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PRIVATE & CONFIDENTIAL – FOR PRIVATE CIRCULATION ONLY
Serial No.:
Addressed to: Dated: December 17, 2025
This Preliminary Placement Memorandum is neither a prospectus nor a statement in lieu of prospectus. This Preliminary Placement Memorandum is prepared in conformity with Securities
and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015, and as amended from time to time.
Note: This Preliminary Placement Memorandum is strictly for a private placement issue. Nothing in this Preliminary Placement Memorandum shall constitute and/or deem to constitute
an offer or an invitation to offer to the public or any section thereof to subscribe for or otherwise acquire the Debentures in general under any law for the time being in force. This
Preliminary Placement Memorandum should not be construed to be a prospectus or a statement in lieu of prospectus. This Preliminary Placement Memorandum and the contents hereof
are restricted only for the intended recipient(s) who have been addressed directly and specifically through a communication by the Issuer and only such recipient(s) are eligible to apply
for the Bonds. All investors are required to comply with the relevant regulations/guidelines applicable to them for investing in this Issue.
PRELIMINARY PLACEMENT MEMORANDUM
GREATER CHENNAI CORPORATION
A municipal corporation constituted under Article 243Q(1)(c) of the Constitution of India, 1949 and established under the Chennai City Municipal Corporation
Act,1919 the then applicable act in Tamil Nadu, reconstituted pursuant to Section 4 of the Tamil Nadu Urban Local Bodies Act, 1998
Head Office: Ripon Building, 16, EVR Periyar Salai, Chennai - 600 003 Contact Person cum Compliance Officer: Shri. T Karunakaran;
Tel: 044-25619211 E-mail:gccmunibonds@gmail.com Website: chennaicorporation.gov.in
Proposed issue by Greater Chennai Corporation (“Issuer”/ “Corporation”/ “GCC”) of upto 2,937 (Two Thousand Nine Hundred and Thirty-Seven) rated,
listed, taxable, unsecured, redeemable, non-convertible and non-cumulative green municipal bonds in the nature of debentures of face value of ₹ 7,00,000/-
(Rupees Seven Lakhs Only) (“Bonds”/“Green Bonds”/“NCDs”/ “Debentures”) comprising of 7 (Seven) Separately Transferable And Redeemable Principal
Parts (“STRPPs”) of face value of Rs. 1,00,000/- each namely STRPP A, STRPP B, STRPP C, STRPP D, STRPP E, STRPP F and STRPP G for cash, for the
base issue size of ₹ 100.03 crores (Rupees One Hundred Crores and Three Lakhs Only) (“Base Issue Size”) with green shoe option of up to ₹ 105.56 crores
(Rupees One Hundred and Five Crores and Fifty-Six Lakhs Only) (“Green Shoe Option”) for an amount aggregating up to ₹205.59 Crores (Rupees Two
Hundred and Five Crores and Fifty-Nine Lakhs Only) (“Issue”) under Securities And Exchange Board Of India (Issue And Listing Of Municipal Debt
Securities) Regulations, 2015, as amended from time to time.
BACKGROUND
This Preliminary Placement Memorandum is related to the Green Bonds to be issued by Greater Chennai Corporation on a private placement basis and contains relevant information
and disclosures required for the purpose of issuance of the Green Bonds in terms of the Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities)
Regulations, 2015, as amended from time to time.
GENERAL RISK
Investment in Green Bonds involves a degree of risk, and investors should not invest any funds in the debt instruments, unless they can afford to take the risks attached to such
investments. Investors are advised to read the Preliminary Placement Memorandum including Risk Factors carefully before taking an investment decision in relation to this Issue. For
taking an investment decision, the investors must rely on their own examination of the Issuer, the Placement Memorandum to be issued and the Issue including the risks involved.
Specific attention of investors is invited to the section titled Risk Factors on page no. 23 of this Preliminary Placement Memorandum. These risks are not, and are not intended to be,
a complete list of all risks and considerations relevant to the Green Bonds or investor’s decision to purchase the Green Bonds. The Issue of Green Bonds has not been recommended
or approved by SEBI nor does SEBI guarantee the accuracy or adequacy of this Preliminary Placement Memorandum.
The Issuer confirms that, as of the date hereof, this Preliminary Placement Memorandum (including the documents incorporated by reference herein, if any) contains all information
that is material in the context of the Issue and sale of the Green Bonds and is accurate in all material respects and does not contain any untrue statement of a material fact or omit to
state any material fact necessary in order to make the statements made herein, in the light of the circumstances under which they are made, not misleading in any material respect.
LISTING
The Green Bonds are proposed to be listed on the National Stock Exchange of India Limited (“NSE”) and NSE shall be the Designated Stock Exchange for the Issue. The Issuer has
received an in-principle approval for listing of Bonds from NSE vide their letter bearing no. [•] dated [•].
CREDIT RATING
The Green Bonds proposed to be issued by the Greater Chennai Corporation have been rated by Acuité Ratings and Research Limited (“Acuité Ratings”) and CARE Ratings Limited
(“CARE”) (collectively the “Rating Agencies”). Acuité Ratings has vide its letter dated December 12, 2025 assigned a rating of Provisional Acuite AA+/Stable and has issued a
rating rationale dated December 12, 2025, CARE has vide its letter dated December 16, 2025, assigned a rating of Provisional CARE AA+/Stable and has issued a rating rationale
dated December 17, 2025. The above ratings are not a recommendation to buy, sell or hold securities and investors should take their own decision regarding investment in the present
Green Bonds. The ratings may be subject to revision or withdrawal at any time by the assigning rating agency and should be evaluated independently of any other ratings.
There are no other ratings, including unaccepted ratings, in relation to the Debentures other than as specified in this Preliminary Placement Memorandum. For credit rating of Green
Bonds and detailed rationale of the ratings, please refer to Annexure- II.
MERCHANT BANKER DEBENTURE TRUSTEE REGISTRAR
A. K. CAPITAL SERVICES LIMITED BEACON TRUSTEESHIP LIMITED CAMEO CORPORATE SERVICES LIMITED
603, 6th floor, Windsor, Off CST Road, Kalina, 5W, 5th Floor, The Metropolitan, E-Block, Subramanian Building, No.1 Club House Road, Chennai-
Santacruz-(East), Mumbai- 400 098. Bandra Kurla Complex, Bandra (E),Mumbai- 600002, India
Tel: 022-67546500; 400051 Tel: +91-44-40020700/ 2846 0390
Fax: 022-66100594 Telephone: 022-46060278 Fax: NA
Email: gccmunibonds@akgroup.co.in; Fax: - Email: ipo@cameoindia.com
vaibhav.jain@akgroup.co.in Email: compliance@beacontrustee.co.in Investor Grievance E-mail: investor@cameoindia.com
Investor Grievance E-mail: Investor Grievance Email: Website: www.cameoindia.com
investor.grievance@akgroup.co.in investorgrievances@beacontrustee.co.in Contact Person: Ms. K. Sreepriya- Executive Vice
Website: www.akgroup.co.in Website: https://beacontrustee.co.in/ President & Company Secretary
Contact Person: Vaibhav Jain Contact Person: Mr. Ritobrata Mitra Online Investor Portal- https://wisdom.cameoindia.com
Compliance Officer: Subodh More Compliance Officer: Mr. Ritobrata Mitra Compliance Officer: Mr. R.D. Ramasamy, Director
Tel (Compliance Officer): 022-67544776 Tel. (Compliance Officer): 022-46060278 Tel (Compliance Officer): 91-44-40020722
Email (Compliance Officer): Email (Compliance Officer): Email (Compliance Officer): rdr@cameoindia.com
subodh.more@akgroup.co.in/ compliance@akgroup.co.in compliance@beacontrustee.co.in SEBI Registration No.: INR000003753
SEBI Registration No.: INM000010411 SEBI Registration No.: IND000000569 CIN: U67120TN1998PLC041613
CIN: L74899MH1993PLC274881 CIN: L74999MH2015PLC271288
ISSUE SCHEDULE
PAY-IN DATE /
ISSUE / BID OPENING DATE ISSUE / BID CLOSING DATE
DEEMED DATE OF ALLOTMENT
[●] [●] [●]
For details pertaining to the Terms of the Issue and Minimum Application Size, please refer to the Section XIV titled “Term Sheet” beginning on page no. 140 of this Preliminary Placement
Memorandum.
The Issuer reserves its sole and absolute right to modify (pre-pone/postpone) the above Issue schedule, including the deemed date of allotment, without giving any reasons or prior notice, in accordance
with the NSE EBP GuidelinesTABLE OF CONTENTS
SECTION-I: DISCLAIMERS ........................................................................................................ 1
SECTION-II: FORWARD LOOKING STATEMENTS ............................................................. 9
SECTION-III: DEFINITIONS AND ABBREVIATIONS........................................................ 10
SECTION-IV: RISK FACTORS ................................................................................................. 23
SECTION-V: GENERAL INFORMATION .............................................................................. 38
SECTION-VI: ABOUT THE ISSUER AND CAPITAL STRUCTURE OF THE ISSUER ... 49
SECTION-VII: OBJECTS OF THE ISSUE ............................................................................... 58
SECTION-VIII: TAX BENEFITS ............................................................................................... 71
SECTION-IX: ISSUE SPECIFIC INFORMATION ................................................................. 77
SECTION-X: FINANCIAL INFORMATION ........................................................................... 96
SECTION-XI: LEGAL AND OTHER INFORMATION........................................................ 108
SECTION-XII: GOVERNMENT APPROVALS ..................................................................... 138
SECTION-XIII: UNDERTAKINGS BY THE ISSUER .......................................................... 139
SECTION-XIV: TERM SHEET ................................................................................................ 140
SECTION XV: MATERIAL CONTRACTS AND DOCUMENTS FOR INSPECTION..... 160
SECTION-XVI: DECLARATION ............................................................................................ 162
Annexure-I Structured Payment Mechanism……………………………………….……...…………A-1
Annexure-II Rating Letters and Rationale…………………………………………..……..…....…....A-7
Annexure-III Resolutions and Approvals ………………………………….………..………..…...….A-34
Annexure-IV Debenture Trustee Consent Letter………………………..…………..………....…….A-53
Annexure-V Audit Reports..…..………………………………………….….....………..…………….A-62
Annexure-VI Illustration of Bond Cash Flow ……………………………………….…………........A-325
Annexure-VII Budget……………………………………………………………………………….…A-327
Annexure VIII Indicative Covenants…………………………………………………………………A-353
Annexure IX Third Party Review Report……………………………………………………………A-358SECTION-I: DISCLAIMERS
1. GENERAL DISCLAIMER AND DISCLAIMER OF GREATER CHENNAI CORPORATION
(“GCC” OR “CORPORATION” OR “ISSUER”):
THIS PRELIMINARY PLACEMENT MEMORANDUM IS NEITHER A PROSPECTUS NOR A
STATEMENT IN LIEU OF PROSPECTUS AND IS PREPARED IN ACCORDANCE WITH THE
SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE AND LISTING OF MUNICIPAL
DEBT SECURITIES) REGULATIONS, 2015 ISSUED VIDE NOTIFICATION NO. SEBI/LAD-
NRO/GN/2015-16/006 DATED JULY 15, 2015, AS AMENDED FROM TIME TO TIME (SEBI
MUNICIPAL DEBT REGULATIONS). THIS PRELIMINARY PLACEMENT MEMORANDUM
DOES NOT CONSTITUTE AN OFFER TO THE PUBLIC IN GENERAL TO SUBSCRIBE FOR OR
OTHERWISE ACQUIRE THE GREEN BONDS TO BE ISSUED BY GREATER CHENNAI
CORPORATION. THIS PRELIMINARY PLACEMENT MEMORANDUM HAS NOT BEEN
APPROVED BY SEBI. THIS ISSUE OF GREEN BONDS IS BEING MADE STRICTLY ON A
PRIVATE PLACEMENT BASIS. THIS PRELIMINARY PLACEMENT MEMORANDUM IS FOR
THE EXCLUSIVE USE OF THE ADDRESSEES TO WHOM IT HAS BEEN ADDRESSED AND
IT SHOULD NOT BE CIRCULATED OR DISTRIBUTED TO THIRD PARTY(IES). APART
FROM THIS PRELIMINARY PLACEMENT MEMORANDUM, NO OTHER OFFER DOCUMENT
HAS BEEN PREPARED IN CONNECTION WITH THE OFFERING OF THIS ISSUE OR IN
RELATION TO THE GREEN BONDS.
