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.

Building Material

11 Dec 2025

Suraj Estate Wins Euromoney Award for India’s Best Residential Developer

"Suraj Estate Developers Limited has received the Euromoney Real Estate Award 2025 for ‘India’s Best Residential Developer’, positioning the company among globally benchmarked leaders in the sector. The recognition reflects its four-decade legacy in delivering high-quality residential and redevelopment-led projects across South Central Mumbai. The Euromoney Real Estate Awards, presented by the London-based Euromoney magazine, are widely regarded as one of the most credible global assessments of performance in real estate, banking and finance. Winners are selected through surveys of inte..

Lloyds Metals, Tata Steel Sign MoU to Explore Strategic Collaboration

"Lloyds Metals and Energy Limited has signed a non-binding Memorandum of Understanding with Tata Steel Limited to evaluate potential areas of strategic cooperation across mining, logistics, pelletisation and steelmaking. The MoU was signed by B Prabhakaran, Managing Director of Lloyds Metals, and Mr T V Narendran, CEO and Managing Director of Tata Steel. The partnership framework aims to leverage the natural operational synergies between both companies and assess opportunities in greenfield steel projects, iron ore mining, slurry pipeline infrastructure, pellet manufacturing in iron ore–ric..

IndiaAI, Gujarat Govt Host Regional Conclave Ahead of 2026 AI Summit

The IndiaAI Mission under the Ministry of Electronics and Information Technology, along with the Government of Gujarat and IIT Gandhinagar, convened a Regional Pre-Summit Event at Mahatma Mandir, Gandhinagar. The initiative is part of the build-up to the India–AI Impact Summit 2026, scheduled for 15–20 February 2026 at Bharat Mandapam, New Delhi. The conclave brought together senior policymakers, technology leaders, researchers and industry practitioners to examine how AI can accelerate economic, digital and social transformation across sectors. The programme focused on the overarching th..