Description

NSE announces listing of Surat Municipal Corporation's 8% Green Municipal Bonds totaling Rs. 200 Crore across two series (STRPP A maturing 2029 and STRPP B maturing 2030), effective October 14, 2025.

Summary

NSE has admitted Surat Municipal Corporation’s Public Issue of Rated, Listed, Taxable, Secured, Redeemable, Non-Convertible Green Municipal Bonds to trading on the Capital Market segment. Two series of bonds totaling Rs. 200 Crore will commence trading from October 14, 2025. Both series carry an 8% coupon rate with half-yearly interest payments and are rated Provisional IND AA+/Stable by India Ratings and Provisional CRISIL AA+/Stable.

Key Points

  • Two series of green municipal bonds issued: STRPP A (maturity 2029) and STRPP B (maturity 2030)
  • Each series comprises 20,00,000 securities with face value of Rs. 500, totaling Rs. 100 Crore per series
  • Trading symbols: 8SMC29 (Series N1) and 8SMC30 (Series N2)
  • ISIN Codes: INE05NX24023 (STRPP A) and INE05NX24031 (STRPP B)
  • Coupon rate: 8.00% per annum with half-yearly payment frequency
  • Date of allotment: October 13, 2025
  • Market lot size: 1 security
  • Compulsory demat trading in Normal Market segment (Rolling Settlement)
  • No put/call options available

Regulatory Changes

No regulatory changes introduced. This is a standard listing notification pursuant to Regulation 3.1.1 and Regulation 2.5.5 of the National Stock Exchange (Capital Market) Trading Regulations Part A.

Compliance Requirements

  • Trading members must use designated security codes: 8SMC29 for STRPP A and 8SMC30 for STRPP B
  • Securities must be traded in specified market lot size of 1 security
  • Trading permitted only in compulsory demat form for all investors
  • Securities to be traded in Normal Market segment with rolling settlement

Important Dates

  • Allotment Date: October 13, 2025
  • Trading Commencement: October 14, 2025
  • Interest Payment Dates: April 13 and October 13 (every year)
  • Redemption Date - STRPP A: October 13, 2029
  • Redemption Date - STRPP B: October 13, 2030
  • Rating Dates: September 15, 2025 and September 4, 2025

Impact Assessment

Limited impact on equity markets as this pertains to debt securities. The listing provides municipal bond investors access to green bonds issued by Surat Municipal Corporation with strong credit ratings. The half-yearly interest payments of 8% offer competitive returns for fixed-income investors. The green bond classification indicates proceeds will be used for environmentally sustainable projects. Total issue size of Rs. 200 Crore across two maturities provides options for investors with different investment horizons (4-year and 5-year tenures).

Issuer Details

Surat Municipal Corporation

Registrar: KFIN Technologies Limited

  • Address: Selenium Tower-B, Plot 31 & 32 Gachibowli, Financial District, Nanakramguda, Serilingampally, Hyderabad – 500 032, Telangana
  • Tel: +91 40 6716 2222
  • Email: surat.ncdipo@kfintech.com
  • Website: www.kfintech.com

Impact Justification

Routine listing of municipal bonds with limited direct impact on equity markets; relevant primarily for debt market participants and municipal bond investors