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Surat Municipal Corporation

Opening Date

Oct 06, 2025

Closing Date

Oct 09, 2025

Allotment

First Come
First Serve

Credit Rating

Provisional CRISIL AA+/Stable CRISIL Ratings Limited

Provisional IND AA+/Stable India Ratings & Research Private Limited

Base Issue

₹100 Crores

Greenshoe

₹100 Crores

Highest Yield

8.16%

Min. Investment

₹10,000

Issue Details

Essentials

Issue price

₹1,000

Face Value

₹1,000/ NCD

Issue Size

₹200 Crores

Minimum Investment

₹10,000 (10 NCDs)

Rating

Provisional CRISIL AA+/Stable CRISIL Ratings Limited

Listing on

NSE and BSE

Issue Opening Date

Oct 06, 2025

Issue Closing Date

Oct 09, 2025

Mode of Issue

Public Issue

Registrar

KFin Technologies Limited

Mode of allotment and Trading

Dematerialized

About the Issuer

Surat Municipal Corporation has been constituted under Article 243Q(1)(c) of the Constitution of India, 1949 and established under section 5 of the Bombay Provincial Municipal Corporation Act, 1949. SMC came into existence with effect from October 1, 1966, by way of notification number KP/773/SMC/1066/5620/P made by the Government of Gujarat dated September 9, 1966. Presently, Shri Daxesh Kishorbhai Mavani is the Mayor and Smt. Shalini Agarwal, IAS, is the Municipal Commissioner of the Issuer. SMC is covered under AMRUT Scheme of Government of India. The Corporation is mainly responsible for providing civic services to the Surat city and undertakes several works as per provided under Section 63 of the GPMC Act such as lighting public streets public vaccination, the watering, scavenging and cleansing of all public streets and places ,the collection, removal, treatment and disposal of sewage ,the construction, maintenance and cleansing of drains and drainage works , construction or acquisition and maintenance of public hospitals and dispensaries etc.

Competitive Strengths

Adequacy of Escrowed Revenue Stream

Structured Debt Servicing Mechanism

Sufficient Revenue Generation

Trustee Monitoring

Objectives for IPO Issue

The Net Proceeds of the Issue of Green Bonds will be utilized for the following:

1. Installation of a 10 MW ground-mounted solar power plant at Bural & Vithodar village in District Banaskantha (Project I)

2. Installation of a 6.3 MW Wind Power Plant at Bhimguda-Wankaner site; District – Morbi (Project II)

3. Development of depot for electric bus operations at Kosad (Project III)

4. Construction of Centralized Dry and Wet Waste processing plant at Umber (Project IV)

5. Augmentation and upgradation of Water Treatment Plant at Variav and Rander (Project V)

6. Construction of Intake Well and transmission line at Variav (Project VI)

Source: Offer Document dated September 18, 2025

Disclaimer: Invest only after referring to the Draft Offer document dated May 9, 2025 and Offer Document dated September 18, 2025

Available Bonds Options

Series	I (Tenor: STRPP A-4 Years)	I (Tenor: STRPP B-5 Years)
Nature	Secured	Secured
Frequency of Interest Payment	Half Yearly	Half Yearly
Face Value / Issue Price of NCDs (₹ / NCDs)	₹ 1000 per NCD comprising of : 1 STRPP A of Face value of ₹ 500	₹ 1000 per NCD comprising of : 1 STRPP B of Face value of ₹ 500
Tenor	4 Years	5 Years
Coupon (% per annum) for NCD Holders in Category I Category II & Category III	8.00%	8.00%
Effective Yield (% per annum) for NCD Holders in Category I Category II & Category III	8.16%	8.16%
Face value per STRPP (₹)	₹ 500 Aggregating to ₹ 1000 (i.e. 1 NCD)	₹ 500 Aggregating to ₹ 1000 (i.e. 1 NCD)
Minimum Application	₹10000 (10 NCDs comprising of 10 STRPP A and 10 STRPP B)	₹10000 (10 NCDs comprising of 10 STRPP A and 10 STRPP B)
In Multiples of thereafter (₹)	₹1000 (1 NCD comprising of 1 STRPP A and 1 STRPP B)	₹1000 (1 NCD comprising of 1 STRPP A and 1 STRPP B)
STRPP with different ISIN	STRPP A	STRPP B

Allocation Ratios

Particulars	Category I	Category II	Category III
% of the Issue size	60%	25%	15%
Base Issue Size (in ₹ crore)	60	25	15
Green Issue Size (in ₹ crore)	60	25	15
Total Issue Size (in ₹ crore)	120	50	30

Frequently Asked Questions

What is the Issue Size?

