3-4 more municipal bodies to raise funds via bonds: Lavasa

After successful issuance of bonds by Pune Municipal Corporation (PMC), 3-4 more such bodies plan to raise funds through this route, Finance Secretary Ashok Lavasa said today.

PMC bonds will be listed on the stock exchange tomorrow, he said at an event organised by Icrier here.

Another 3-4 municipal bodies have lined up bonds and will be floated soon, he added.

PMC has raised Rs 200 crore by selling 10-year bonds, becoming the first civic body to tap money from this route in 14 years.

Proceeds from the issue, raised at a coupon of 7.59 per cent and oversubscribed six times, will be used for a Rs 2,300 crore water project.

The corporation has also set out a water tariff hike programme, Lavasa said, conceding that it will take up to seven years for the water charges to cover the repayments.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)