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| Issue Size (Base) | ₹100.00 Cr |
| Face Value | ₹1000 each NCD |
| Issue Price | ₹1000 per NCD |
| Market Lot | 1 NCD |
| Min Order Qty | 10 NCD |
| Min Order Amount | ₹10000 |
| Listing at | NSE, BSE |
| Credit Rating | India Ratings & Research Private Limited : IND AA+/Stable Crisil Ratings Limited : CRISIL AA+ Stable |
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 30,854.64 | 27,625.87 | 23,788.47 |
| Total Income | 4,773.47 | 4,773.47 | 3,537.72 |
| Reserves and Surplus | 27,402.61 | 25,028.63 | 21,379.14 |
| Amount in ₹ Crore | |||
The net proceeds to be utilized towards the following purpses:
| # | Issue Objects |
|---|---|
| 1 | Installation of a 10 MW groundmounted solar power plant at Bural & Vithodar village in District Banaskantha (“Project I”) |
| 2 | Installation of a 6.3 MW wind power plant at Bhimguda-Wankaner site; District – Morbi (“Project II”) |
| 3 | Development of depot for electric bus operations at Kosad (“Project III”) |
| 4 | Construction of Centralized Dry and Wet Waste processing plant at Umber (“Project IV”) |
| 5 | Augmentation and upgradation of Water Treatment Plant at Variav and Rander (“Project V”) |
| 6 | Construction of Intake Well and transmission line at Variav (“Project VI”) |
| STRPP A | STRPP B | |
|---|---|---|
| Frequency of Interest Payment | Half Yearly | Half Yearly |
| Nature | Secured | Secured |
| Tenor | 4 Years | 5 Years |
| Coupon (% per Annum) | 8.00% | 8.00% |
| Effective Yield (% per Annum) | 8.16% | 8.16% |
| Amount on Maturity (In Rs.) | Rs 500.00 | Rs 500.00 |
The principal amount is divided into two parts:
Note:Although both STRPPs belong to STRPP A, they are independently tradable.
For clarity: subscription on issuance is for the combined instrument; trading post-issuance is allowed for the individual STRPP components.
The Green Bonds proposed to be issued by the Surat Municipal Corporation have been rated by India Ratings and Research Private Limited (“India Ratings”) and CRISIL Ratings Limited (“CRISIL”) (collectively, the “Rating Agencies”). India Ratings has vide its letter dated January 22, 2024, as revalidated vide rating letter dated September 15, 2025, assigned a rating of ‘Provisional IND AA+/Stable’ and has issued a rating rationale dated January 21, 2025. CRISIL has vide its letter dated January 9, 2024, as revalidated vide rating letter dated September 12, 2025, assigned a rating of ‘Provisional CRISIL AA+/Stable’ and has issued a rating rationale dated September 4, 2025. Securities with these ratings are considered to have high degree of safety regarding timely servicing of financial obligations. Such securities carry very low credit risk.
Surat Municipal Corporation is the civic body that manages Surat city in Gujarat. It looks after development, sanitation, water supply, and urban services.
Known for its strong waste management and smart city projects, it uses modern and digital solutions to make services easier and more transparent.
Through sustainable projects and community programs, it works to improve living standards and keep Surat among India’s cleanest and fastest-growing cities.
