Pimpri-Chinchwad becomes first civic body in Maharashtra to list green bond on BSE
At a bell-ringing ceremony at the BSE in Mumbai, chief minister Devendra Fadnavis hailed the move as a proud moment for the state
The Pimpri Chinchwad Municipal Corporation (PCMC) on Tuesday made history by listing its ₹200-crore Green Municipal Bonds on the Bombay Stock Exchange (BSE), becoming the first civic body in Maharashtra to raise funds exclusively for sustainable urban mobility projects through this route.
At a bell-ringing ceremony at the BSE in Mumbai, chief minister Devendra Fadnavis hailed the move as a proud moment for the state. “The base amount of ₹100 crore was subscribed within the first minute of issue. This reflects not only the strength of PCMC’s vision but also the trust investors place in Maharashtra’s governance,” Fadnavis said, adding that Prime Minister Narendra Modi has long encouraged civic bodies to mobilise resources through municipal bonds.
The bond issue, oversubscribed by 5.13 times with bids worth ₹513 crore, will fund two key projects: the Harit Setu in Nigdi-Pradhikaran and a sustainable mobility corridor from Gawalimatha to Indrayaninagar Chowk on Telco Road. The projects are part of PCMC’s broader climate and mobility strategy under the 15-minute city concept and will support first and last-mile connectivity with metro and BRTS systems.
Deputy chief ministers Eknath Shinde and Ajit Pawar also attended the ceremony. PCMC commissioner Shekhar Singh said the overwhelming investor response was “a strong endorsement of our direction” and called the listing a bold step towards a greener, more resilient Pimpri-Chinchwad. Fadnavis also presented a special memento to Singh on behalf of the BSE to mark the occasion.
Rated AA+ by credit rating agencies CRISIL and CARE, the green bonds carry an interest rate of 7.85%, with repayments secured through an escrow account backed by PCMC’s property tax collections. The civic body’s fiscal discipline and alignment with national green priorities also earned it a ₹20 crore incentive from the Government of India for successfully executing the issue.
With the landmark listing, PCMC has not only pioneered a new funding mechanism but also provided a replicable model for integrating climate finance into local governance across India.