THIS PRELIMINARY PLACEMENT MEMORANDUM IS NOT INTENDED TO FORM THE
BASIS OF EVALUATION FOR THE PROSPECTIVE SUBSCRIBERS TO WHOM IT IS
ADDRESSED AND WHO ARE WILLING AND ELIGIBLE TO SUBSCRIBE TO THE GREEN
BONDS ISSUED BY THE ISSUER. THIS PRELIMINARY PLACEMENT MEMORANDUM HAS
BEEN PREPARED TO GIVE GENERAL INFORMATION REGARDING GREATER CHENNAI
CORPORATION TO PARTIES PROPOSING TO INVEST IN THIS ISSUE OF GREEN BONDS
AND IT DOES NOT PURPORT TO CONTAIN ALL THE INFORMATION THAT ANY SUCH
PARTY MAY REQUIRE. GREATER CHENNAI CORPORATION BELIEVES THAT THE
INFORMATION CONTAINED IN THIS PRELIMINARY PLACEMENT MEMORANDUM IS
TRUE AND CORRECT AS OF THE DATE HEREOF.
ALL POTENTIAL INVESTORS ARE REQUIRED TO COMPLY WITH THE RELEVANT
REGULATIONS/ GUIDELINES APPLICABLE TO THEM FOR INVESTING IN THIS ISSUE. IT
IS NOT INTENDED FOR DISTRIBUTION TO ANY OTHER PERSON AND SHOULD NOT BE
REPRODUCED BY THE RECIPIENT OR MADE PUBLIC OR ITS CONTENTS BE DISCLOSED
TO A THIRD PERSON. NO INVITATION IS BEING MADE TO ANY PERSON OTHER THAN
THE INVESTOR TO WHOM THE PRELIMINARY PLACEMENT MEMORANDUM HAS BEEN
SENT. ANY APPLICATION BY A PERSON TO WHOM THE PRELIMINARY PLACEMENT
MEMORANDUM HAS NOT BEEN SENT BY THE ISSUER MAY BE REJECTED WITHOUT
ASSIGNING ANY REASON.
YOU SHALL NOT AND ARE NOT AUTHORISED TO: (1) DELIVER THE PRELIMINARY
PLACEMENT MEMORANDUM TO ANY OTHER PERSON; OR (2) REPRODUCE THE
PRELIMINARY PLACEMENT MEMORANDUM, IN ANY MANNER WHATSOEVER. ANY
DISTRIBUTION OR REPRODUCTION OR COPYING OF THE PRELIMINARY PLACEMENT
MEMORANDUM IN WHOLE OR IN PART OR ANY PUBLIC ANNOUNCEMENT OR ANY
ANNOUNCEMENT TO THIRD PARTIES REGARDING THE CONTENTS OF THE
PRELIMINARY PLACEMENT MEMORANDUM IS UNAUTHORISED. FAILURE TO COMPLY
WITH THIS INSTRUCTION MAY RESULT IN A VIOLATION OF APPLICABLE LAWS OF
INDIA AND/OR OTHER JURISDICTIONS. THE PRELIMINARY PLACEMENT
MEMORANDUM HAS BEEN PREPARED BY THE ISSUER FOR PROVIDING INFORMATION
IN CONNECTION WITH THE PROPOSED ISSUE. THE ISSUER DOES NOT UNDERTAKE TO
UPDATE THE PRELIMINARY PLACEMENT MEMORANDUM TO REFLECT SUBSEQUENT
EVENTS AFTER THE ALLOTMENT AND THUS IT SHOULD NOT BE RELIED UPON WITH
RESPECT TO SUCH SUBSEQUENT EVENTS WITHOUT FIRST CONFIRMING ITS
ACCURACY WITH THE ISSUER. HOWEVER, THE ISSUER SHALL INTIMATE THE
INVESTORS ABOUT MATERIAL CHANGES, IF ANY, IN THE INFORMATION IN THIS PPM,
1FROM THE DATE OF PPM TILL LISTING DATE.
NEITHER THE DELIVERY OF THE PRELIMINARY PLACEMENT MEMORANDUM NOR THE
ISSUE OF ANY GREEN BONDS MADE HEREUNDER SHALL, UNDER ANY
CIRCUMSTANCES, CONSTITUTE A REPRESENTATION OR CREATE ANY IMPLICATION
THAT THERE HAS BEEN NO CHANGE IN THE AFFAIRS OF THE ISSUER SINCE THE DATE
THEREOF.
THIS ISSUE IS A DOMESTIC ISSUE RESTRICTED TO INDIA AND NO STEPS HAVE BEEN
TAKEN OR WILL BE TAKEN TO FACILITATE THE ISSUE IN ANY JURISDICTIONS OTHER
THAN INDIA. HENCE, THE PRELIMINARY PLACEMENT MEMORANDUM DOES NOT
CONSTITUTE, NOR MAY IT BE USED FOR OR IN CONNECTION WITH, AN OFFER OR
SOLICITATION BY ANYONE IN ANY JURISDICTION IN WHICH SUCH OFFER OR
SOLICITATION IS NOT AUTHORISED OR TO ANY PERSON TO WHOM IT IS UNLAWFUL
TO MAKE SUCH AN OFFER OR SOLICITATION. NO ACTION IS BEING TAKEN TO PERMIT
AN OFFERING OF THE GREEN BONDS OR THE DISTRIBUTION OF THE PRELIMINARY
PLACEMENT MEMORANDUM IN ANY JURISDICTION WHERE SUCH ACTION IS
REQUIRED. THE PRELIMINARY PLACEMENT MEMORANDUM IS NOT INTENDED FOR
DISTRIBUTION TO, OR USE BY, ANY PERSON OR ENTITY IN ANY JURISDICTION OR
COUNTRY WHERE DISTRIBUTION OR USE OF SUCH INFORMATION WOULD BE
CONTRARY TO LAW OR REGULATION. PERSONS INTO WHOSE POSSESSION THE
PRELIMINARY PLACEMENT MEMORANDUM COMES ARE REQUIRED TO INFORM
THEMSELVES ABOUT AND TO OBSERVE ANY SUCH RESTRICTIONS. THE PRELIMINARY
PLACEMENT MEMORANDUM IS MADE AVAILABLE TO POTENTIAL INVESTORS IN THE
ISSUE ON THE STRICT UNDERSTANDING THAT IT IS CONFIDENTIAL AND MAY NOT BE
TRANSMITTED TO OTHERS, WHETHER IN ELECTRONIC FORM OR OTHERWISE.
PROSPECTIVE SUBSCRIBERS MUST MAKE THEIR OWN INDEPENDENT EVALUATION AND
JUDGMENT BEFORE MAKING THE INVESTMENT AND ARE BELIEVED TO BE EXPERIENCED
IN INVESTING IN DEBT MARKETS AND ARE ABLE TO BEAR THE ECONOMIC RISK OF
INVESTING IN GREEN BONDS. IT IS THE RESPONSIBILITY OF THE PROSPECTIVE
SUBSCRIBERS TO HAVE OBTAINED ALL CONSENTS, APPROVALS OR AUTHORIZATIONS
REQUIRED BY THEM TO APPLY FOR AND PURCHASE THE GREEN BONDS. NOTHING IN
THIS PRELIMINARY PLACEMENT MEMORANDUM SHOULD BE CONSTRUED AS ADVICE OR
RECOMMENDATION BY THE ISSUER OR BY THE MERCHANT BANKER/ARRANGERS TO
THE ISSUE TO SUBSCRIBERS TO THE GREEN BONDS. THE PROSPECTIVE SUBSCRIBERS
ALSO ACKNOWLEDGE THAT THE MERCHANT BANKER/ ARRANGERS TO THE ISSUE DO
NOT OWE THE SUBSCRIBERS ANY DUTY OF CARE IN RESPECT OF THIS PRIVATE
PLACEMENT OFFER TO SUBSCRIBE FOR THE GREEN BONDS. PROSPECTIVE SUBSCRIBERS
SHOULD ALSO CONSULT THEIR OWN ADVISORS ON THE IMPLICATIONS OF APPLICATION,
ALLOTMENT, SALE, HOLDING, OWNERSHIP AND REDEMPTION OF THESE GREEN BONDS
AND MATTERS INCIDENTAL THERETO.
THE ISSUER RESERVES THE RIGHT TO WITHDRAW THE PRIVATE PLACEMENT OF THE
GREEN BONDS ISSUE PRIOR TO THE ISSUE CLOSING DATE(S) IN THE EVENT OF ANY
UNFORESEEN DEVELOPMENT ADVERSELY AFFECTING THE ECONOMIC AND REGULATORY
ENVIRONMENT OR ANY OTHER FORCE MAJEURE CONDITION INCLUDING ANY CHANGE IN
APPLICABLE LAW. IN SUCH AN EVENT, THE ISSUER WILL REFUND THE APPLICATION
MONEY, IF ANY, AS PER APPLICABLE LAWS. NO INTEREST WILL BE PAYABLE ON SUCH
APPLICATION MONEY.
IT IS THE RESPONSIBILITY OF THE ALLOTTEES OF THESE GREEN BONDS TO ENSURE
THAT IF THEY CHOOSE TO TRANSFER THESE GREEN BONDS IT SHALL BE IN STRICT
ACCORDANCE WITH THIS PRELIMINARY PLACEMENT MEMORANDUM AND OTHER
APPLICABLE LAWS.
WE BELIEVE OUR INTERNAL ESTIMATES FOR THE PROJECT COST AND SCHEDULE OF
IMPLEMENTATION TO BE REASONABLE FOR ALL THE PROJECTS AND THAT WE HAVE
RELIED UPON THE REPORTS AND CERTIFICATES OF TECHNICAL CONSULTANTS
2INCLUDING FOR COSTS AND SCHEDULE OF IMPLEMENTATION. IN ACCORDANCE WITH
THE SEBI (ISSUE AND LISTING OF MUNICIPAL DEBT SECURITIES) REGULATIONS, 2015,
THE ISSUER, THE MERCHANT BANKER WILL ENSURE THAT INVESTORS ARE
INFORMED OF MATERIAL DEVELOPMENTS BETWEEN THE DATE OF FILING THE
PRELIMINARY PLACEMENT MEMORANDUM WITH SEBI AND THE ALLOTMENT. THE
ISSUER HEREBY DECLARES THAT IT HAS EXERCISED DUE DILIGENCE TO ENSURE
COMPLETE COMPLIANCE WITH PRESCRIBED DISCLOSURE NORMS IN THE
PRELIMINARY PLACEMENT MEMORANDUM.