₹ 100 Crores (Base Issue) with a green shoe option of Rs. 100 Crores aggregating up to ₹ 200 Crores

Credit Rating for the NCDs?

The Green Bonds proposed to be issued by the Surat Municipal Corporation have been rated by India Ratings and Research Private Limited (“India Ratings”) and CRISIL Ratings Limited (“CRISIL”). India Ratings has vide its letter dated January 22, 2024, as revalidated vide rating letter dated September 15, 2025, assigned a rating of ‘Provisional IND AA+/Stable’ and has issued a rating rationale dated January 21, 2025. CRISIL has vide its letter dated January 9, 2024, as revalidated vide rating letter dated September 12, 2025, assigned a rating of ‘Provisional CRISIL AA+/Stable’ and has issued a rating rationale dated September 4, 2025.

What is the face value/ Issue Price of the NCDs?

₹1,000 per NCD comprising of
1 STRPP A of Face value of ₹ 500, 1 STRPP B of Face value of ₹ 500

What is the frequency of interest payment?

Half-Yearly basis from the Deemed Date of Allotment

What is the minimum application amount?

₹10,000 (10 NCDs comprising of 10 STRPP A and 10 STRPP B) and in multiple of Rs. 1,000/- (1 NCD) thereafter (1 NCD comprising of 1 STRPP A and 1 STRPP B) (for all the options of NCDs either taken individually or collectively)

Modes of Applying?

Application through the ASBA Process (for all applicants). Retail Individual applicant may use the UPI mechanism to block funds for application value up to Rs. 5 Lakhs submitted through the app/web interface of the Stock Exchange or through intermediaries (Syndicate members, Registered Stock Brokers, Registrar and Transfer agent and Depository Participants)

Who is not eligible to invest in the issue?

The following categories of persons, and entities, shall not be eligible to participate in this Issue and any
Application from such persons and entities are liable to be rejected:
i. Minors without a guardian name*(A guardian may apply on behalf of a minor. However, Application
by minors must be made through Application Forms that contain the names of both the minor
Applicant and the guardian);
ii. Foreign nationals, NRI inter-alia including any NRIs who are (i) based in the USA, and/or, (ii)
domiciled in the USA, and/or, (iii) residents/citizens of the USA, and/or, (iv) subject to any taxation
laws of the USA;
iii. Persons resident outside India and other foreign entities;
iv. Foreign Institutional Investors;
v. Foreign Portfolio Investors;
vi. Non-Resident Indians;
vii. Foreign Venture Capital Funds;
viii. Qualified Foreign Investors;
ix. Overseas Corporate Bodies**; and
x. Persons ineligible to contract under applicable statutory/regulatory requirements.
xi. Other foreign entities; and
xii. Any other category of Applicants not provided for under “Issue Procedure - Who can apply?” on page 156 of this Offer Document.

Can the application be made on joint names?

Applications may be made in single or joint names (not exceeding three). In the case of joint Applications, all payments will be made out in favour of the first Applicant. All communications will be addressed to the first named Applicant whose name appears in the Application Form and at the address mentioned therein

Listing?

The NCDs are proposed to be listed on BSE and NSE

Tenor?

STRPP A of an NCD – 4 years. STRPP B of an NCD – 5 years.

Basis of Allotment

Category I (Institutional) - 60 % of the Issue Size
Category II (Non-Institutional & HNI )- 25 % of the Issue Size
Category IV (Retail Individual) - 15 % of the Issue Size

Can an applicant trade the NCDs in the market?

