Patna Municipal Bond Lists on NSE: Bihar’s First, Rs 200 Crore at 9.20%
Patna's civic body can now raise money from the market, and investors can buy and trade its seven-series debt on the NSE.
Image: IANS / ETV Bharat
Bihar Chief Minister Samrat Choudhary launched the listing of the Patna Municipal Corporation’s Rs 200-crore municipal bond on the National Stock Exchange on Tuesday, 10 November 2026, in a bell-ringing ceremony. The corporation raised Rs 199.99 crore through the issue, which NSE India described as Bihar’s first municipal bond, according to an NSE circular and reports by PTI and ThePrint. Choudhary said the money will go into “revenue-generating projects”.
Seven Series, 9.20% a Year
An NSE circular dated 4 November lists seven Patna Municipal Corporation securities admitted to trading on the capital market segment from 5 November. All carry a 9.20% coupon and mature one a year apart, from 3 November 2030 to 3 November 2036. Each has a market lot of one, so a retail investor can in principle buy a single unit through a broker. The circular does not state the issue size; the Rs 199.99 crore figure comes from press reports.
India Ratings and Research had assigned the corporation an AA rating in August, according to Patna Press. Interest rates on civic bonds follow the issuer’s rating, which is why a rated listing matters for a city that has so far depended mostly on state and central grants.
Also read Northeast Thunderstorm Alert for 10-11 November; Bihar Lightning Warning
Cities Join the Bond Market
Patna is not the first Indian city to list. Surat and Nashik have each raised Rs 200 crore through bonds on the NSE, and Chennai’s corporation has also listed. Patna Press reported on 30 October that the money is meant for 18 projects; the corporation had not published a project-wise list in the reports IPB reviewed, and the chief minister named no specific works.
Listing on an exchange gives holders a way to sell before maturity, which a private placement does not. Related market coverage on IPB News includes the Sebi nod for the MakeMyTrip India IPO and the NSE tag page. More state stories are on the Bihar page.
Which Projects, and When
Still unclear are the exact projects, their timelines, and how the corporation will repay: municipal bonds are normally serviced from property tax, user charges and other civic revenue. The first coupon dates have not been reported. The corporation’s disclosures on the NSE site will carry the formal schedule.
Source: NSE circular on admission to dealings (4 November 2026). Also based on reporting by ThePrint, ETV Bharat and Patna Press.
Image: IANS / ETV Bharat.
Get IPB News first