2. DISCLAIMER CLAUSE
ONLY THOSE PERSONS TO WHOM THIS PRELIMINARY PLACEMENT MEMORANDUM
HAS BEEN SPECIFICALLY ADDRESSED ARE ELIGIBLE TO APPLY. APPLICATION FORMS
SHOULD BE DULY COMPLETED, IN ALL RESPECTS AND APPLICATIONS NOT
COMPLETED IN THE SAID MANNER ARE, LIABLE TO BE REJECTED. THE LIST OF
DOCUMENTS PROVIDED BELOW IS ONLY INDICATIVE, AND AN INVESTOR IS
REQUIRED TO PROVIDE ALL THOSE DOCUMENTS/ AUTHORISATIONS/ INFORMATION
WHICH ARE LIKELY TO BE REQUIRED BY THE ISSUER. THE ISSUER MAY REVERT TO
ANY INVESTOR FOR ANY ADDITIONAL DOCUMENTS REQUIRED TO ACCEPT AN
APPLICATION AS IT DEEMS FIT. INVESTMENT BY ELIGIBLE INVESTORS ARE MERELY
INDICATIVE AND THE ISSUER DOES NOT WARRANT THAT THEY ARE PERMITTED TO
INVEST AS PER EXTANT LAWS, REGULATIONS, ETC. EACH OF THE ELIGIBLE
INVESTORS ARE REQUIRED TO CHECK AND COMPLY WITH EXTANT
RULES/REGULATIONS/ GUIDELINES, ETC. GOVERNING OR REGULATING THEIR
INVESTMENTS AS APPLICABLE TO THEM AND THE ISSUER IS NOT, IN ANY WAY,
DIRECTLY OR INDIRECTLY, RESPONSIBLE FOR ANY STATUTORY OR REGULATORY
BREACHES BY ANY INVESTOR, NEITHER IS THE ISSUER REQUIRED TO CHECK OR
CONFIRM THE SAME.
3. DISCLAIMER CLAUSE OF THE ISSUER
THE ISSUER ACCEPTS NO RESPONSIBILITY FOR STATEMENTS MADE OTHERWISE
THAN IN THE PRELIMINARY PLACEMENT MEMORANDUM OR ANY OTHER MATERIAL
ISSUED EXCEPT BY THE BOND ISSUE COMMITTEE OF THE ISSUER AND THAT ANYONE
PLACING RELIANCE ON ANY OTHER SOURCE OF INFORMATION WOULD BE DOING SO
AT THEIR OWN RISK.
4. DISCLAIMER OF THE SECURITIES & EXCHANGE BOARD OF INDIA (“SEBI”):
IT IS TO BE DISTINCTLY UNDERSTOOD THAT THIS PRELIMINARY PLACEMENT
MEMORANDUM SHOULD NOT IN ANYWAY BE DEEMED OR CONSTRUED TO HAVE
BEEN APPROVED BY SEBI AND THAT THIS ISSUE IS NOT RECOMMENDED BY SEBI. SEBI
DOES NOT TAKE ANY RESPONSIBILITY EITHER FOR THE FINANCIAL SOUNDNESS OF
ANY PROJECT FOR WHICH THIS ISSUE IS PROPOSED TO BE MADE OR FOR THE
CORRECTNESS OF THE STATEMENTS MADE OR OPINIONS EXPRESSED IN THIS
PRELIMINARY PLACEMENT MEMORANDUM.
5. DISCLAIMER CLAUSE OF GOVERNMENT OF TAMIL NADU
IT IS TO BE DISTINCTLY UNDERSTOOD THAT THIS PRELIMINARY PLACEMENT
MEMORANDUM SHOULD NOT IN ANY WAY BE DEEMED OR CONSTRUED TO HAVE
BEEN APPROVED BY GOVERNMENT OF TAMIL NADU. GOVERNMENT OF TAMIL NADU
DOES NOT TAKE ANY RESPONSIBILITY EITHER FOR THE FINANCIAL SOUNDNESS OF
ANY PROJECT FOR WHICH THIS ISSUE IS PROPOSED TO BE MADE OR FOR THE
CORRECTNESS OF THE STATEMENTS MADE OR OPINIONS EXPRESSED IN THIS
PRELIMINARY PLACEMENT MEMORANDUM.
6. DISCLAIMER OF THE STOCK EXCHANGE
AS REQUIRED, A COPY OF THIS PRELIMINARY PLACEMENT MEMORANDUM HAS BEEN
FILED WITH NSE IN ACCORDANCE WITH SECURITIES AND EXCHANGE BOARD OF
3INDIA (ISSUE AND LISTING OF MUNICIPAL DEBT SECURITIES) REGULATIONS, 2015,
ISSUED VIDE NOTIFICATION NO. SEBI/LAD-NRO/GN/2015-16/006 (DATED JULY 15, 2015)
AS AMENDED FROM TIME TO TIME. IT IS TO BE DISTINCTLY UNDERSTOOD THAT
SUBMISSION OF THE PRELIMINARY PLACEMENT MEMORANDUM TO THE STOCK
EXCHANGES SHOULD NOT IN ANY WAY BE DEEMED OR CONSTRUED TO MEAN THAT
THE PRELIMINARY PLACEMENT MEMORANDUM HAS BEEN CLEARED OR APPROVED
BY NSE; NOR DOES IT TAKE ANY RESPONSIBILITY FOR THE FINANCIAL OR OTHER
SOUNDNESS OF THE ISSUER, ITS PROMOTERS, ITS MANAGEMENT OR ANY SCHEME OR
PROJECT OF THE ISSUER. THIS DOCUMENT IS TO FACILITATE INVESTORS TO TAKE AN
INFORMED DECISION FOR MAKING INVESTMENT IN THE PROPOSED ISSUE.
7. DISCLAIMER OF THE RATING AGENCIES:
DISCLAIMER OF CARE RATINGS LIMITED (“CARE”)
THE RATINGS ISSUED BY CARE RATINGS ARE OPINIONS ON THE LIKELIHOOD OF
TIMELY PAYMENT OF THE OBLIGATIONS UNDER THE RATED INSTRUMENT AND ARE
NOT RECOMMENDATIONS TO SANCTION, RENEW, DISBURSE, OR RECALL THE
CONCERNED BANK FACILITIES OR TO BUY, SELL, OR HOLD ANY SECURITY. THESE
RATINGS DO NOT CONVEY SUITABILITY OR PRICE FOR THE INVESTOR AND NO PART
OF THE MATERIAL SHOULD BE CONSTRUED AS AN EXPERT ADVICE OR INVESTMENT
ADVICE WITHIN THE MEANING OF ANY LAW OR REGULATION. THE RATING AGENCY
DOES NOT CONSTITUTE AN AUDIT ON THE RATED ENTITY. CARE RATINGS HAS BASED
ITS RATINGS/OUTLOOK BASED ON INFORMATION OBTAINED FROM RELIABLE AND
CREDIBLE SOURCES. CARE RATINGS DOES NOT, HOWEVER, GUARANTEE THE
ACCURACY, ADEQUACY, OR COMPLETENESS OF ANY INFORMATION AND IS NOT
RESPONSIBLE FOR ANY ERRORS OR OMISSIONS AND THE RESULTS OBTAINED FROM
THE USE OF SUCH INFORMATION.
DISCLAIMER OF ACUITÉ RATINGS AND RESEARCH LIMITED(“ACUITÉ RATINGS”)
AN ACUITÉ RATING DOES NOT CONSTITUTE AN AUDIT OF THE RATED ENTITY AND
SHOULD NOT BE TREATED AS A RECOMMENDATION OR OPINION THAT IS INTENDED
TO SUBSTITUTE FOR A FINANCIAL ADVISER'S OR INVESTOR'S INDEPENDENT
ASSESSMENT OF WHETHER TO BUY, SELL OR HOLD ANY SECURITY. RATINGS
ASSIGNED BY ACUITÉARE BASED ON THE DATA AND INFORMATION PROVIDED BY
THE ISSUER AND OBTAINED FROM OTHER RELIABLE SOURCES. ALTHOUGH
REASONABLE CARE HAS BEEN TAKEN TO ENSURE THAT THE DATA AND
INFORMATION IS TRUE, ACUITÉ, IN PARTICULAR, MAKES NO REPRESENTATION OR
WARRANTY, EXPRESSED OR IMPLIED WITH RESPECT TO THE ADEQUACY,
ACCURACY OR COMPLETENESS OF THE INFORMATION RELIED UPON. ACUITÉ IS NOT
RESPONSIBLE FOR ANY ERRORS OR OMISSIONS AND ESPECIALLY STATES THAT IT
HAS NO FINANCIAL LIABILITY WHATSOEVER FOR ANY DIRECT, INDIRECT OR
CONSEQUENTIAL LOSS OF ANY KIND, ARISING FROM THE USE OF ITS RATINGS.
RATINGS ASSIGNED BY ACUITÉ ARE SUBJECT TO A PROCESS OF SURVEILLANCE
WHICH MAY LEAD TO A REVISION IN RATINGS AS AND WHEN THE CIRCUMSTANCES
SO WARRANT. PLEASE VISIT OUR WEBSITE (WWW.ACUITÉ.IN) FOR THE LATEST
INFORMATION ON ANY INSTRUMENT RATED BY ACUITÉ. PLEASE VISIT
HTTPS://WWW.ACUITÉ.IN/FAQS.HTM TO REFER FAQS ON CREDIT RATING.
8. DISCLAIMER OF THE DEBENTURE TRUSTEE:
INVESTORS SHOULD CAREFULLY READ AND NOTE THE CONTENTS OF THE PRELIMINARY
PLACEMENT MEMORANDUM. EACH PROSPECTIVE INVESTOR SHOULD MAKE ITS OWN
INDEPENDENT ASSESSMENT OF THE MERIT OF THE INVESTMENT IN GREEN BONDS AND
THE ISSUER. PROSPECTIVE INVESTORS SHOULD CONSULT THEIR OWN FINANCIAL,
LEGAL, TAX AND OTHER PROFESSIONAL ADVISORS AS TO THE RISKS AND INVESTMENT
CONSIDERATIONS ARISING FROM AN INVESTMENT IN THE GREEN BONDS AND SHOULD
POSSESS THE APPROPRIATE RESOURCES TO ANALYZE SUCH INVESTMENT AND
SUITABILITY OF SUCH INVESTMENT TO SUCH INVESTOR’S PARTICULAR CIRCUMSTANCE.
4PROSPECTIVE INVESTORS ARE REQUIRED TO MAKE THEIR OWN INDEPENDENT
EVALUATION AND JUDGMENT BEFORE MAKING THE INVESTMENT AND ARE BELIEVED
TO BE EXPERIENCED IN INVESTING IN DEBT MARKETS AND ARE ABLE TO BEAR THE
ECONOMIC RISK OF INVESTING IN SUCH INSTRUMENTS. THE TRUSTEE WOULD ACT AS
PER THE PREVALENT SEBI GUIDELINES.
