Patna, Nov. 12 -- Patna Municipal Corporation (PMC) has raised nearly Rs 200 crore through its maiden municipal bond issuance, becoming the first urban local body in Bihar to tap the capital market for infrastructure financing.

The corporation raised Rs 199.99 crore on October 30 against a base issue size of Rs 100 crore, with bids exceeding Rs 205 crore. The bonds carry an annual coupon rate of 9.20 per cent and have a tenure of 10 years.

Rs 200 Crore To Fund Urban Infrastructure Projects

The proceeds will be used to develop urban infrastructure at 15 locations across Patna, including organised vending zones, commercial complexes and public facilities. The redevelopment of New Market near Patna Junction is among the identified project...