Patna Municipal Corporation (PMC) has made a big move by listing Bihar's very first municipal bond on the National Stock Exchange.
They raised ₹199.99 crore, which will go into revamping markets and boosting civic amenities across the city.
It's a sign that cities are turning to the stock market to fund local upgrades.
AA rated bond oversubscribed 9.20% coupon
The PMC bond was so popular it got almost double the investor interest compared to its base size.
With a 9.20% coupon rate and a solid AA (stable) rating, it's appealing for anyone wanting to support city projects while earning some money back.
More cities like Tiruppur, Coimbatore, and Nashik are jumping on this trend. Urban bonds might just be the new way forward for city development.