Surat Municipal Corporation raised money through a public issue of secured, redeemable, non-convertible green municipal bonds, open from 6 Oct 2025 to 9 Oct 2025. Coupons of 8% a year, tenors of 4 years–5 years, rated IND AA+, CRISIL AA+. Face value ₹1,000; minimum application ₹10,000.
Surat Municipal Corporation NCD issue: key facts
| Status | Closed |
|---|---|
| Issue opens | 6 Oct 2025 |
| Issue closes | 9 Oct 2025 |
| Listing date | 14 Oct 2025 |
| Coupon | 8% a year |
| Tenor | 4 years–5 years |
| Interest payment | Half-yearly |
| Credit rating | Provisional IND AA+/Stable by India Ratings and Research Private Limited and rated as Provisional CRISIL AA+/Stable by CRISIL Ratings Limited. |
| Instrument | Secured, Redeemable, Non-Convertible Green Municipal Bonds |
| Base issue size | ₹100 crore |
| Total with green shoe | ₹200 crore |
| Face value | ₹1,000 |
| Minimum application | 10 (Ten) NCDs (Rs. 10,000) and in multiple of 1 NCD (Rs.1000) thereafter |
| Lead managers | A. K. Capital Services Limited |
| Registrar | Kfin Technologies Limited |
| Listing on | NSE |
| Symbol | SMC01 |
Series, coupons and tenors
- S1-1 STRPP A - 4 yrs., 8.00% p.a. payable half yearly, Face Value - Rs 500 Available for all Category ( I, II and III)
- S1-1 STRPP B - 5 yrs., 8.00% p.a. payable half yearly, Face Value - Rs 500 Available for all Category ( I, II and III)
As listed by NSE. "Category" refers to the investor categories in the prospectus (individuals usually fall in Categories III and IV). Cumulative series pay the amount shown at maturity instead of periodic interest.
About Surat Municipal Corporation as a bond issuer
Before applying, see Surat Municipal Corporation: every outstanding bond and NCD with its coupon and maturity, the rating history and the company's private placements.
Documents and how to apply
While the issue is open, apply through your bank's net banking (ASBA) or your broker's app with UPI. The NCDs are credited to your demat account and listed on the exchange after allotment.
Questions and answers
What is the interest rate on Surat Municipal Corporation NCDs?
The coupon is 8% a year, depending on the series and investor category, for tenors of 4 years–5 years. The series list on this page gives the coupon, tenor and payment frequency of each option.
When does the Surat Municipal Corporation NCD issue open and close?
The issue was open from 6 Oct 2025 to 9 Oct 2025, unless closed early or extended.
What is the minimum investment in the Surat Municipal Corporation NCD issue?
10 (Ten) NCDs (Rs. 10,000) and in multiple of 1 NCD (Rs.1000) thereafter.
What is the credit rating of Surat Municipal Corporation NCDs?
Rated Provisional IND AA+/Stable by India Ratings and Research Private Limited and rated as Provisional CRISIL AA+/Stable by CRISIL Ratings Limited. at the time of the issue. Ratings can change; check the rating agency's latest press release.
Are Surat Municipal Corporation NCDs secured?
The issue is described as: Secured, Redeemable, Non-Convertible Green Municipal Bonds. The prospectus gives the security, the asset cover and the debenture trustee.
Other NCD issues
| Issuer | Opened | Coupon | Tenor | Rating | Issue size |
|---|---|---|---|---|---|
| Muthoot Fincorp | 23 Oct 2026 | 8.56%–9.25% | 2 years–6 years | Rated by Crisil, Brickwork | ₹500 crore |
| SMC Global Securities | 5 Oct 2026 | 9.5%–10% | 2 years–5 years | ICRA A | ₹150 crore |
| Nashik Municipal Corporation | 25 Feb 2026 | 8.05% | 3 years–10 years | IND AA+, CRISIL AA+ | ₹200 crore |
| IIFL Finance | 17 Feb 2026 | — | — | — | — |
| Power Finance Corporation | 16 Jan 2026 | 6.85%–7.3% | 5 years–15 years | CRISIL AAA, CARE AAA, ICRA AAA | ₹5,000 crore |
| SMC Global Securities | 16 Oct 2025 | 9.75%–10.25% | 2 years–5 years | ICRA A | ₹150 crore |
| Sammaan Capital | 15 Jul 2025 | 8.42%–9.95% | 2 years–10 years | CRISIL AA, ICRA AA | ₹2,000 crore |
| UGRO Capital | 3 Apr 2025 | 10%–10.5% | 18 months–42 months | IND A+ | ₹200 crore |
Updated 5 Nov 2026, 10:41 pm from the NSE and BSE public issue pages. Methodology and sources
This page is for information only. It is not investment advice, a credit rating or a recommendation to buy, sell or hold any security. Facts are taken from the issuer's own documents and the sources linked on this page; check them with the source before investing.
