The Pune Municipal Corporation (PMC) has raised Rs 200 crore by selling 10-year bonds, becoming the first civic body to tap money from this route in 14 years..The issue, handled by SBI Capital Market, was oversubscribed six times, having received subscriptions worth Rs 1,200 crore. Proceeds from the issue, raised at a coupon of 7.59 per cent, will be used for a Rs 2,300-crore water project, reported Business Standard..Legasis Partners advised Pune Municipal Corporation and acted as legal counsel to the issuer..Legasis Partners Managing Partner Suhas Tuljapurkar, Partner Apurv Sardeshmukh, Senior Associate Sumanta Ghosh and Associate Mugdha Joshi acted for PMC..The success of the Pune municipal bond issue may push other local bodies looking to raise funds via the markets. The Ahmedabad municipal corporation, too, have been in advanced stages of planning a bond issue, reported BloombergQuint.
