Mumbai: The first green bond of Maharashtra was listed on the Bombay Stock Exchange (BSE) on Tuesday. This green bond has been released by Pimpri Chinchwad Municipal Corporation (PCMC). Speaking to news agency IANS, Pimpri Chinchwad Municipal Corporation Commissioner Shekhar Singh said that this is a big day for PCMC. Today, the first and fourth green bonds of Maharashtra have been listed.

He further said that this is the second bond issue of PCMC. This green bond has received a great response from investors and subscribed to 5.1 times. At the same time, its coupon rate has been 7.85 percent. Shekhar Singh said that PCMC is an AA Plus Rated Corporation and our bonds have received AA Plus rating.

He further said that through this bond we have raised funds for the Green Setu Project. The listing of Green Bond of PCMC was a historic moment by Maharashtra Chief Minister Devendra Fadnavis and a decisive moment in India’s urban development and financial innovation.

Describing this listing as a milestone in the funding of the Municipal Corporation, Fadnavis praised the PCMC, saying, “I was told that shortly after the release, bonds worth more than Rs 100 crore were subscribed and later the subscription had increased to 5 times.”

Fadnavis credited the vision of Prime Minister Narendra Modi for enabling the access to the capital market of the municipal corporations. Also said that the achievement of PCMC is in line with the widespread target of the Center to empower the local government. He said, “Due to the foresight of the Prime Minister, the municipal corporations now have a means of raising capital for sustainable development and Pimpri Chinchwad has taken the first step.”