The Urban Development Department of the Gujarat state government has already provided permission to float a ₹200 crore Green Bond IPO. Surat has become one of the first municipal corporations to be listed on the stock exchange in India.
The reason behind raising funds through this IPO is to utilize the funds to build the 5 environment-friendly projects undertaken by SMC across various sectors, including solar power, wind power, renewable energy initiatives, and e-mobility. The incorporation of project targets to promote eco-friendly infrastructure and encourage growth that can tolerate climate change in the city.
The main aim of the Surat Municipal Corporation to enter the stock market with the green bond IPO is to earn more revenue on its own and depend less on government help.
