• Public Issue of Rated, Listed, Taxable, Unsecured, Redeemable, Non-Convertible Green Municipal Bonds in the nature of debentures of face value of ₹ 1,000 each (comprising 8 (eight) separately transferable and redeemable principal parts (“STRPPs”) namely 1 STRPP A, 1 STRPP B, 1 STRPP C, 1 STRPP D, 1 STRPP E, 1 STRPP F, 1 STRPP G, and 1 STRPP H) with face value of each STRPP being ₹ 125/- (Rupees One Hundred Twenty Five) each with a base issue size of ₹ 100 crore with an option to retain oversubscription up to ₹100 crore aggregating up to ₹ 200 crore (“Issue”)
  • Issue opens on Wednesday, February 25, 2026 and closes on Monday, March 02, 2026#
  • Effective Yield up to 8.20% p.a. and Coupon rate of 8.05% p.a. payable half-yearly*
  • Green Bonds are rated as ‘Provisional IND AA+/Stable’ by India Ratings and Research Private Limited and ‘Provisional CRISIL AA+/Stable’ by CRISIL Ratings Limited.
  • CARE Analytics and Advisory Private Limited as Third Party Reviewer has issued a Third Party Review Report dated January 14, 2026 on the Green Bond Framework, assuring the “Green Bond Framework” is in accordance with the (i) SEBI NCS Regulations; (ii) SEBI Master Circular; and (iii) the ICMA Green Bond Principles, 2025.
  • NCDs are proposed to be listed on National Stock Exchange of India Limited and BSE Limited.
  • Tenor: 3 years (STRPP A), 4 years (STRPP B), 5 years (STRPP C), 6 years (STRPP D), 7 years (STRPP E), 8 years (STRPP F), 9 years (STRPP G) and 10 years (STRPP H), with half yearly coupon payment options.
  • Trading in dematerialized form only.
  • Allotment by First Come First Serve Basis**

Mumbai : Nashik Municipal Corporation (the “Corporation” or “NMC”), the municipal body of the Nashik city has announced the launch of its maiden public issue of rated, listed, taxable, unsecured, redeemable, non-convertible green municipal bonds in the nature of debentures of the face value of ₹ 1000 each (comprising of 8 (eight) separately, transferable and redeemable principal parts (“STRPPs”) namely 1 STRPP A, 1 STRPP B, 1 STRPP C, 1 STRPP D, 1 STRPP E, 1 STRPP F, 1 STRPP G, and 1 STRPP H) with face value of each STRPP being ₹ 125/- (Rupees One Hundred Twenty Five) each.

The Green Bonds have a coupon rate of 8.05% p.a. (payable half yearly) and effective yield of 8.20% p.a. across all investor categories i.e., Category I (Institutional Investors), Category II (Non-Institutional Investors) and Category III (Retail Individual Investors).

The Green Bonds proposed to be issued have been rated ‘Provisional IND AA+/Stable’ by India Ratings and Research Private Limited and ‘Provisional CRISIL AA+/Stable’ by CRISIL Ratings Limited. Securities with these ratings are considered to have high degree of safety regarding timely servicing of financial obligations. Such securities carry very low credit risk.

A. K. Capital Services Limited is the Lead Manager to the Issue.

The Net Proceeds from the Issue are proposed to be utilized towards incurring capital expenditure in respect of the Project, i.e., Augmentation of Mukane Water Supply Scheme – Water Treatment Plant (WTP), Construction of Gravity Main from Vilholi to Gandhinagar, Sadhugram & Nilgiri Baug WTP for Sinhastha Kumbh (the “Project”).

The Bond Issue Committee while making note that the Project for which the proceeds are being raised through issuance of Green Bonds is fit to be qualified as eligible green project as per categories suggested in relevant circular for issue of green debt securities and has approved the Issue of Green Bonds. CARE Analytics and Advisory Private Limited has conducted a review of the Green Bond Framework developed by NMC for the Project to be funded through the proposed Issue and provided a review report dated January 14, 2026 assuring the conformity of the Green Bond Framework with the (i) SEBI NCS Regulations; (ii) SEBI Master Circular; and (iii) the ICMA Green Bond Principles, 2025.

NMC’s offering will include up to 20,00,000 green municipal bonds, each with a face value of ₹ 1,000 (“Green Bonds” or “Debentures”). The base size issue is ₹ 100 crore, with an option to retain over-subscription up to ₹ 100 crore (“Green Shoe Option”) aggregating up to ₹ 200 crore (“Issue Size”). The Issue will open on Wednesday, February 25, 2026, and close on Monday, March 02, 2026#.The minimum application size for each application for Green Bonds would be ₹ 10,000 (i.e., 10 NCDs comprising of 10 STRPP A , 10 STRPP B, 10 STRPP C, 10 STRPP D, 10 STRPP E, 10 STRPP F, 10 STRPP G and 10 STRPP H) and in multiple of ₹ 1,000 (i.e., 1 NCD comprising of 1 STRPP A , 1 STRPP B, 1 STRPP C, 1 STRPP D, 1 STRPP E, 1 STRPP F, 1 STRPP G and 1 STRPP H) thereafter.