India, April 11 -- LUCKNOW Agra has marked a major milestone in urban infrastructure financing by successfully raising Rs.50 crore through its debut municipal bond, which was oversubscribed by an impressive 3.5 times. The issue attracted bids worth Rs.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 c...