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The Pimpri Chinchwad Municipal Corporation (PCMC) successfully listed its INR 200 crore Green Bonds on the BSE last week, marking Maharashtra's first such municipal green bond and India's fourth. The issuance received an overwhelming investor response, being oversubscribed 5.13 times, and is aimed at funding the Harit Setu infrastructure project. This strategic initiative is part of a 12-year master plan to enhance urban transport and sustainable road networks. The listing event saw participation from key state leadership, underlining the importance of this milestone.
The Green Bonds worth INR 200 crore issued by the Pimpri Chinchwad Municipal Corporation (PCMC) were officially listed on the Bombay Stock Exchange (BSE) this week. This milestone marked Maharashtra?s entry into municipal green bonds and positioned PCMC as the fourth civic body in India to do so, following the footsteps of Indore, Surat, and Ghaziabad. Advertisement
The listing ceremony was attended by prominent Maharashtra state leaders, including Chief Minister Devendra Fadnavis and Deputy Chief Ministers Eknath Shinde and Ajit Pawar, among other dignitaries. The bonds have a tenor of four and five years and represent a significant stride in sustainable urban development.
Municipal Commissioner Shekhar Singh shared that the INR 200 crore bond issue, launched under private placement, witnessed robust investor interest and was oversubscribed by approximately 5.13 times. He conveyed that eight investors had expressed confidence in PCMC?s vision. Singh noted that the funds raised were dedicated to the Harit Setu project, which is expected to be executed over the next two years.
The bond issue involved up to 10,000 secured, rated, listed, taxable, and redeemable non-convertible green bonds. Each debenture had a face value of INR 2,00,000 and was structured with two separately transferable and redeemable principal components. The issue window opened and closed earlier in the week, on the same day.
Harit Setu, the flagship project funded by this green bond, forms part of a 12-year master plan. It is designed to transform Pimpri Chinchwad?s road infrastructure in alignment with international standards. The plan prioritises inclusivity with infrastructure for pedestrians, cyclists, and public transportation users.
Commissioner Singh further stated that the project would serve as an initial demonstration of the much-discussed last-mile and first-mile connectivity model. The development is expected to contribute significantly to enhancing accessibility and mobility within the region.
As the Harit Setu project unfolds, it is poised to not only transform regional infrastructure but also set a precedent for how Indian municipal bodies can independently raise capital for environmentally focused, citizen-centric projects. The initiative underscores a broader shift towards green financing in urban governance, indicating that climate-resilient infrastructure is gaining serious financial and political traction.
Source - PTI
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