Yes. The NCDs will be listed on BSE & NSE. The trading of the NCDs shall be in dematerialized form only

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Series	Effective Yield	Coupon Rate	Frequency **	Tenor*	Interest Type	Type of NCDs	NCD Quantity	Amount

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Terms and Conditions for Online application for Public Offer of Debt Securities

This Online IPO Bid/Application Facility (“Facility”) allows the investors/applicants to apply in on-going public issue of debt securities offered by various Issuers. This Facility is developed and managed by India Bond Private Limited (IndiaBonds), a SEBI Registered Stock-Broker (Debt Segment).
IndiaBonds, shall be collectively referred as the Facilitators.
These Declarations, terms of use as provided herein, shall be legally binding on the User/ Applicant who avails the Facility:
Declaration from the Applicants:
1. I/We hereby confirm that I am /we are eligible person(s) to invest in accordance with the terms of offer document(s) and applicable laws for the time being in force.
2. I/We hereby confirm that I/we have read and understood the terms of Offer Documents, Bid-cum-application form, the Risk factors and voluntarily instruct the Facilitators to make the above Bid/ application on my/our behalf I/we hereby authorize Facilitators and their representatives to do all such acts, deeds, and things, as may be necessary for or incidental to make the Bid/Application.
3. I/We understand that post bidding of application, I shall ensure that the duly signed application form (physical) is submitted at the designated centres indicated in the Application Form before the Issue Closure Date.
4. I/ We hereby agree and confirm that in case bid/ application placed by me/us gets rejected due to any reason, I/We shall not hold the Facilitators and its representatives responsible for the same.
5. I/We understand that the receipt of an acknowledgement for application/bid by me/us does not in any way confirm or guarantee the allotment of securities. The Issuer/ lead manager/s/ syndicate member/Registrars & Transfer Agents reserves the exclusive right to reject any bid/application without assigning any reason whatsoever.
6. I/We hereby agree that I/we will abide by the regulatory framework governing subscription of securities and all the terms and conditions of the Issue, instructions issued by the Lead Managers, Registrar and Transfer Agent, Consortium Members, Stock Exchanges, Depositories and other statutory/ regulatory authorities connected with the Issue.
7. I/We agree to pay all applicable charges, fees, interest, costs, which Facilitators may levy with respect to my/our account or any transactions or services rendered.
8. I/We hereby agree that I/we shall not make multiple application(s) for the Issue in violation of the terms of Issue. The applications are mapped and clubbed on the basis of PAN of the Sole/ First Holder.
9. The Issuer / Lead Manager / RTA shall have sole discretion to accept / reject of my / our applications/Bids and their decision shall be final.
10. As Applicant I / We are aware that:
a) I/ We shall be solely responsible to quote the correct investor category in the application form as applicable.
b) the names of the applicant(s) while submitting the application form shall be strictly as per the order/ sequence as mentioned in demat records (single / joint).
c) Application Form shall be duly signed and executed as per the terms of Issue.
d) All the bid/application in Individual and HUF Category, for an amount less than INR 5 Lakhs shall be accepted only in UPI Mode. UPI ID shall be mandatory to quote in the application forms where UPI is selected as mode of payment.
e) No Application for an on behalf of Minor shall be permitted through this Facility.
11. I/We hereby agree that the Facilitators reserves the right to accept or reject any Bid/Application in whole or in part and without assigning any reason thereof.
12. I/We agree to unconditionally and irrevocably indemnify and hold Facilitators and their affiliates, representatives and associates, harmless against any loss (actual or notional), costs, expenses etc., which may be suffered by Facilitators, or against any claim, demand, action, proceeding that may be initiated against Facilitators, which is in any way the result of my/our instruction to Facilitators to apply/revise the bid, for and on my/our behalf, for the Issue.
13. I/We shall ensure that sufficient funds are available in the Bank Account for which the payment details are provided in the online application.

