Mumbai, Oct 16 (IANS) The Surat Municipal Corporation’s Rs 200 crore green municipal bond was listed at the city’s National Stock Exchange (NSE) on Thursday, officials said.

The event saw Gujarat Chief Minister Bhupendra Patel ringing the ‘ceremonial bell’ in a traditional manner and was joined by NSE Managing Director and CEO Ashishkumar Chauhan and Surat Mayor Dakshesh Mavani, besides other high-ranking officials.

Addressing the gathering, the Gujarat Chief Minister said that India has set an example before the world by maintaining balance between economy and ecology and added that green, clean and self-reliant cities will lay the foundation for a self-reliant and developed nation.

Praising the initiative of Surat Municipal Corporation’s Green Bond initiative, he added that it will be useful in achieving the target of ‘Net Zero Carbon Emission’ in the country by the year 2070.

He also referred to Prime Minister Narendra Modi’s approach to development while preserving the environment and appreciated the effective functioning and planning of the ‘green projects’ of Surat Municipal Corporation.

Notably, Surat Municipal Corporation’s Green Bond issue has garnered international interest from global investors, emerging as role models across the country for cleanliness and green mobility.

Chief Minister Patel said, “The Rs 200 crore Municipal Green Bond issued by the Surat Municipal Corporation has made people partners in green and sustainable development. The eight-fold subscription to Surat Municipal Corporation’s green bond demonstrates the extraordinary enthusiasm investors have shown in investing in green bonds.”

Claiming that the initiative will accelerate city’s development, he noted that under India’s G20 presidency, in line with Prime Minister’s message of “One Earth, One Family, One Future”, member countries have also prioritised the vision of sustainable development and green growth.

Surat Mayor Mavani, speaking on the occasion, said that sustainable energy will serve as an inspiring example to realise Prime Minister Modi’s vision of a developed India by 2047.

“Surat is a mini-India. Everyone has contributed to Surat’s development. Surat has received nearly 14 awards so far. Surat will be made the world’s best city with green energy,” he added.

These green bonds opened on October 6 and closed on October 9.

During this period, the Surat Municipal Corporation’s green bonds have reached Rs 800 crore, against a demand of Rs 200 crore.

Consequently, the bonds will be allocated through a draw system.

The Municipal Corporation invited offers for allocation of Rs 30 crore, representing 15 per cent of the total bond issue in the retail sector.

–IANS

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