Surat: The Surat Municipal Corporation (SMC) is in the process to come up with the ₹200 crore Green Bond Initial Public Offering (IPO).

SMC at this stage is awaiting SEBI (Securities and Exchange Board of India) clearance for the bond issuance.

The Urban Development Department of the Gujarat state government had previously granted its approval for the ₹200 crore Green Bond. Surat is poised to become the first municipal corporation in the country to debut on the stock exchange through a green bond offering.

The funds raised through this initiative will be directed towards five environment-friendly projects undertaken by the SMC. These projects encompass various sectors such as solar power, wind power, renewable energy initiatives, and e-mobility.

By venturing into the stock market with green bonds, the SMC aims to enhance its revenue streams and reduce its reliance on government grants, fostering greater financial self-sufficiency. DeshGujarat