SMC’s green bonds listed at NSE, Gujarat CM Patel rings bell

Gujarat’s first green bond, issued by the Surat Municipal Corporation (SMC), has been listed on the National Stock Exchange (NSE). According to the Municipal Commissioner, the central government has introduced several reforms to encourage innovative municipal financing, including green bonds, to support environmentally sustainable urban projects. Gujarat Chief Minister Bhupendra Patel on Thursday rang the bell at the Mumbai-based National Stock Exchange to mark the listing of Surat Municipal Corporation’s (SMC) certified Municipal Green Bonds.

#WATCH | Mumbai | Gujarat CM Bhupendra Patel attends listing of Surat Municipal Corporation's green municipal bonds on National Stock Exchange pic.twitter.com/A7ucdHiYFD

— ANI (@ANI) October 16, 2025

Speaking on the occasion, CM Patel said that through the Rs200 crore Green Municipal Bond issued by SMC, citizens have been made stakeholders in green and sustainable development initiatives. The bond received eight times subscription, reflecting strong interest from investors, including international participants. CM Patel also praised Surat Municipal Corporation for setting an example nationwide in cleanliness and green mobility. He further noted that this is the first time in the country that an internationally certified Municipal Green Bond has been issued through a public issue, attracting global investor interest. The initiative demonstrates how citizen participation, combined with careful planning, can support urban development while advancing environmental goals.

VIDEO | Gujarat Chief Minister Bhupendra Patel attends the SMC Green Bond Listing Program at the NSE Atrium, emphasizing Gujarat’s and India’s commitment to sustainable development. He highlights how under Prime Minister Narendra Modi’s leadership, India has risen to become the… pic.twitter.com/6cO9fd0Pa1

— Press Trust of India (@PTI_News) October 16, 2025

Surat Mayor Dakshesh Mawani said that Surat has set an example in sustainable energy and development, aligning with the Prime Minister’s 2047 vision. He emphasized that Surat, often called ‘Mini India,’ has received 14 awards so far and is on the path to becoming a global leader in green energy.

VIDEO | Daxesh Mavani, Mayor of Surat, attended the listing ceremony of Surat Municipal Corporation's Green Municipal Bond at NSE Mumbai. He expressed pride in this milestone for the city and emphasized the importance of involving the public, saying that when green environment… pic.twitter.com/yyB43UxkR9

— Press Trust of India (@PTI_News) October 16, 2025

SMC Commissioner Shalini Agrawal welcomed the initiative, stating that this is the first internationally certified green bond in India. The funds raised will be utilized for environmental conservation, green energy projects, solar power initiatives, water conservation projects, and sustainable mobility programs.
The Rs200 crore Green Bonds were issued as listed, taxable, redeemable, secured, non-convertible municipal debentures. They opened on October 6, 2025, and closed on October 9, 2025. During this period, the bond witnessed a subscription of Rs800 crore against a demand of Rs200 crore, with allotment to be made through a draw system. In the retail segment, 15% of the total bonds, worth ₹30 crore, were offered.

(State Correspondent)