Pimpri Chinchwad Municipal Corporation Successfully Lists Rs 200 Crore Green Bonds on BSE

The Pimpri Chinchwad Municipal Corporation (PCMC) successfully listed its Rs 200 crore Green Bonds on the BSE. This event was graced by Maharashtra Chief Minister Devendra Fadnavis, along with deputy chief ministers Eknath Shinde and Ajit Pawar. These bonds mark Maharashtra's first issuance and the fourth in India, following Indore, Surat, and Ghaziabad.

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The Green Bonds have a maturity period of four to five years. PCMC's bond issue was met with significant interest, being oversubscribed by approximately 5.13 times. Eight investors showed their confidence in the corporation's initiative. "The project for which we've raised this green bond is called Harid Setu," stated Sehkahr Singh, Municipal Commissioner of PCMC. "We finally ended up raising about Rs 200 crore for the entire project which we will deliver in the next two years."

Green Bonds Structure and Purpose

The bond issue was a private placement involving up to 10,000 secured, rated, listed, taxable, redeemable, non-convertible green bonds. Each bond had a face value of Rs 2,00,000 and comprised two separately transferable and redeemable principal parts. The issue opened and closed on June 3, 2025.

The Harit Setu project aims to develop a modern road network over the next 12 years. This network will adhere to international standards and cater to all citizens, including pedestrians, cyclists, and public transport users. The initiative will also serve as a proof of concept for last-mile and first-mile connectivity solutions.

This ambitious plan underscores PCMC's commitment to sustainable urban development. By focusing on comprehensive infrastructure improvements, the project seeks to enhance connectivity and accessibility for residents across the region.

The successful listing of these Green Bonds reflects investor confidence in PCMC's vision for sustainable growth. As the project progresses, it is expected to set a benchmark for similar initiatives across India.

With inputs from PTI