Pimpri Chinchwad Municipal Corporation Makes History With Green Bond Listing At Bombay Stock Exchange
Pimpri Chinchwad Municipal Corporation Makes History With Green Bond Listing At Bombay Stock Exchange
Renuka Suryavanshi
In a landmark achievement, the Pimpri Chinchwad Municipal Corporation (PCMC) has etched its name in history with the listing of India’s first municipal green bond on the Bombay Stock Exchange (BSE). The ceremonial bell ringing took place on June 10 at the BSE International Convention Hall in Mumbai, graced by Maharashtra Chief Minister Devendra Fadnavis and Deputy Chief Ministers Ajit Pawar and Eknath Shinde.
PCMC successfully raised ₹200 crore through the green municipal bond, which was met with an overwhelming investor response—drawing bids worth ₹513 crore, oversubscribed by 5.13 times. Notably, this is also Maharashtra’s first green municipal bond and the first in India dedicated solely to a sustainable mobility project.
Shekhar Singh, Commissioner and Administrator, Pimpri Chinchwad Municipal Corporation in his X post stated, “It is a landmark day for Pimpri Chinchwad and the state of Maharashtra. Today, CM Devendra Fadnavis, along with Dy CMs Eknath Shinde, and Ajit Pawar led the bell-ringing ceremony at BSE India to mark the listing of Maharashtra’s first-ever Green Municipal Bond, issued by PCMC. Through this bond, we successfully raised ₹200 crore—oversubscribed by 5.13 times—reflecting remarkable investor confidence in PCMC’s financial strength and our commitment to sustainable urban development.”
He further stated, “The funds will support transformative green infrastructure projects, including Harit Setu in Nigdi and the redevelopment of Telco Road, both integral to our broader vision of a climate-resilient, future-ready Pimpri Chinchwad.”
The funds will be channelled into eco-friendly urban infrastructure, including the flagship Harit Setu project in Nigdi Pradhikaran and the redevelopment of Telco Road. Harit Setu, aligned with the 15-minute city vision, aims to enhance last- and first-mile connectivity to Metro and BRTS stations through sustainable transportation. The project was previously honoured with the BICI Award in 2023.
The bond, rated AA+ by both CRISIL and CARE Ratings, was issued through private placement at a competitive 7.85% coupon rate. A strong escrow mechanism linked to property tax revenues further strengthens investor confidence.
This is PCMC’s second municipal bond in two years, underscoring the corporation’s commitment to transparent, future-ready governance focused on climate action and urban development.
The ceremony was also attended by Chief Secretary Sujata Saunik, MCGM Commissioner Bhushan Gagrani, ACD UD-1 Aseem Gupta, Principal Secretary UD-2 Dr. K. H. Govindraj, and the Municipal Commissioners of NMMC, KDMC, Bhiwandi, Ulhasnagar, and Panvel.
