SBICAPS is proud to have played a pivotal role as the Merchant Banker cum Arranger for Vadodara Municipal Corporation’s successful maiden Green Municipal Bonds Issuance. Vadodara Municipal Corporation has become the only municipal corporation in India whose bonds have been certified by an international Agency, Climate Bonds Initiative. The issue size of Rs 100 crore will drive critical projects from constructions of Sewage Treatment Plants to construction of Auxiliary Pumping Station. In line with the vision of MoHUA, these projects will contribute towards improvement in air and water quality of the city.

VMC’s impressive Provisional IND AA+/Stable rating from India Ratings and a Provisional CRISIL AA/Stable rating from Crisil underscore its robust creditworthiness and the sound structure of the financial instrument. The overwhelming response from investors, with bids soaring to INR 1460 crores and oversubscription by approximately ~14.6 times reflects the strong interest and confidence from a diverse investor base in the corporation.

Heartfelt gratitude to investors from various segments for their steadfast support, signaling a collective dedication to advancing India’s municipal bond markets.