Cash-strapped VMC to float bonds to raise funds for projects
In its the budget for 2019-20 financial year (FY), the VMC General Board had given in-principal approval for mobilisation of Rs 100 crore through issuance of Municipal Bond under AMRUT scheme, which was raised to Rs 200 crore in the FY 2020-21. Updated: December 10, 2020 5:03:39 am
The VMC had appointed India Rating and Research (Fitch) Ltd and CRISIL Ltd for the credit rating. While Fitch assigned AA+/Stable, CRISIL ratings for VMC are AA/Stable. (Representational)
THE VADODARA Municipal Corporation (VMC) will issue bonds to raise money to fund development works sanctioned under the Atal Mission for Rejuvenation and Urban Transformation (AMRUT), in the city by January 2021, officials said.