9. DISCLAIMER OF THE MERCHANT BANKERS/ARRANGERS:
THE ISSUER HAS AUTHORISED THE MERCHANT BANKER/ ARRANGER TO DISTRIBUTE
THIS PRELIMINARY PLACEMENT MEMORANDUM IN CONNECTION WITH THE
PLACEMENT OF THE BONDS PROPOSED TO BE ISSUED UNDER THIS ISSUE. NOTHING IN
THIS PRELIMINARY PLACEMENT MEMORANDUM CONSTITUTES AN OFFER OF
SECURITIES FOR SALE IN THE UNITED STATES OR ANY OTHER JURISDICTION WHERE
SUCH OFFER OR PLACEMENT WOULD BE IN VIOLATION OF ANY LAW, RULE OR
REGULATION. EACH PERSON RECEIVING THIS PRELIMINARY PLACEMENT
MEMORANDUM ACKNOWLEDGES THAT SUCH PERSON MUST READ THE ENTIRE
PRELIMINARY PLACEMENT MEMORANDUM AND THE RISK FACTORS STATED IN SECTION
IV RISK FACTORS ON PAGE NO.23 OF THIS PRELIMINARY PLACEMENT MEMORANDUM
AND RELY ON ITS OWN EXAMINATION OF THE ISSUER AND THE MERITS AND RISKS
INVOLVED IN INVESTING IN THE BONDS. THE MERCHANT BANKER/ ARRANGER: (A) ARE
NOT ACTING AS TRUSTEE OR FIDUCIARY FOR THE POTENTIAL INVESTOR; AND (B) ARE
UNDER NO OBLIGATION TO CONDUCT ANY "KNOW YOUR CUSTOMER" OR OTHER
PROCEDURES IN RELATION TO ANY PERSON ON BEHALF OF ANY POTENTIAL INVESTOR.
MERCHANT BANKER HAVE OBTAINED A CONFIRMATION FROM THE ISSUER THAT THE
DISCLOSURES BEING MADE IN THE PRELIMINARY PLACEMENT MEMORANDUM ARE IN
COMPLIANCE WITH THE REGULATIONS AND DO NOT CONSTITUTE OF ANY NON-PUBLIC
INFORMATION OR CONFIDENTIAL INFORMATION
THE MERCHANT BANKER/ARRANGER ARE NOT ACTING AND HAVE NOT BEEN ENGAGED
TO ACT AS UNDERWRITERS WITH RESPECT TO THE BONDS. THE MERCHANT
BANKER/ARRANGER ARE AUTHORISED TO DELIVER COPIES OF THIS PRELIMINARY
PLACEMENT MEMORANDUM ON BEHALF OF THE ISSUER TO POTENTIAL INVESTORS
WHICH ARE CONSIDERING PARTICIPATION IN THE ISSUE.
THE ISSUER HAS PREPARED THIS PRELIMINARY PLACEMENT MEMORANDUM AND THE
ISSUER IS SOLELY RESPONSIBLE AND LIABLE FOR ITS CONTENTS. THE ISSUER CONFIRMS
THAT ALL THE INFORMATION CONTAINED IN THIS PRELIMINARY PLACEMENT
MEMORANDUM HAS BEEN PROVIDED BY THE ISSUER OR IS FROM PUBLICLY AVAILABLE
INFORMATION, THE USE OF WHICH ISN’T REGULATED OR PROHIBITED UNDER ANY
APPLICABLE LAW OR REGULATION RELATING TO INSIDER DEALING OR OTHERWISE AND
THE MERCHANT BANKER/ARRANGER DURING THE COURSE OF DILIGENCE HAVE PLACED
RELIANCE ON ACURACY AND COMPLETENESS OF INFORMATION PROVIDED BY EXPERTS,
AUDITORS, TECHNICAL CONSULTANTS AND OTHER RELAIBLE SOURCES.
THE POTENTIAL INVESTOR SHOULD CAREFULLY READ AND RETAIN THIS PRELIMINARY
PLACEMENT MEMORANDUM. HOWEVER, THE POTENTIAL INVESTORS ARE NOT TO
CONSTRUE THE CONTENTS OF THIS PRELIMINARY PLACEMENT MEMORANDUM AS
INVESTMENT, LEGAL, ACCOUNTING, REGULATORY OR TAX ADVICE AND THE
POTENTIAL INVESTORS SHOULD CONSULT WITH THEIR OWN ADVISORS AS TO ALL
LEGAL, ACCOUNTING, REGULATORY, TAX, FINANCIAL AND RELATED MATTERS
CONCERNING AN INVESTMENT IN THE BONDS. THIS PRELIMINARY PLACEMENT
MEMORANDUM IS NOT INTENDED TO BE (AND SHOULD NOT BE USED AS) THE BASIS OF
ANY CREDIT ANALYSIS OR OTHER EVALUATION AND SHOULD NOT BE CONSIDERED AS
A RECOMMENDATION BY THE MERCHANT BANKERS/ARRANGERS THAT ANY RECIPIENT
PARTICIPATES IN THE ISSUE OR ADVICE OF ANY SORT. IT IS UNDERSTOOD THAT EACH
RECIPIENT OF THIS PLACEMENT MEMORANDUM WILL PERFORM ITS OWN INDEPENDENT
INVESTIGATION AND CREDIT ANALYSIS OF THE PROPOSED FINANCING AND THE
BUSINESS, OPERATIONS, FINANCIAL CONDITION, PROSPECTS, CREDITWORTHINESS,
STATUS AND AFFAIRS OF THE ISSUER, BASED ON SUCH INFORMATION AND
5INDEPENDENT INVESTIGATION AS IT DEEMS RELEVANT OR APPROPRIATE AND WITHOUT
RELIANCE ON THE MERCHANT BANKER/ARRANGER OR ON THIS PRELIMINARY
PLACEMENT MEMORANDUM.
THE MERCHANT BANKER/ARRANGER ARE ACTING FOR THE ISSUER IN RELATION TO THE
ISSUE OF THE BONDS AND NOT ON BEHALF OF THE RECIPIENTS OF THE PRELIMINARY
PLACEMENT MEMORANDUM. THE RECEIPT OF THE PRELIMINARY PLACEMENT
MEMORANDUM BY ANY RECIPIENT IS NOT TO BE CONSTITUTED AS THE GIVING OF
INVESTMENT ADVICE BY THE MERCHANT BANKER/ARRANGERS TO THAT RECIPIENT,
NOR TO CONSTITUTE SUCH A RECIPIENT A CUSTOMER OF THE MERCHANT
BANKER/ARRANGER. THE MERCHANT BANKER/ARRANGER ARE NOT RESPONSIBLE TO
ANY OTHER PERSON FOR PROVIDING THE PROTECTION AFFORDED TO THE CUSTOMERS
OF THE MERCHANT BANKER/ARRANGER OR FOR PROVIDING ADVICE IN RELATION TO
THE BONDS.
EACH RECIPIENT OF THIS PRELIMINARY PLACEMENT MEMORANDUM ACKNOWLEDGES
THAT EACH RECIPIENT HAS BEEN AFFORDED AN OPPORTUNITY TO REQUEST FROM THE
ISSUER AND TO REVIEW AND HAS RECEIVED FROM THE ISSUER ALL ADDITIONAL
INFORMATION CONSIDERED BY THE RECIPIENT TO BE NECESSARY TO VERIFY THE
ACCURACY AND THE MERCHANT BANKER/ARRANGERS SHALL NOT BE RESPONSIBLE
FOR ANY INFORMATION RECEIVED BY THE RECIPIENT OF THE PRELIMINARY
PLACEMENT MEMORANDUM OTHER THAN THE INFORMATION SET OUT HEREIN.
THIS PRELIMINARY PLACEMENT MEMORANDUM IS FOR GENERAL INFORMATION
PURPOSE ONLY, WITHOUT REGARD TO SPECIFIC OBJECTIVES, SUITABILITY, FINANCIAL
SITUATIONS AND NEEDS OF ANY PARTICULAR PERSON. THIS PRELIMINARY PLACEMENT
MEMORANDUM SHOULD NOT BE CONSTRUED AS AN OFFER TO SELL OR THE
SOLICITATION OF AN OFFER TO BUY, PURCHASE OR SUBSCRIBE TO ANY SECURITIES
MENTIONED HEREIN.
THIS PRELIMINARY PLACEMENT MEMORANDUM IS CONFIDENTIAL AND IS MADE
AVAILABLE TO POTENTIAL INVESTORS IN THE BONDS ON THE UNDERSTANDING THAT
IT IS CONFIDENTIAL. RECIPIENTS ARE NOT ENTITLED TO USE ANY OF THE INFORMATION
CONTAINED IN THIS PRELIMINARY PLACEMENT MEMORANDUM FOR ANY PURPOSE
OTHER THAN IN ASSISTING TO DECIDE WHETHER OR NOT TO PARTICIPATE IN THE
BONDS. THIS DOCUMENT AND INFORMATION CONTAINED HEREIN OR ANY PART OF IT
DOES NOT CONSTITUTE OR PURPORT TO CONSTITUTE INVESTMENT ADVICE IN PUBLICLY
ACCESSIBLE MEDIA AND SHOULD NOT BE PRINTED, REPRODUCED, TRANSMITTED, SOLD,
DISTRIBUTED OR PUBLISHED BY THE RECIPIENT WITHOUT THE PRIOR WRITTEN
APPROVAL FROM THE MERCHANT BANKER/ ARRANGER AND THE ISSUER. THIS
PRELIMINARY PLACEMENT MEMORANDUM HAS NOT BEEN APPROVED AND WILL OR
MAY NOT BE APPROVED BY ANY STATUTORY OR REGULATORY AUTHORITIES IN INDIA.
PLEASE NOTE THAT:
A. K. CAPITAL SERVICES LIMITEDHAS BEEN APPOINTED AS MERCHANT BANKER/
ARRANGER TO THE ISSUE VIDE ENGAGEMENT LETTER/ LETTER OF APPOINTMENT DATED
AUGUST 29, 2025 AND ISSUE AGREEMENT DATED DECEMBER 17, 2025. THE MERCHANT
BANKERS/ ARRANGERS AND/ OR THEIR AFFILIATES MAY INVEST, PURCHASE AND HOLD
THE SECURITIES OF THE ISSUER AND/ OR OTHER ENTITIES RELATED TO THE ISSUER FOR
THEIR OWN ACCOUNT OR FOR THE ACCOUNTS OF THEIR CUSTOMERS AND MAY
EXERCISE VOTING RIGHTS OVER SUCH SECURITIES AS AVAILABLE UNDER THE
RESPECTIVE TRANSACTION DOCUMENTS.
