Bhubaneswar (Odisha Tazanews) BBSR :- The National Stock Exchange of India (NSE) hosted the listing ceremony of the ₹200 crore Green Municipal Bond issued by Surat Municipal Corporation (SMC) in the presence of Hon’ble Chief Minister of Gujarat, Shri Bhupendra Patel. With a base size of ₹100 crore and a green-shoe option of ₹100 crore, the issue was oversubscribed eight times, making Surat the first municipal corporation from Gujarat and only the second in India to access the municipal bond market through a public offering.
Funds raised will support key climate-resilient projects including solar and wind energy generation, zero-liquid discharge water treatment, advanced filtration systems, and certified green infrastructure under the Climate Bonds Initiative. Shri Bhupendra Patel, Hon’ble Chief Minister of Gujarat, said: “Gujarat’s cities have long led in innovation and fiscal responsibility. With Surat’s green bond, we are seeing the next leap-urban finance aligned with environmental sustainability.”
Shri Ashishkumar Chauhan, MD & CEO, NSE, said: “We congratulate Surat Municipal Corporation on its successful maiden public issue; the eight times oversubscription demonstrates investors’ confidence in credible green municipal issuances.” The listed, secured, redeemable non-convertible debenture aligns with SEBI’s Green Debt Security Framework and the Climate Bonds Initiative standards. This follows earlier Gujarat issuances, including the-Gandhinagar Green Bond, with more in preparation-underscoring the state’s leadership in sustainable urban financing.
