NMC's First Public Issue of Municipal Green Bond Lists on NSE

The net proceeds from the issue will be utilized to fund sustainable water management infrastructure for the Sinhastha Kumbh Mela and towards capital expenditure for the project “Augmentation of Mukane Water Supply Scheme.” This includes the construction of a Water Treatment Plant (WTP), a gravity main pipeline from Vilholi to Gandhinagar, water infrastructure for Sadhugram, and the Nilgiri Baug WTP.

The issue marks Maharashtra’s first public issue of municipal bonds by an urban local body.

The public issue of the municipal bond was oversubscribed more than five times, reflecting growing investor confidence in municipal financing.

Proceeds from the Green Bond issue will primarily be deployed towards strengthening water infrastructure ahead of the upcoming Sinhastha Kumbh Mela, one of the largest religious gatherings in the world, scheduled to be hosted in Nashik. The project will also cater to the long-term needs of Nashik’s citizens.

Devendra Fadnavis, Chief Minister of Maharashtra, who was present at the NSE listing ceremony, said, “The successful listing of Nashik Municipal Corporation’s Green Bonds marks an important step in strengthening the financial autonomy of our urban local bodies. This initiative reflects Maharashtra’s commitment to innovative and sustainable financing solutions that will support world-class infrastructure for the upcoming Sinhastha Kumbh while also improving the quality of life for Nashik’s citizens.”

“Nashik Municipal Corporation has achieved a notable distinction by becoming the first municipal corporation to raise funds through both a private placement and a public issue in the same financial year, showcasing strong institutional capacity and financial readiness,” said Ashishkumar Chauhan, MD & CEO, NSE.