AFTER LKO, KASHI MUNICIPAL BODY TO ALSO ISSUE BOND TO RAISE FUNDS

VARANASI: After Lucknow, Varanasi is all set to raise Rs 200 crore by issuing municipal bonds.

The municipal corporation of the holy city has started the process for the same.

The funds raised through this bond will be invested in various infrastructure schemes and the development of Varanasi.

“With the issuance of this bond, the Varanasi Municipal Corporation will also have a better image in the public and it will also help in raising investment from across the world,” said an official.

The fund to be raised will not only boost the growth of various sectors but it will also help in the development of international standards and work.

This bond will also help investors to invest in the city and will also promote the tourism sector, said officials of Varanasi Nagar Nigam.

Municipal commissioner Gaurang Rathi confirmed the development.

“The initial preparations have been done. We will now put up the proposal in the Nagar Nigam house for formal approval. Once the approval comes, the process to issue bond will start,” he said.

Tender for selecting consultant or merchant banker had already been done.

He said that as per guidelines of the government, nine companies can participate in it.

The companies include AK Capital Services Limited, Axis Bank Limited, Darashaw & Company Private Limited, ICICI Bank Limited, ICRA Management Consulting Services Limited, SBI Capital Market Limited, Spa Capital Advisor Limited, SREI Infrastructure Finance Limited and Yes Bank Limited.

THE FUND TO BE RAISED WILL BOOST THE GROWTH OF VARIOUS SECTORS