Description

Listing of Rs 200 Crore (2 tranches of Rs 100 Crore each) 8% Secured Rated Listed Redeemable Non-Convertible Green Municipal Bonds issued by Surat Municipal Corporation with maturity dates in 2029 and 2030.

Summary

BSE has listed Secured Redeemable Non-Convertible Green Municipal Bonds issued by Surat Municipal Corporation. The issuance consists of two tranches (STRPP A and STRPP B) totaling Rs 200 Crore, with Rs 100 Crore in each tranche. Both tranches carry an 8% coupon rate with half-yearly interest payments and are rated Provisional IND AA+/Stable by India Ratings and Provisional CRISIL rating.

Key Points

  • Total Issue Size: Rs 200 Crore (20,00,000 debentures across 2 tranches)
  • Tranche A (STRPP A): Rs 100 Crore, ISIN: INE05NX24023, Maturity: October 13, 2029
  • Tranche B (STRPP B): Rs 100 Crore, ISIN: INE05NX24031, Maturity: October 13, 2030
  • Coupon Rate: 8.00% per annum for both tranches
  • Face Value: Rs 500 per debenture
  • Issue Price: Rs 500 per debenture (at par)
  • Nature: Secured, Rated, Listed, Redeemable, Non-Convertible Green Municipal Bonds
  • Interest Payment Frequency: Half-yearly on April 13 and October 13
  • Credit Ratings: Provisional IND AA+/Stable (India Ratings) and Provisional CRISIL rating
  • Rating Date: September 4-15, 2025
  • Date of Allotment: October 13, 2025
  • Put/Call Option: Not Applicable

Regulatory Changes

No regulatory changes. This is a routine listing notification for municipal debt securities.

Compliance Requirements

  • Surat Municipal Corporation must comply with standard debt securities listing requirements
  • Half-yearly interest payments on April 13 and October 13 each year
  • Redemption at par value on respective maturity dates (2029 for Tranche A, 2030 for Tranche B)
  • Listing fees of Rs 1,90,800 (including GST and net of TDS) paid via RTGS/NEFT

Important Dates

  • Allotment Date: October 13, 2025
  • Interest Payment Dates: April 13 and October 13 (every year)
  • Tranche A Redemption: October 13, 2029
  • Tranche B Redemption: October 13, 2030
  • Rating Dates: September 4, 2025 and September 15, 2025

Impact Assessment

This listing has minimal impact on equity markets and is primarily relevant to institutional and retail investors in debt securities. The green bonds provide investment opportunities in municipal infrastructure financing with AA+ credit rating. The 8% coupon rate offers attractive fixed income returns for conservative debt investors. The listing expands the municipal bond market and provides Surat Municipal Corporation access to capital markets for infrastructure development projects with environmental benefits.

Impact Justification

Routine listing of municipal bonds with no direct impact on equity markets or trading participants. Relevant primarily to debt market investors interested in municipal securities.