10. DISCLAIMER CLAUSE OF THE TRANSACTION ADVISOR
MERCHANT BANKERS HAVE BEEN APPOINTED AS THE TRANSACTION ADVISORS IN
RESPECT OF THE ISSUE. THE ROLE OF THE TRANSACTION ADVISORS IS LIMITED TO
ADVISING THE ISSUER IN RELATION TO MARKET SCENARIOS, CO-ORDINATION WITH
EXTERNAL AGENCIES, LIAISONING WITH CREDIT RATING AGENCIES ETC., IN RESPECT
6OF THE DEBENTURES. IT IS THE RESPONSIBILITY OF THE ISSUER TO OBTAIN ALL
NECESSARY APPROVALS FOR THE ISSUANCE OF THE DEBENTURES. THE INVESTORS
SHOULD READ THE PRELIMINARY PLACEMENT MEMORANDUM AND TAKE THEIR
OWN INFORMED DECISION FOR INVESTMENT IN THE DEBENTURES AND IN NO WAY IS
THE TRANSACTION ADVISORS OR ANY OF ITS DIRECTORS, EMPLOYEES AND OFFICERS
RESPONSIBLE FOR ANY INVESTMENT DECISION BY PROSPECTIVE INVESTORS.
11. DISCLAIMER CLAUSE OF THIRD PARTY REVIEWER
CARE ANALYTICS AND ADVISORY PRIVATE LIMITED SHOULD NOT CONSTRUED AS
ESG RATING PROVIDER AS DEFINED UNDER REGULATION 28B(C) OF THE SECURITIES
AND EXCHANGE BOARD OF INDIA (CREDIT RATING AGENCIES) REGULATIONS, 1999,
AS AMENDED FROM TIME TO TIME.
RELIANCE ON INFORMATION:
THE THIRD-PARTY REVIEWER HEREBY DECLARES, THAT, IT HAS RELIED UPON THE
INFORMATION PROVIDED BY THE MUNICIPAL CORPORATION ON “AS IS” BASIS FOR
THE PURPOSE OF FORMING ITS OPINION AND ARE BASED ON VARIOUS ASSUMPTIONS,
BEING BASED UPON FACTORS AND EVENTS SUBJECT TO UNCERTAINTY. THE THIRD-
PARTY REVIEWER DOES NOT INDEPENDENTLY VERIFY THE ACCURACY OR
COMPLETENESS OF THE INFORMATION SUBMITTED BY THE MUNICIPAL
CORPORATION.
NO ASSUMPTION OF RESPONSIBILITY:
THE THIRD-PARTY REVIEWER EXPRESSLY DISCLAIMS ANY RESPONSIBILITY FOR
ERRORS, OMISSIONS, OR INACCURACIES IN THE INFORMATION PROVIDED BY THE
MUNICIPAL CORPORATION. THE OPINION CONTAINED HEREIN WERE UNDERTAKEN
BY THE THIRD-PARTY REVIEWER AS OF THE DATE NOTED HEREIN AND THE THIRD-
PARTY REVIEWER DOES NOT ASSUME ANY OBLIGATION TO UPDATE OR REVISE ITS
OPINION BASED ON SUBSEQUENT DEVELOPMENTS OR CHANGES IN CIRCUMSTANCES,
AS THE CASE MAY BE. THIS DOCUMENT WILL NOT BE UPDATED UNDER SUCH
CIRCUMSTANCES IN FUTURE.
INDEMNIFICATION:
GCC, TRUSTEES, BANKERS, PURCHASER OF THE BOND, OR THEIR LEGAL AGENT(S)
SHALL INDEMNIFY AND HOLD THE THIRD-PARTY REVIEWER, ITS OFFICERS,
EMPLOYEES, AND AGENTS HARMLESS FROM ANY AND ALL LIABILITIES, CLAIMS,
DAMAGES, COSTS, AND EXPENSES (INCLUDING REASONABLE ATTORNEY'S FEES)
ARISING OUT OF OR IN CONNECTION WITH ANY NON-COMPLIANCE BY THE
MUNICIPAL CORPORATION WITH APPLICABLE LAWS, REGULATIONS, OR ANY
INACCURACIES IN THE INFORMATION PROVIDED
NOT AN ‘INVESTMENT ADVICE’:
NOTHING CONTAINED IN THIS THIRD-PARTY OPINION SHOULD BE CONSTRUED AS, OR
RELIED UPON AS, INVESTMENT ADVICE TO BUY OR INVEST IN THIS INDUSTRY,
SECTOR OR ENTITIES OPERATING IN THIS SECTOR OR INDUSTRY. THE THIRD-PARTY
REVIEWER DOES NOT PROVIDE INVESTMENT RECOMMENDATIONS OR ENDORSE THE
PURCHASE OR SALE OF ANY SECURITIES OR TO ENTER INTO ANY TRANSACTION IN
THIS INDUSTRY OR SECTOR IN ANY MANNER WHATSOEVER.
NOT AN ASSESSMENT OF PERFORMANCE OR CREDIT WORTHINESS:
THE THIRD-PARTY OPINION PROVIDED BY THE THIRD-PARTY REVIEWER IS NOT TO BE
CONSTRUED AS AN ASSESSMENT OF (I) TECHNICAL SOUNDNESS OF THE PROPOSED
PROJECT(S), (II) FINANCIAL PERFORMANCE/ SOLVENCY, AND/OR; (III)
CREDITWORTHINESS OF THE MUNICIPAL CORPORATION. IT IS SOLELY AN OPINION ON
THE ENVIRONMENTAL, SOCIAL, AND/OR GOVERNANCE ASSESSMENT RELATED TO
THE MUNICIPAL GREEN BOND IN ACCORDANCE WITH SEBI NON-CONVERTIBLE
SECURITIES REGULATIONS, 2021; THE ICMA GREEN BOND PRINCIPLES, 2025 AND
GOVERNMENT OF INDIA’S (GOI) FRAMEWORK FOR SOVEREIGN GREEN BOND (SGRB),
72022.
THIS DISCLAIMER IS SUBJECT TO APPLICABLE INDIAN LAWS, AND ANY PROVISION
HEREIN FOUND TO BE UNENFORCEABLE SHALL NOT AFFECT THE ENFORCEABILITY
OF THE REMAINING PROVISIONS. THE THIRD PARTY OPINION PROVIDER RETAINS THE
RIGHT TO AMEND THIS DISCLAIMER AS NECESSARY AND APPROPRIATE. BY
ACCEPTING AND RELYING ON THE THIRD PARTY OPINION, THE RECIPIENT
ACKNOWLEDGES AND AGREES TO BE BOUND BY THE TERMS AND CONDITIONS SET
FORTH IN THIS DISCLAIMER.
12. DISCLAIMER IN RESPECT OF JURISDICTION
ISSUE OF THESE GREEN BONDS HAVE BEEN/ WILL BE MADE IN INDIA TO INVESTORS AS
SPECIFIED UNDER PARAGRAPH 11(a) (ELIGIBLE INVESTORS) OF SECTION IX: ISSUE
SPECIFIC INFORMATION ON PAGE NO. 80 OF THIS PRELIMINARY PLACEMENT
MEMORANDUM, WHO HAVE BEEN/ SHALL BE SPECIFICALLY APPROACHED BY THE
ISSUER. THE PRELIMINARY PLACEMENT MEMORANDUM IS NOT TO BE CONSTRUED OR
CONSTITUTED AS AN OFFER TO SELL OR AN INVITATION TO SUBSCRIBE TO GREEN
BONDS OFFERED HEREBY TO ANY PERSON TO WHOM IT IS NOT SPECIFICALLY
ADDRESSED. ANY DISPUTES ARISING OUT OF THE GREEN BONDS AND THE TRANSACTION
DOCUMENTS (OTHER THAN ISSUE PROCEEDS AGREEMENT) SHALL BE SUBJECT TO THE
EXCLUSIVE JURISDICTION OF THE COURTS AND TRIBUNALS AT CHENNAI. THE ISSUE
PROCEEDS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF INDIA AND THE PARTIES SUBMIT TO THE EXCLUSIVE JURISDICTION
OF COURTS AND TRIBUNALS IN MUMBAI. THE PRELIMINARY PLACEMENT
MEMORANDUM DOES NOT CONSTITUTE AN OFFER TO SELL OR AN INVITATION TO
SUBSCRIBE TO THE GREEN BONDS HEREIN, IN ANY OTHER JURISDICTION TO ANY PERSON
TO WHOM IT IS UNLAWFUL TO MAKE AN OFFER OR INVITATION IN SUCH JURISDICTION.
FORCE MAJEURE
THE ISSUER RESERVES THE RIGHT TO WITHDRAW THE ISSUE AT ANY TIME PRIOR TO
THE ISSUE CLOSING DATE IN THE EVENT OF ANY UNFORESEEN DEVELOPMENT
ADVERSELY AFFECTING THE ECONOMIC AND/ OR REGULATORY ENVIRONMENT OR
OTHERWISE. IN SUCH AN EVENT, THE ISSUER WILL REFUND THE APPLICATION
MONEY, IF ANY, COLLECTED IN RESPECT OF THE ISSUE AS PER APPLICABLE LAWS.
ISSUE OF DEBENTURES IN DEMATERIALISED FORM
THE DEBENTURES WILL BE ISSUED IN DEMATERIALISED FORM. THE ISSUER HAS
MADE ARRANGEMENTS WITH THE DEPOSITORIES FOR THE ISSUE OF THE
DEBENTURES IN DEMATERIALISED FORM. THE INVESTOR WILL HAVE THE OPTION TO
HOLD THE DEBENTURES IN PHYSICAL FORM AS PER THE PROVISIONS OF THE
DEPOSITORIES ACT. THE ISSUER SHALL TAKE NECESSARY STEPS TO CREDIT THE
DEBENTURES ALLOTTED TO THE BENEFICIARY ACCOUNT MAINTAINED BY THE
INVESTOR WITH ITS DEPOSITORY PARTICIPANT. THE ISSUER WILL MAKE THE
ALLOTMENT TO INVESTORS ON THE DEEMED DATE OF ALLOTMENT AFTER
VERIFICATION OF THE BID CUM APPLICATION FORM AND THE ACCOMPANYING
DOCUMENTS.
8SECTION-II: FORWARD LOOKING STATEMENTS
Certain statements in this Preliminary Placement Memorandum that are not statements of historical facts
constitute “forward looking statements”. Readers can generally identify forward-looking statements by
terminology like “aim”, “anticipate”, “intend”, “believe”, “continue”, “estimate”, “expect”, “may”,
“objective”, “plan”, “potential”, “projects”, “pursue”, “shall”, “should”, “will”, “would” or other words or
phrases of similar import. Similarly, statements regarding the Issuer’s expected financial condition and results
of operations, business, strategies, plans and prospects are also forward looking statements. However, these
are not the exclusive means of identifying forward-looking statements.
These forward looking statements and any other projections contained in this Preliminary Placement
Memorandum (whether made by the Issuer or any third party) are predictions and involve known and unknown
risks, uncertainties and other factors that may cause the Issuer’s actual results, performance and achievements
to be materially different from any future results, performance or achievements, expressed or implied, by such
forward looking statements or other projections.
The forward-looking statements contained in this Preliminary Placement Memorandum are based on the
beliefs of the Bond Issue Committee of the Issuer, as well as the assumptions made by and information
available to Bond Issue Committee as at the date of this Preliminary Placement Memorandum. There can be
no assurance that the expectations will prove to be correct. The Issuer expressly disclaims any obligation or
undertaking to release any updated information or revisions to any forward looking statements contained
herein to reflect any changes in the expectations or assumptions with regard thereto or any change in the
events, conditions or circumstances on which such statements are based. Given these uncertainties, recipients
are cautioned not to place undue reliance on such forward-looking statements. All subsequent, written and
oral, forward looking statements attributable to the Issuer are expressly qualified in their entirety by reference
to these cautionary statements.
