Nashik Municipal Corporation raises Rs 200 crore for Simhastha Kumbh Mela 2027 preparations

“The 3.95 times oversubscription reflects institutional investors’ growing confidence in municipal bonds as a credible asset class", said NSE MD & CEO Ashishkumar Chauhan.

Mumbai: The Nashik Municipal Corporation (NMC) listed its maiden municipal bond issuance — NMC Clean Godavari Bonds — of Rs 200 crore on the National Stock Exchange of India (NSE), a key milestone toward mainstreaming municipal finance in India for infrastructure projects and boost the preparations of Simhastha Kumbh Mela 2027.

The funds mobilised through this NMC issuance will be deployed towards key infrastructure projects in the view of upcoming construction of pedestrian bridge of Ram Jhula, construction of a vending plaza and general development near Kalaram Temple, construction of proposed command and control centre near Kapaleeshwar Temple and sewer network improvement works for administrative zones of Panchavati, Satpur and Nashik West.

“I am very happy to learn that NMC's Clean Godavari Bonds were oversubscribed nearly four times. These bonds will help to finance the infrastructure related to the Kumbh Mela in 2027, ensure efficient utilisation of resources and timely repayment,” Maharashtra Chief Minister Devendra Fadnavis said.

“The 3.95 times oversubscription reflects institutional investors’ growing confidence in municipal bonds as a credible asset class. NSE remains committed to helping cities and local bodies raise capital in a transparent and efficient manner for sustainable urban infrastructure. Today’s listing further strengthens the foundation for future municipal bond programmes across the country,” added NSE MD & CEO Ashishkumar Chauhan.

“These bonds will finance infrastructure development related to Kumbh Mela 2027, and ensure sustainable development of the region. We managed to complete the entire fund-raising process within 4 to 5 months and are also working on the second bond issue,” said NMC Commissioner and Administrator Manisha Khatri.