Surat: Gujarat Chief Minister Bhupendra Patel on Wednesday rang the bell at the Mumbai-based National Stock Exchange to mark the listing of Surat Municipal Corporation’s (SMC) certified Municipal Green Bonds.

Speaking on the occasion, CM Patel said that through the ₹200 crore Green Municipal Bond issued by SMC, citizens have been made stakeholders in green and sustainable development initiatives. The bond received eight times subscription, reflecting strong interest from investors, including international participants.

He highlighted that Surat’s long-term planning will accelerate the city’s growth. Emphasizing the state government’s focus on green growth and green mobility, CM Patel said that under Prime Minister Narendra Modi’s leadership, India has successfully maintained a balance between ecology and economy.

CM Patel also praised Surat Municipal Corporation for setting an example nationwide in cleanliness and green mobility. He further noted that this is the first time in the country that an internationally certified Municipal Green Bond has been issued through a public issue, attracting global investor interest. The initiative demonstrates how citizen participation, combined with careful planning, can support urban development while advancing environmental goals.

Surat Mayor Dakshesh Mawani said that Surat has set an example in sustainable energy and development, aligning with the Prime Minister’s 2047 vision. He emphasized that Surat, often called ‘Mini India,’ has received 14 awards so far and is on the path to becoming a global leader in green energy.

The ₹200 crore Green Bonds were issued as listed, taxable, redeemable, secured, non-convertible municipal debentures. They opened on October 6, 2025, and closed on October 9, 2025. During this period, the bond witnessed a subscription of ₹800 crore against a demand of ₹200 crore, with allotment to be made through a draw system. In the retail segment, 15% of the total bonds, worth ₹30 crore, were offered.

SMC Commissioner Shalini Agrawal welcomed the initiative, stating that this is the first internationally certified green bond in India. The funds raised will be utilized for environmental conservation, green energy projects, solar power initiatives, water conservation projects, and sustainable mobility programs.

National Stock Exchange Managing Director Ashish Chauhan congratulated the Gujarat government and SMC on the listing of the green bonds. The event was attended by senior officials from the Government of India, including Sujit Singh, senior official N.K. Mehta, CM’s Chief Secretary Vikrant Pandey, and various officers of Surat Municipal Corporation. DeshGujarat