9SECTION-III: DEFINITIONS AND ABBREVIATIONS
This Preliminary Placement Memorandum uses certain definitions and abbreviations which, unless the context
otherwise indicates or implies, shall have the meaning ascribed to such definitions and abbreviations set forth
herein. References to any legislation, act, regulation, rules, guidelines, clarifications or policies shall be to
such legislation, act, regulation, rules, guidelines, clarifications or policies as amended, supplemented or re-
enacted from time to time until the date of this Preliminary Placement Memorandum and any reference to a
statutory provision shall include any subordinate legislation notified from time to time pursuant to such
provision.
Unless the context otherwise indicates, all references in this Preliminary Placement Memorandum to “we” or
“us” or “our” are to our Corporation i.e., Greater Chennai Corporation. Unless stated otherwise, all
references to page numbers in this Preliminary Placement Memorandum are to the page numbers of this
Preliminary Placement Memorandum.
The words and expressions used in this Preliminary Placement Memorandum but not defined herein shall
have, to the extent applicable, the same meaning ascribed to such words and expressions under the SEBI
(Issue And Listing Of Municipal Debt Securities) Regulations, 2015, Tamil Nadu Urban Local Bodies Act,
1998,The Securities Contracts (Regulation) Act, 1956, the Depositories Act, 1996 and the rules and
regulations notified thereunder.
General Terms
TERM DESCRIPTION
“GCC” or “Greater Greater Chennai Corporation, constituted under Article 243Q(1)(c) of the Constitution
Chennai Corporation” or of India, 1949 and established under Section 4 of the erstwhile Chennai City Municipal
“Issuer” or “Corporation” Corporation Act,1919 (“CCMC Act”), vide Notification dated June 24, 1919. The
CCMC Act (now TNULB Act) was repealed vide section 200 of the TNULB Act and
as per Section 4 of the TNULB Act, the corporation shall be deemed to be constituted
and incorporated under the TNULB Act.
“we”, “us”, “our” Unless the context otherwise requires, the Corporation or GCC.
Issuer related Terms
TERM D ESCRIPTION
AMRUT Atal Mission for Rejuvenation and Urban Transformation.
AMRUT 2.0 Atal Mission for Rejuvenation and Urban Transformation 2.0 launched by the Hon’ble
Prime Minister of India on October 01, 2021 with the aim of making cities ‘Aatma
Nirbhar’ and ‘Water Secure’.
AMRUT Incentive Pursuant to notification dated April 07, 2025, issued by the MoHUA, Government of
India bearing notification no. D.O. No. K-14012/01/2022-AMRUT-IIB and any
subsequent notification, urban local bodies claiming incentive for the first time,
incentive amount of ₹13,00,00,000/-(Rupees Thirteen Crores) will be given for
every ₹100,00,00,000/-(Rupees One Hundred Crores) of bonds issued subject to a
maximum of ₹26,00,00,000/-(Rupees Twenty-Six Crores) per urban local body.
Pursuant to the aforesaid notification, urban local bodies, which have already claimed
incentive during AMRUT or AMRUT 2.0 periods, by issuing municipal bonds will be
eligible for incentive second time if they issue green bonds. Incentive will be ₹
10,00,00,000 (Rupees Ten Crores) for every ₹100,00,00,000 (Rupees One Hundred
Crores) of green bonds issued by urban local bodies, subject to a maximum of ₹
20,00,00,000 (Rupees Twenty Crores) per urban local body.
10TERM D ESCRIPTION
Applicable Law It shall mean all applicable statutes, enactments or acts of any legislative body in India,
laws, ordinances, rules, bye-laws, regulations, notifications, guidelines, policies,
directions, directives and orders of any Governmental Authority and any modifications
or re-enactments thereof.
Auditors Director Local Fund Audit/ Local Fund Audit Department appointed by the State
Government as per the Section 63 of the Tamil Nadu Urban Local Bodies Act, 1998,
for auditing the accounts of receipt and expenditure of the municipal fund.
Independent Chartered M/s N. Raja & Associates, Chartered Accountants, being appointed as Independent
Accountant for the Issue Chartered Accountant for the Issue to undertake the review and conduct other
procedures to issue certificates and reports for the purpose of the Issue.
Assistant Commissioner Assistant Commissioner, Greater Chennai Corporation, appointed in terms of the Tamil
Nadu Urban Local Bodies Act, 1998, as amended from time to time.
Audited Financial Refers to audited balance sheet, the income and expenditure statement and the cash
Statements flow statement of the Municipal Fund, Capital Fund & Elementary Education Fund for
the Financial Years ending March 31, 2023, March 31, 2024 and March 31, 2025
audited by Local Fund Audit Department, Chennai.
While the audit is conducted for books of accounts and financial statements of the
funds, for the purpose of the Issue, the combined Financial Information comprising the
Abridged Balance Sheet, Income and Expenditure Statements and Cash Flow
Statements for the year ended March 31, 2025, March 31, 2024 and March 31, 2023
(collectively, the “Financial Information”) has been prepared and have been examined
by Independent Chartered Accountant for the Issue. Please refer Note on Audited
Financial Statements*
Bond Issue Committee duly formed by the Council vide its resolution no. 877/2025 dated July 30,
Committee/Committee 2025. The current members of the committee are confirmed by the Municipal
Commissioner vide letter dated December 17, 2025.
CCMC Act Chennai City Municipal Corporation Act, 1919.
The CCMC Act was repealed vide Section 200 of the TNULB Act and as per Section
4 of the TNULB Act, the corporation shall be deemed to be constituted and
incorporated under the TNULB Act.
Council Council shall mean “Council” as defined under Section 2(10) of the TNULB Act.
Commissioner/ Municipal Commissioner, Greater Chennai Corporation, appointed in terms of the
Municipal Commissioner Tamil Nadu Urban Local Bodies Act, 1998, as amended from time to time.
Committee Member Member of the Bond Issue Committee as mentioned in this Preliminary Placement
Memorandum.
Deputy Commissioner Deputy Commissioner, Greater Chennai Corporation, appointed in terms of the Tamil
Nadu Urban Local Bodies Act, 1998, as amended from time to time.
GoTN Government of Tamil Nadu /State Government
GoI Government of India/ Central Government.
Head Office Head Office of GCC at Ripon Building,16, EVR Periyar Salai, Chennai- 600 003.
HRMS Human Resources Management System.
11TERM D ESCRIPTION
Third Party Reviewer CARE Analytics and Advisors Private Limited
Joint Commissioner Joint Commissioner, Greater Chennai Corporation, appointed in terms of the Tamil
Nadu Urban Local Bodies Act, 1998, as amended from time to time.
MoHUA Ministry of Housing and Urban Affairs.
MoUD Ministry of Urban Development
RDCs Regional Deputy Commissioner Office
TNULB Act The Tamil Nadu Urban Local Bodies Act, 1998, as amended.
Zone 3 Spanning across ward no. 22 to 33 of Madhavaram
Zone 9 Spanning across ward no. 109 to 126 of Teynampet
Issue Related Terms
TERMS DESCRIPTION
Acuité Ratings Acuité Ratings and Research Limited
Allotment/Allot/Allotted The issuance and allotment of the Green Bonds to the successful Applicants in the
Issue.
Allottee A successful Applicant to whom the Green Bonds are allotted pursuant to the Issue,
either in full or in part.
Applicant/Investor A person who makes an offer to subscribe to the Green Bonds pursuant to the terms
of the Placement Memorandum and the Application Form.
Application Form The form in terms of which the Applicant shall make an offer to subscribe to the Green
Bonds and which will be considered as the application for allotment of Green Bonds
in the Issue.
AY Assessment Year
Banker to the Issue The bank where the Issue Proceeds Account is to be opened for receipt of proceeds
from the Issue, as will be specified in the placement memorandum.
Beneficial Owner(s) Bondholder(s) holding Bond(s) in dematerialized form (Beneficial Owner of the
Bond(s) as defined in clause (a) of sub-section (1) of Section 2 of the Depositories
Act, 1996).
Bid Closing Date/ Issue As is set out in the Issue Schedule above.
Closing Date
Bid Opening Date/ Issue As is set out in the Issue Schedule above.
Opening Date
BRSR Business Responsibility and Sustainability Reporting
C&D Construction and Demolition
CES Centre for Environmental Studies
DFR Detailed Feasibility Report
EHS Environmental, Health and Safety
12TERMS DESCRIPTION
EM Effective Microorganism
ESIA Environmental & Social Impact Assessment
ESMP Environmental and Social Management Plan
FM Financial Management
GBP Green Bond Principles
Bonds/ Green Bonds/ Up to 2,937 (Two Thousand Nine Hundred and Thirty-Seven) rated, listed, taxable,
NCDs/ Debentures unsecured, redeemable, non-convertible and non-cumulative green municipal bonds
in the nature of debentures of face value of ₹ 7,00,000/- (Rupees Seven Lakhs Only)
comprising of 7 (seven) Separately Transferable and Redeemable Principal Parts
(“STRPPs”) of face value of Rs. 1,00,000/- each namely STRPP A, STRPP B, STRPP
C, STRPP D, STRPP E, STRPP F and STRPP G) for cash, for the base issue size of
₹ 100.03 crores (Rupees One Hundred Crores and Three Lakhs Only) (“Base Issue
Size”) with green shoe option of up to ₹ 105.56 crores (Rupees One Hundred and Five
Crores and Fifty-Six Lakhs Only) (“Green Shoe Option”) for an amount aggregating
up to ₹205.59 Crores (Rupees Two Hundred and Five Crores and Fifty-Nine Lakhs
Only) (“Issue”) under Securities And Exchange Board Of India (Issue And Listing Of
Municipal Debt Securities) Regulations, 2015, as amended from time to time,
proposed to be listed on NSE.
Bond Holder(s) / Debenture Any person or entity holding the Green Bonds and whose name appears in the list of
Holder(s) Beneficial Owners provided by the Depositories.
Calendar Year Each period of twelve (12) months commencing on January 1 and ending on
December 31.
CARE Shall mean CARE Ratings Limited
CDSL Central Depository Services (India) Limited.
Continuous disclosures Continuous disclosures and compliances by listed entities in accordance with Chapter
and compliances by listed VI of the SEBI Municipal Debt Regulations, SEBI Circular dated June 19, 2017 and
entities bearing reference no. CIR/IMD/DF1/60/2017 read with the SEBI Circular dated
November 13, 2019 bearing reference No. SEBI/HO/DDHS/CIR/P/134/2019 and as
amended from time to time.
Coupon/ Interest Payment As mentioned in the Summary of Term Sheet.
Date
Credit Rating Agencies Shall mean Acuité Ratings and CARE
Debenture Trust Deed Deed to be executed by and between the Debenture Trustee and the Issuer in respect
of the Green Bonds within the time limit prescribed by applicable statutory and/or
regulatory requirements, including creation of appropriate security, in favour of the
Debenture Trustee for the Bond Holders.
