Lucknow, May 2 -- The maiden municipal bond issued by Prayagraj Municipal Corporation has been oversubscribed 4.4 times as it received bids worth Rs.221 crore against the offer size of Rs.50 crore, a senior official in the state government said. He credited the success to the organisation of the Mahakumbh which was organised in the state earlier this year. The bond was issued on the Bombay Stock Exchange's Electronic Bidding Platform and achieved a cut-off coupon rate of 8.07 per cent-the lowest ever for a municipal bond in Uttar Pradesh. The funds raised will be directed towards the construction of a Rs.76.54 crore super-specialty hospital in Naini under a PPP model, with the bond covering Rs.50 crore of the project cost,. Principal secretary of the urban development department Amrit Abhijat said: "The overwhelming investors' faith in the Prayagraj municipal bond is due to the effectiveness of our urban reforms and financial discipline." He further said, "Mahakumbh demonstrated our ability to deliver world-class infrastructure and services, and this success is now translating into capital market trust." The hospital, to come up in Naini, is expected to cater to over 1.5 million residents of Prayagraj and nearby regions and generate employment for 600-700 families....