Pimpri Chinchwad Municipal Corporation’s Green Bonds lists on BSE

Pimpri Chinchwad Municipal Corporation (“PCMC”) lists its non-convertible green bonds on BSE today.

The Issue is private placement of up to 10,000 secured, rated, listed, taxable, secured, redeemable, non-convertible green bonds in the nature of debentures of face value of ₹ 2,00,000 each, ("Green Bonds"/"Bonds"/"NCDs"/"Debentures"), comprising of 2 separately transferable and redeemable principal parts namely 1 STRPP A of face value of ₹ 1,00,000 and 1 STRPP B of face value of ₹ 1,00,000), for an amount of ₹100 crore ("Base Issue Size") with a green shoe option of up to ₹100 crore aggregating up to ₹200 crores.

According to the base issue size, the issue was subscribed 5.13 times. The Issue opened and closed on June 3, 2025.

The Green Bonds have a tenor of 4 years (STRPP A), 5 years (STRPP B), with a fixed coupon, interest payments to be made on a half-yearly basis. The total issue size is ₹200 crore, split equally between two sub-series – STRPP A and STRPP B – each accounting for ₹100 crore or 50% of the total issue. STRPP A will have a tenor of 4 years, while STRPP B will have a tenor of 5 years. The redemption or maturity date for each sub-series will fall at the end of its respective tenor, calculated from the Deemed Date of Allotment. Accordingly, STRPP A will be redeemed in full at the end of the 4th anniversary, and STRPP B will be redeemed in full at the end of the 5th anniversary. Principal repayment will be made in a single lump-sum instalment for each sub-series—₹100 crore for STRPP A at the end of Year 4, and ₹100 crore for STRPP B at the end of Year 5.

The Green Bonds have been rated by CARE Ratings Limited (“CARE Ratings”) CARE AA+; Stable (pronounced as Double A Plus; Outlook: Stable) and CRISIL Ratings Limited CRISIL AA+/Stable (pronounced as Provisional CRISIL double A plus rating with Stable outlook).

Dignitaries present to grace the occasion of PCMC Green Bonds listing include Devendra Fadnavis, Chief Minister, Ajit Pawar, Deputy Chief Minister, Eknath Shinde, Deputy Chief Minister of Maharashtra.

On the listing event held at BSE Conventional Hall at Mumbai, Pimpri Chinchwad Municipal Corporation’s Commissioner Shri Shekhar Singh said “PCMC, launched Rs. 200 crore bond, which was oversubscribed about 5.13 times eight investors showed confidence in PCMC, and thanks to all those eight investors who are involved in the bidding. We finally ended up raising about Rs. 200 crore for the entire project. Thank you to all the investors who've shown real confidence in PCMC for the bond that we have raised. And it also pushes us and motivates us to deliver the project in time, which we will absolutely deliver in the next two years”.

A.K. Capital Services Ltd is the sole Lead Manager to the bonds issue and SBICAP Trustee Company Ltd is the debenture trustee to the issue.

Pimpri Chinchwad Municipal Corporation (PCMC) is the municipal body of Pimpri Chinchwad city. Pimpri Chinchwad is covered under AMRUT and Smart City Scheme of Government of India. It was constituted under Article 243Q(1)(c) of the Constitution of India, 1949 and established on October 11, 1982 under the Bombay Provincial Municipal Corporations Act, 1949 then applicable act in Pimpri Chinchwad, Maharashtra vide notification dated October 05, 1982 bearing reference PCC 1082/210(i)/UD-20. The Issuer, being a corporation established under the MMC Act, which is a state act, is a public sector company for the purposes of the Income Tax Act, 1961, which defines the term ‘public sector company’ under Section 2(36A) to mean any corporation established by or under any central, state or provincial act or a government company as defined in the Section 2(45) of the Companies Act, 2013.