Debenture Trustee Trustee for the Bond Holders, in this case being Beacon Trusteeship Limited, a
company incorporated under the provisions of the Companies Act, 2013 and having
its registered office at 5W, 5th Floor, The Metropolitan, Bandra Kurla Complex,
Bandra (East), Mumbai, Maharashtra, India, 400051
Debenture Trustee Agreement dated December 17, 2025 executed by and between the Debenture Trustee
Agreement and the Issuer for the purposes of appointment of the Debenture Trustee to act as the
debenture trustee in connection with the issuance of the Green Bonds.
13TERMS DESCRIPTION
Debenture Trustee Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993, as
Regulations amended from time to time.
Debt Securities Non-convertible debt securities which create or acknowledge indebtedness and
include debentures, Green Bonds and such other securities of a body corporate or any
statutory body constituted by virtue of a legislation, whether constituting a charge on
the assets of the Issuer or not but excludes security Green Bonds issued by the
Government or such other bodies as may be specified by SEBI, security receipts and
securitized debt instruments.
Deemed Date of The date of allotment of the Green Bonds with effect from which all benefits under
Allotment the Green Bonds including interest on the Green Bonds shall be available to the Bond
holder(s). The actual allotment of Green Bonds (i.e., approval from the Council or a
Committee constituted for the purpose of the Issue by the Issuer) may take place on a
date other than the Deemed Date of Allotment.
Depositories Act The Depositories Act, 1996, as amended from time to time.
Depository Participant A Depository Participant as defined under the Depositories Act.
Depository(ies) A Depository registered with SEBI under the SEBI (Depositories and Participants)
Regulations, 2018, as amended from time to time, in present case, being NSDL &
CDSL.
DP Depository Participant.
DPR Detailed Project Report
DRR Debenture Redemption Reserve
DSRA Debenture Service Reserve Amount
DSRA Amount The amounts lying in, or credited into, the Interest Payment Account from time to
time towards maintenance of the Required DSRA Amount.
DSRA Amount Shortfall The amounts utilised from the Interest Payment Account (being the whole or a portion
of the Required DSRA Amount) to fund the shortfall in the Interest Payment Account
for the discharge of the Coupon payable on any Coupon Payment Date.
DTAA Double Taxation Avoidance Agreement
Due Date Any date or dates on which the Debenture Holder(s) are entitled to any payments in
relation to the Green Bonds, which shall include, without limitation, the Coupon
Payment Date(s) and the Maturity Date.
EBP Electronic Bidding Platform as provided by the Stock Exchange for bidding by
Eligible Investors.
NSE electronic book platform is being used for participating in electronic book
building mechanism.
Escrow Account A no-lien escrow account to be opened by the Issuer with the Escrow Bank for the
deposit of, inter alia, Property Tax from Zone 3 and Zone 9 collected by the Issuer in
the Collection Accounts for onward transfer to the Interest Payment Account and the
Sinking Fund Account and for servicing of the Green Bonds, as per the requirements
of (a) the SEBI circular in relation to ‘Continuous disclosures and compliances by
listed entities under SEBI (Issue and Listing of Municipal Debt Securities)
Regulations, 2015’ dated November 13, 2019 bearing reference no.
SEBI/HO/DDHS/CIR/P/134/2019, as amended/modified and supplemented from
14TERMS DESCRIPTION
time to time, which account is operated in the manner and upon the terms and
conditions provided for in the Escrow Agreement.
Escrow Agreement Escrow Agreement to be entered into by and between Greater Chennai Corporation,
Beacon Trusteeship Limited and [•] (in its capacity as the Escrow Bank) with respect
to the Escrow Account, the Interest Payment Account and the Sinking Fund Account.
Escrow Bank Bank where the Escrow Account, the Interest Payment Account and the Sinking Fund
Account will be opened, as will be specified in the placement memorandum.
Financial Year/ FY Period of twelve months beginning from April 1 of a calendar year and ending on
March 31 of the subsequent calendar year.
Green Bond Framework The green bond framework of the Greater Chennai Corporation approved by the Bond
Issue Committee bide its resolution dated December 08, 2025
GST Goods and Service Tax
TNMWGWF Tamil Nadu Manual Workers General Welfare Fund
TNPCB Tamil Nadu Pollution Control Board
ICMA International Capital Market Association
I.T. Act The Income Tax Act, 1961, as amended from time to time.
Interest Payment Account The bank account to be opened by the Issuer with the Escrow Bank which shall be (i)
/IPA the account from which the interest payments on the Green Bonds will be serviced
and (ii) the account in which the Required DSRA Amount will also be maintained, as
per the requirements of (a) the SEBI circular in relation to ‘Continuous disclosures
and compliances by listed entities under SEBI (Issue and Listing of Municipal Debt
Securities) Regulations, 2015’ dated November 13, 2019 bearing reference no.
SEBI/HO/DDHS/CIR/P/134/2019, as amended/modified and supplemented from
time to time, and operated by the Debenture Trustee in the manner and upon the terms
and conditions provided for in the Escrow Agreement.
Issue/the Offer/ Private Private Placement of upto 2,937 (Two Thousand Nine Hundred and Thirty-Seven)
Placement rated, listed, unsecured, taxable, redeemable, non-convertible municipal bonds, in the
nature of debentures, of face value of Rs 7,00,000 each, (“Green Bonds”/ “NCDs”/
“Debentures”) comprising of 7 (seven) separately transferable and redeemable
principal parts (“STRPP”) namely 1 STRPP A of face value of Rs 1,00,000, 1 STRPP
B of face value of Rs 1,00,000, 1 STRPP C of face value of Rs 1,00,000, 1 STRPP D
of face value of Rs 1,00,000, 1 STRPP E of face value of Rs 1,00,000, 1 STRPP F of
face value of Rs 1,00,000 and 1 STRPP G of face value of Rs 1,00,000, for cash, for
the base issue size of ₹ 100.03 crores (Rupees One Hundred and Three Lakhs Only)
(“Base Issue Size”) with green shoe option of up to ₹ 105.56 crores (Rupees One
Hundred and Five Crores and Fifty-Six Lakhs Only) (“Green Shoe Option”) for an
amount aggregating up to ₹ 205.59 Crores (Rupees Two Hundred and Five Crores
and Fifty-Nine Lakhs only) proposed to be listed on NSE.
Issue Agreement Agreement dated December 17, 2025 entered between the Issuer and the Merchant
Banker to the Issue in relation to the Issue.
Issue Proceeds Account The bank account to be opened by the Issuer with the Banker to the Issue for proceeds
received from the Issue, in the manner and upon the terms and conditions provided
for in the Issue Proceeds Agreement.
15TERMS DESCRIPTION
Issue Proceeds The Agreement to be entered into amongst the Issuer, the Banker to the Issue,
A greement Registrar and the Merchant Banker in relation to the operation of the Issue Proceeds
A ccount.
IT Information Technology
KDG Kodungaiyur Dumping Grounds
KfW Kreditanstalt für Wiederaufbau
Majority Debenture The Debenture Holders holding an aggregate amount representing not less than 75%
Holders (Seventy Five Percent) of the value of the nominal amount of the Green Bonds for the
time being outstanding. It is however clarified that, if a resolution is required to be
passed in relation to a matter concerning a particular STRPP, the term “Majority
Debenture Holders” shall mean the Debenture/Bond Holder(s) holding an aggregate
amount representing not less than 75% (Seventy Five Percent) of the value of the
nominal amount of that STRPP for the time being outstanding.
Merchant Banker/ A. K. Capital Services Limited
Arranger to the Issue
Minimum Balance In any monthly period expiring on the Transfer Date, it shall mean the amount
required to be transferred to the Interest Payment Account and Sinking Fund Account
at the end of such month on the terms as particularly set out in the Debenture Trust
Deed and Escrow Agreement.
MT Metric Ton
NOC No Objection Certificate
O&M Operation and Maintenance
NSDL National Securities Depository Limited
NSE National Stock Exchange of India Limited
NSE EBP Guidelines Operational guidelines for NSE Electronic Bidding Platform available on the website
of NSE at www.nseindia.com/products-services/about-electronic-bidding-
platform/operating-guidelines.
Objects of the Issue The objects for which the proceeds of the Issue shall be used by the Issuer, i.e.,
incurring capital expenditure in respect of the Project more particularly described in
Section VII: “Objects of the Issue” on page no.58 of this Preliminary Placement
Memorandum.
PAN P ermanent Account Number
Pay-In Date The date on which the Bond Holders have remitted the subscription monies for the
Green Bonds, as per the terms of this Preliminary Placement Memorandum/ the
Placement Memorandum.
Permitted Investments Shall mean:
(a) With respect to the Upfront FD and funds lying credited in the Escrow Account
(to the extent of the minimum balance), Interest Payment Account (including the
DSRA Amount) can be kept in fixed deposits with any scheduled commercial
bank with a dual rating of AA+ or above. However, the conditions of the fixed
deposits shall not restrict premature withdrawal from the fixed deposit. The lien
shall be created in favor of Debenture Trustee on all the investments made in
terms hereof. The Issuer shall ensure that funds lying in the escrow accounts
shall be invested in accordance with the SEBI ILMDS Regulations and SEBI
circulars issued thereunder and Tamil Nadu Urban Local Bodies Rules, 2023 and
the Tamil Nadu Urban Local Bodies Act, 1998, to the extent applicable;
16TERMS DESCRIPTION
(b) With respect to the funds lying to the credit of Sinking Fund Account can be
deposited in such instruments which may be permitted in terms of the SEBI
Circulars and also Tamil Nadu Urban Local Bodies Rules, 2023 and the Tamil
Nadu Urban Local Bodies Act, 1998. The lien shall be created in favor of
Debenture Trustee on all the investments made in terms hereof;
Placement Memorandum/ The placement memorandum to be filed with SEBI and NSE through which this
PM/ Disclosure proposed Issue will be made.
Document
PPP Public Private Partnership
Preliminary Placement Shall include the preliminary placement memorandum dated December 17, 2025 filed
Memorandum/PPM with SEBI and NSE.
Project/ Eligible Green The Project for which the funds are proposed to be used i.e. Disposal of Legacy Waste
Project and Reclamation of land at Kodungaiyur Dumping Ground through Bio-mining
Project Management Professor and Director, Centre for Environmental Studies, Anna University
Consultant/ Project
Consultant
Property Tax Shall mean property tax within the meaning of the Act.
RDF Refuse Derived Fuel
Record Date The record date for payment of coupon/interest in connection with the NCDs or
repayment of principal in connection therewith shall be 15 (fifteen) Calendar Days prior
to the date on which coupon/interest payment is due and payable, and/or in case of
redemption, the relevant Redemption Date/ Maturity Date for each relevant STRPP or
such other date as may be determined by the Bond Issue Committee / authorised
officer(s) of the Bond Issue Committee of the Corporation (as permitted under
applicable law) thereof from time to time in accordance with the applicable law.
In case the record date falls on a day when the Stock Exchange is having a trading
holiday, the immediate preceding trading day or a date notified by the Bond Issue
Committee of the Corporation to the Stock Exchange will be deemed as the record date.
In case of Redemption Date/ Maturity Date of any STRPPs, the trading in the respective
STRPP shall remain suspended between the record date and the Maturity
D ate/Redemption Date.
