India, June 5 -- The Pimpri Chinchwad Municipal Corporation (PCMC) has raised Rs. 200 crore through a green municipal bond. This is the first Green Municipal Bond floated by a civic body, which received an overwhelming response from investors, the officials said on Wednesday.

According to the officials, the issue floated on the BSE's Electronic Bidding Platform via private placement attracted bids worth Rs. 513 crore, oversubscribing the offer by 5.13 times. The base issue of Rs.100 crore was fully subscribed within one minute of the issue opening, reflecting robust investor confidence, said the officials in a statement issued on Tuesday.

Offered at a competitive coupon rate of 7.85%, the bonds are rated 'AA+' by CRISIL Ratings and CARE...