Yogi Adityanath rings the bell at BSE

TIL Desk/Business/Mumbai/ Uttar Pradesh Chief Minister Yogi Adityanath rang the bell at the Bombay Stock Exchange (BSE) marking the listing of bonds of the Lucknow Municipal Corporation (LMC), here on Wednesday morning. Adityanath attended a special listing function organized at the BSE Towers this morning where he performed the traditional bell ringing ceremony, hoping to herald a new investment start for Uttar Pradesh.

The LMC’s Rs 200-crore pre-Diwali 10-year bond issue for 8.50 per cent interest was oversubscribed 4.5 times, indicating support for Yogi’s development-oriented politics, as he prepares for the Assembly elections after 15 months. Lucknow is the first civic body of Uttar Pradesh and the first city in north India to issue bonds, with municipalities of other cities like Agra, Varanasi and Kanpur likely to follow in the Bharatiya Janata Party-ruled state.

Adityanath arrived in Mumbai late on Tuesday night for a series of meetings intended to sell the state as the new destination for business and investments besides Bollywood to Uttar Pradesh. The ruling Maha Vikas Aghadi partners like the Shiv Sena and the Congress have made it clear that big business or Bollywood cannot be shifted out of Mumbai which will continue to be the country’s commercial and glamour capital.