JSA advised Surat Municipal Corporation (“Corporation”) and A.K. Capital Services Limited, in the public issuance of municipal green bonds of the Corporation aggregating up to ₹2,000 million (“Green Bonds”). The Draft Offer Document was filed with SEBI on May 9, 2025.
The Corporation is the municipal body of Surat city, constituted under the Constitution of India and Bombay Provincial Municipal Corporation Act, 1949. Surat is a city situated in the state of Gujarat and an important industrial hub and commercial centre of the country. Aligned with the Government of India’s commitment for green and climate-positive infrastructure, the Corporation proposes financing a few of the infrastructure projects aimed at reducing Corporation’s carbon footprint by issuing green municipal bonds. Issuing a debt instrument such as a green bond aligns with Corporation’s objective of promoting sustainability, addressing climate change challenges, and fostering inclusive economic growth in Surat.
Our Transaction Team Comprised Lead Partner, Madhurima Mukherjee Saha and Anish Mashruwala, Partners, Sagar Batra and Srinjoy Bhattacherjee, Senior Associates, Ambuj Gupta and Bhavini Mohan & Associates Arpita Mittal, Nidhi Prakriti, Rachit Munjal and Shivani Agrawal.
Deal value – INR 2 billion
Anish is the current Co-Chair of the Finance Practice at JSA and heads the Banking & Finance group. He also focuses on Cross Border Investments & Acquisitions.