PCMC Raises Rs 2 bn Via Maharashtra’s First Green Municipal Bond

06 Jun 2025 CW Team

Describing it as a landmark achievement, the Pimpri Chinchwad Municipal Corporation (PCMC) announced on Tuesday that it successfully raised Rs 2 billion through Maharashtra’s first Green Municipal Bond, drawing an overwhelming response from investors.

The bond issue, launched on the BSE’s Electronic Bidding Platform via private placement, attracted bids totalling Rs 5.13 billion —more than five times the initial offer. The base issue of Rs 1 billion was fully subscribed within just one minute of opening, reflecting strong investor confidence, the civic administration said.

Offered at a competitive coupon rate of 7.85 per cent, the bonds carry an ‘AA+’ rating from CRISIL Ratings and CARE Ratings, with a tenure of five years. The structured repayment mechanism is secured through an escrow of Property Tax collections, ensuring timely payment of interest and principal, officials added.

The funds raised will support two major green infrastructure projects: the Harit Setu Project in Nigdi Pradhikaran and the development of Telco Road from Gawali Matha to Indrayani Nagar Chowk. Both initiatives contribute to PCMC’s ongoing commitment to sustainable and climate-resilient urban development.

Municipal Commissioner Shekhar Singh said, “The overwhelming response to our Green Bond is a testament to the trust investors place in Pimpri-Chinchwad’s vision for a sustainable future. This funding will help us accelerate critical green infrastructure projects and strengthen our resilience against climate change.”

This marks PCMC’s second municipal bond issuance in two years, following a successful Rs 2 billion issue in July 2023. With this green bond issue, PCMC also qualifies for a Rs 200 million incentive from the Government of India, as part of its support for environmentally responsible financing, officials noted.

A. K. Capital Services Ltd served as the Transaction Advisor and Merchant Banker for the issue.

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