Lucknow, May 8 -- Varanasi Nagar Nigam (VNN) has entered the municipal bonds club by raising Rs.50 crore through its first municipal bond issue at a coupon rate of 8.01%, marking the lowest rate secured by any municipal corporation in Uttar Pradesh till date.

The bond issue, conducted via private placement on the National Stock Exchange's Electronic Bidding Platform, attracted substantial investor interest, making Uttar Pradesh the first state in India to have five Urban Local Bodies (ULBs) - Lucknow, Ghaziabad, Agra, Prayagraj, and now Varanasi - successfully raise funds through municipal bonds.

Strategic infra dev for ancient city

The funds raised will finance two major revenue-generating projects aimed at enhancing infrastructure in...