Surat Municipal Corporation lists Rs 200 crore Green Municipal Bond on NSE marks a milestone in sustainable urban finance

The National Stock Exchange of India (NSE) hosted the listing ceremony of the ₹200 crore Green Municipal Bond issued by Surat Municipal Corporation (SMC) in the presence of Hon’ble Chief Minister of Gujarat, Shri Bhupendra Patel.

With a base size of ₹100 crore and a green-shoe option of ₹100 crore, the issue was oversubscribed eight times, making Surat the first municipal corporation from Gujarat and only the second in India to access the municipal bond market through a public offering.

Funds raised will support key climate-resilient projects including solar and wind energy generation, zero-liquid discharge water treatment, advanced filtration systems, and certified green infrastructure under the Climate Bonds Initiative.

Shri Bhupendra Patel, Hon’ble Chief Minister of Gujarat, said: “Gujarat’s cities have long led in innovation and fiscal responsibility. With Surat’s green bond, we are seeing the next leap—urban finance aligned with environmental sustainability.”

Shri Ashishkumar Chauhan, MD & CEO, NSE, said: “We congratulate Surat Municipal Corporation on its successful maiden public issue; the eight times oversubscription demonstrates investors’ confidence in credible green municipal issuances.”

The listed, secured, redeemable non-convertible debenture aligns with SEBI’s Green Debt Security Framework and the Climate Bonds Initiative standards. This follows earlier Gujarat issuances, including the Gandhinagar Green Bond, with more in preparation—underscoring the state’s leadership in sustainable urban financing.