Terms and Conditions of IPO Application:
1. Facilitators offers this Facility to apply for the Public Issue of Securities. Funds/Payments are collected as per the ASBA/UPI or other applicable mode(s), if any as per the applicable laws and as mentioned in the offer documents.
2. The Applicant acknowledges the performance of this Facility is dependent on the performance of the API's provided by Stock Exchanges and Facilitators do not have control over the same. Facilitators shall not be liable and responsible for any acts/deeds/error/failure on part of the third parties.
3. The Applicant shall ensure that all the details, information, data and documents uploaded using Facility are correct, complete, accurate and sufficient to process the Application. The Applicant shall check, verify and confirm the details as appearing on the online Application form before submissions. The Facilitators shall not be responsible for incorrect/ incomplete application form in any manner whatsoever.
4. This Facility does not allow the Investors to revise/ revoke their bids. The Applicant shall contact the representatives/ relationship managers of the Facilitators to seek guidance on revocation/ cancellation or modification of the bids. Facilitators shall take reasonable efforts to assist the Applicant(s)/ Investor(s) in case of any change in the bid/ application already submitted.
5. The Applicant has to ensure that the name on the PAN card matches with the Demat Holder's name i.e. PAN card and Demat details should be of the same person.
6. The display or description of any IPO on this Platform shall not constitute an endorsement by Facilitators. Facilitators or their representatives shall/ does not advise for any kind of investments in public offer and are not liable or responsible for any kind of investments decisions made by the Users/ Applicants/ Investors. investor should assess risk factors and read all relevant documents carefully before investing.
7. Facilitators does not warrant or take any responsibility for any delay in acceptance / execution or non-execution/ allotment/ partial allotment/ refund of the bid/ application by the Exchange/ Registrar/ Syndicate member/ Lead Manager/ Issuer etc.
8. The Facilitators may at their sole discretion amend any or all of the features of the Facility without intimation to the Users/ Applicants/Investors.
9. Facilitators reserves the right to communicate/send any information/document that is obligatory and/or mandatory to be sent to the applicant/bidder by means of electronic communication. This electronic communication may be in the form of an e-mail, an e-mail attachment or in the form of download or display available on its this Portal, such communication shall be deemed to be a fulfilment of legal obligation on the part of the Facilitators.
10. Facilitators shall not be held responsible, in case due to any reason the bid/application is not uploaded to the Stock Exchange, or could not be sent to the Banker/Registrar to the issue or for non-receipt or delay in incorrect receipt of refund, etc. if any.
11. Facilitators shall not be responsible if the performance of their obligations is prevented, hindered or delayed by a Force Majeure event, that is to say any event due to any cause beyond the reasonable control of Facilitators, including without limitation to unavailability of any communication system including failure of internet links, Exchange links, sabotage, fire, flood, explosion, earthquake, acts of God, civil commotion, strikes or industrial action of any kind, riots, insurrection, war or acts of government/regulatory bodies.
12. Facilitators will process bid/application received after verification of username and password without requiring any further authentication and will be entitled to believe that application/bid received by using the username and password are in order and actually made by the applicant/bidder or its authorised attorney and the Applicant shall be bound by it conclusively.
13. The applicant/bidder acknowledges that there are no mistakes and errors in the application/bid details and that in the event of wrong or incomplete details the application/bid will be rejected.
14. Facilitators shall not be liable for any losses, damages and/or expenses whatsoever or howsoever caused arising directly or indirectly whether consequential loss or damages or loss of profit due to any loss of access and/or interruption in the use of this Facility.
15. The Bids shall be processed only after receiving the duly completed and signed original application form from the Applicant at the designated bidding centres as indicated in the Application Form.
16. Facilitators reserves the right to either temporarily or permanently, withdraw or suspend the Facility at any time without giving any notice or assigning any reason for the same, whether in respect of one or more applicant(s)/bidder(s). In case of a temporary withdrawal, the privileges may be reinstated by the Facilitators at its sole discretion.
17. The terms and conditions as mentioned herein shall be in addition to the existing Terms of Use (https://www.indiabonds.com/terms-and-conditions/) applicable to all the Users of this Portal/ Platform and the Services provided therein.
18. Facilitators have the absolute discretion to amend or supplement any of the terms and conditions at any time without giving prior notice of the same, and such amended terms and conditions will there upon apply to and be binding on the applicant/bidder.

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