in the presence of Bihar Chief Minister Samrat Chaudhary.

The corporation raised Rs 199.99 crore through its maiden municipal bond issuance on October 30, against a base issue size of Rs 100 crore. The offering received bids exceeding Rs 205 crore, reflecting strong investor interest.

The bonds carry an annual coupon rate of 9.20 per cent and have a tenure of 1...