LUCKNOW Agra has marked a major milestone in urban infrastructure financing by successfully raising ₹50 crore through its debut municipal bond, which was oversubscribed by an impressive 3.5 times. The issue attracted bids worth ₹174 crore via the National Stock Exchange’s electronic bidding platform, reflecting robust investor confidence in the city’s governance and financial management.

Principal secretary (urban development) Amrit Abhijat called the success a reflection of UP’s innovative approach to urban development financing. “We are embracing new-age financing tools like municipal bonds to ensure fiscal prudence and drive development,” he said.

The bond, issued on a private placement basis at a competitive coupon rate of 8.15%, received an ‘AA’ rating from both India Ratings and Acuite. A notable highlight of the issuance was participation from international investor Julius Baer Capital (India) Private Limited.

The funds raised will support four transformative projects under the Agra Nagar Nigam’s ambitious infrastructure plan. These include a 7.5 mw solar power project aligned with the sustainable development goals and Kyoto Protocol, expected to save ₹4.16 crore annually and reduce carbon emissions significantly.