PCMC mobilises Rs 200 crore via sale of green muni bonds

Mumbai: Pimpri Chinchwad Municipal Corporation (PCMC) Tuesday raised ₹200 crore through sale of green municipal bonds, an official said, in what is among the first few such issuances by an Indian city administration. "The bond issue saw robust demand with oversubscription of 5.1 times. The fund raised through the bond issue will be used for an urban mobility project called Harit Setu," Shekhar Singh, commissioner and administrator of PCMC, told ET.

"Under this project, the focus will be on creating better walking paths for pedestrians, dedicated cycling tracks, and improving first and last-mile connectivity with metro stations." The base size of the bond issue was ₹100 crore.