The Pimpri Chinchwad Municipal Corporation (PCMC) has become the first civic body in Maharashtra to raise funds via green municipal bonds, garnering ₹200 crore through private placement on the BSE’s Electronic Bidding Platform. The offering received robust investor interest, with bids totaling ₹513 crore—oversubscribing the issue 5.13 times, and the base issue of ₹100 crore was subscribed within a minute. The funds will support two environmentally focused infrastructure projects: the Harit Setu project in Nigdi Pradhikaran and the redevelopment of Telco Road, both aimed at enhancing sustainable development, promoting non-motorised transport, and improving last-mile connectivity.
The Harit Setu project is already underway with a 30-month completion target and is expected to become operational before the Bhakti Shakti Metro station opens. The green bonds were issued at a competitive 7.85% interest rate for five years, reflecting investor confidence and PCMC’s strong financial health, supported by a ‘AA+ Stable’ credit rating from CRISIL and CARE Ratings. Additionally, under the central government’s green financing initiative, PCMC is eligible for a ₹20 crore grant as over 50% of the funding was sourced through green bonds. This move follows PCMC’s earlier ₹200 crore raised for riverfront development via regular municipal bonds.
