Udaipur is lining up plans for listing its municipal bonds in the stock market in a race to raise funds for its Smart City campaign. Udaipur is amongst 16 smart cities that have appointed transactional advisers for the municipal bonds issue.

Pune is already ahead in the race and its municipal bonds issue will be hitting BSE on June 22. Pune will be coming out with a Rs 200 Crore issue.

As per moneycontrol, the other cities that are lining up besides Udaipur include Jaipur, Kota, Kishangarh, Bhopal, Jabalpur, Indore, Ahmedabad, Visakhapatnam, NDMC, Kakinada, Warangal, Bhiwadi, Panaji and Greater Hyderabad Municipal Corporation (GHMC).

While Pune has earned itself a credit rating of AA+, Udaipur’s credit rating fares much lower at BBB+. Jaipur has a credit rating of A-, Kota of BBB+ and Kishangarh of A+ amongst others.

Nearly 30 municipalities have raised Rs 1,353 Crore through taxable bonds and pooled financing in the last 20 years.