Recovery Expense Fund An amount which will be deployed by the Corporation with the Designated Stock
Exchange, equal to 0.01% of the issue size, subject to a maximum deposit of
₹25,00,000 at the time of making the application for listing of Green Bonds.
Registrar or R&T Agent Registrar to the Issue, in this case being, Cameo Corporate Services Limited, a
or RTA company incorporated under the Companies Act, 1956 having registered office at
Subramanian Building, No.1 Club House Road, Chennai-600002, India.
Required DSRA Amount An amount equal to 2 (two) succeeding coupon payments (i.e. one year interest
obligation) which is required to be paid by the Issuer in respect of the Bonds to be
maintained throughout the tenure of the Bonds in the Interest Payment Account which
also complies with the requirements of the debt service reserve amount to be
maintained as per the SEBI circular in relation to ‘Continuous disclosures and
compliances by listed entities under SEBI (Issue and Listing of Municipal Debt
Securities) Regulations, 2015’ dated November 13, 2019 bearing reference No.
SEBI/HO/DDHS/CIR/P/134/2019 as amended from time to time.
Rs./INR/ ₹ Indian National Rupee
17TERMS DESCRIPTION
RTGS Real Time Gross Settlement
Obligations All obligations at any time due, owing or incurred by the Issuer to the Debenture
Trustee and the Bond Holders in respect of the Green Bonds and shall include, without
limitation, the obligation to redeem the Green Bonds in terms thereof including
payment of the Coupon on the Coupon Payment Dates, the Redemption Amounts on
the relevant due dates together with any Default Interest (if any), any outstanding
remuneration of the Debenture Trustee and all fees, costs, charges and expenses
payable to the Debenture Trustee and other monies payable by the Issuer in respect of
the Green Bonds under the Transaction Documents.
SBM Swachh Bharat Mission
SCORES SEBI Complaints Redress System
SEBI The Securities and Exchange Board of India, constituted under the SEBI Act, 1992,
as amended from time to time.
SEBI Act Securities and Exchange Board of India Act, 1992, as amended from time to time.
SEBI EBP Guidelines/ The guidelines issued by SEBI and pertaining to the EBP Platform set out in Chapter
SEBI Electronic Book VI by SEBI in its Master Circular dated October 15, 2025 bearing reference number
Mechanism Guidelines SEBI/HO/DDHS/DDHS-PoD/P/CIR/2025/0000000137 titled Master Circular for
issue and listing of Non-convertible Securities, Securitised Debt Instruments, Security
Receipts, Municipal Debt Securities and Commercial Paper as may be amended,
clarified or updated from time to time.
SEBI Master Circular for SEBI Master Circular for Debenture Trustees bearing reference number
Debenture Trustees/ SEBI SEBI/HO/DDHS-PoD-1/P/CIR/2025/117dated August 13, 2025 as may be amended,
Debenture Trustee clarified or updated from time to time.
Master Circular
SEBI Master Circular SEBI Master Circular for issue and listing of Non-convertible Securities, Securitised
Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial
Paper dated October 15, 2025 bearing reference number SEBI/HO/DDHS/DDHS-
PoD/P/CIR/2025/0000000137 as may be amended, clarified or updated from time to
time.
SEBI Municipal Debt Securities and Exchange Board of India (Issue and Listing of Municipal Debt
Regulations/SEBI Securities) Regulations, 2015, as amended from time to time and related circulars,
ILMDS Regulations notifications, guidance notes as issued by the Securities and Exchange Board of India.
SEBI NCS Regulations Securities and Exchange Board of India (Issue and Listing of Non-Convertible
Securities) Regulations, 2021, as amended from time to time and related circulars,
notifications, guidance notes as issued by the Securities and Exchange Board of India.
Sinking Fund Account/ The bank account to be opened by the Issuer with the Escrow Bank and operated by
SFA the Debenture Trustee in the manner and upon the terms and conditions provided for
in the Escrow Agreement.
SDG Sustainable Development Goals
SGrB Sovereign Green Bond
STP Sewage Treatment Plant
STRPP A STRPP of face value of ₹ 1,00,000, having a tenor of 4 years from the Deemed Date
of Allotment.
18TERMS DESCRIPTION
STRPP B STRPP of face value of ₹ 1,00,000, having a tenor of 5 years from the Deemed Date
of Allotment.
STRPP C STRPP of face value of ₹ 1,00,000, having a tenor of 6 years from the Deemed Date
of Allotment.
STRPP D STRPP of face value of ₹ 1,00,000, having a tenor of 7 years from the Deemed Date
of Allotment.
STRPP E STRPP of face value of ₹ 1,00,000, having a tenor of 8 years from the Deemed Date
of Allotment.
STRPP F STRPP of face value of ₹ 1,00,000, having a tenor of 9 years from the Deemed Date
of Allotment.
STRPP G STRPP of face value of ₹ 1,00,000, having a tenor of 10 years from the Deemed Date
of Allotment.
Structured Payment As defined in the section titled “Term Sheet” on page 149.
Mechanism
SWM Solid Waste Management
TDS Tax Deducted at Source
Tenor Tenor shall mean the tenor of each of the STRPPS of the NCDs i.e.:
STRPP A: 4 years from the Deemed Date of Allotment.
STRPP B: 5 years from the Deemed Date of Allotment.
STRPP C: 6 years from the Deemed Date of Allotment.
STRPP D: 7 years from the Deemed Date of Allotment.
STRPP E: 8 years from the Deemed Date of Allotment.
STRPP F: 9 years from the Deemed Date of Allotment.
STRPP G: 10 years from the Deemed Date of Allotment.
Tripartite Agreements Tripartite agreement amongst the Corporation, Registrar to the Issue, and CDSL dated
March 19, 2025 and Tripartite agreement between the Corporation, Registrar to the
Issue, and NSDL dated March 19, 2025.
Transaction Documents The documents executed/to be executed in relation to or which are relevant to the
Issue including the Preliminary Placement Memorandum/Placement Memorandum,
along with all annexures, the Debenture Trustee Agreement, the Escrow Agreement,
the Issue Agreement, Registrar & Transfer Agent Services Agreement, the Issue
Proceeds Agreement, Deed of Hypothecation, Debenture Trust Deed, the Tripartite
Agreements with NSDL and CDSL and any other agreement or document designated
as such by the Debenture Trustee (acting on the instructions of the Majority Debenture
Holders).
TNMWGWF Tamil Nadu Manual Workers General Welfare Fund
TNPCB Tamil Nadu Pollution Control Board
ULB Urban Local Body
Working Day/Business Business day/ Working Day means all days on which commercial banks in Chennai
Day are open for business.
In respect of the time period between the Issue Closing Date and the listing of Bonds
on the Stock Exchange and with respect to the record date, working day shall mean
19TERMS DESCRIPTION
all trading days of the Stock Exchange for Bonds, excluding Saturdays, Sundays and
bank holidays, as specified by SEBI.
If the date of payment of coupon/redemption of principal does not fall on a Working
Day, then the payment of coupon/principal shall be made in accordance with SEBI
Mater Circular dated October 15, 2025 bearing reference
SEBI/HO/DDHS/PoD/P/CIR/2025/0000000137, as amended from time to time.
If the coupon payment date falls on a Sunday or a holiday, the payment shall be made
by the Issuer on the immediately succeeding Working Day, which becomes the
coupon payment date for that coupon. However, the future coupon payment date(s)
would be as per the schedule originally stipulated in the Placement Memorandum. In
other words, the subsequent coupon payment date(s) would not be changed merely
because the payment date in respect of one particular coupon payment has been
postponed earlier because of it having fallen on a non- Working Day.
If redemption/maturity date of the STRPP falls on a Sunday or a holiday, the
redemption amount shall be paid by the Issuer on the immediately preceding Working
Day. In such case, along with the redemption proceeds, the coupon accrued on such
STRPP shall also be paid on the previous working day as per the cash flows provided
under Annexure-VI “Illustration of Bond Cash Flow” of the Placement Memorandum.
If a leap year (i.e. February 29) falls during the tenor of the bonds, then the number of
days shall be reckoned as 366 days (actual/ actual day count convention) for the entire
year, irrespective of whether the interest/ dividend is payable annually, half yearly,
quarterly or monthly.
For the purpose of clarification, the payment of interest/redemption shall be made
only as per the cash flows provided under Annexure-VI “Illustration of Bond Cash
Flow” of the Placement Memorandum.
Payment of coupon/interest will be subject to the deduction of tax as per Income Tax
Act, 1961 (if applicable) or any statutory modification or re-enactment thereof for the
time being in force.
*Note on Audited Financial Statements
As per the Section 63 of the Tamil Nadu Urban Local Bodies Act, 1998, the State Government appoints auditors for
auditing the accounts of receipt and expenditure of the municipal fund. Such auditors shall be deemed to be “public
servants” as per definition provided under Section 2(28) of Bhartiya Nyaya Sanhita, 2023.
As per the Tamil Nadu Urban Local Bodies Rules, 2023:
1. The municipal accounts consist of receipts and expenditure under the General Fund, Education Fund, and
other fund established for the accounting of receipts and expenditure relating to any specific scheme or
project.
2. Accordingly, the Commissioner shall maintain or cause to maintain separate books of accounts and registers
for each fund of account in such form and in such manner as may be laid down by the Government.
3. All the accounts of the municipality shall be audited by the Director of Local Fund Audit.
4. The Commissioner shall prepare detailed annual accounts of the municipality and a copy of the annual
accounts as approved by the Council shall be forwarded to the Director of Local Fund Audit.
5. The auditor, on completion of the audit, shall furnish the audit notes to the Commissioner on any irregularity
or deficiency or impropriety as a result of which any loss or waste of money has been caused to the
municipality.
6. The Commissioner shall make arrangements to rectify the mistakes and other irregularities raised in the audit
notes and send a reply of compliance to the auditors.
7. The auditors on completion of the annual audit and after considering the compliance report received from the
Commissioner, shall prepare the audit report of the municipality containing the details of the accounts,
substance of the accounts, quality of the accounts, maintenance of registers and irregularities detected during
the audit and may also make suggestions, if any, to prevent recurrence of such irregularities and send the
20report to the Commissioner of the municipality concerned with a copy marked to the Director of the Local
Fund Audit.
8. The Commissioner shall place a copy of the audit report and audited annual accounts along with the replies
to the audit report before the Council for its approval.
9. The replies to the audit report as approved by the Council shall be sent to the Director of Local Fund Audit
for eventual settlement of audit objections.
All the accounts of Greater Chennai Corporation (“GCC”) have been audited by the Director of Local Fund Audit/
Local Audit Department. As per Rule 12 (2) of the Tamil Nadu Local Fund Audit Rules, 2016, the Audit Report of
the local authorities or local funds comprises of seven separate parts as follows:
Parts Content/ Coverage of the Part
Part 1 Contains review of annual accounts, financial statements, balance sheet and its Schedules, income and
expenditure statement, receipts and charges and cash flow statements.
Part 2 Contains the details of objections in receipts or revenue items
Part 3 Contains the details of objections in payment or expenditure
Part 4 Contains the details of objections relating to grants, loans, and the similar items; utilized for execution
of works or schemes
Part 5 Contains the details of observations and objections relating to deposits and advances
Part 6 Contains the details of observations and objections relating to Provident fund, contributory pension
scheme and other miscellaneous funds
Part 7 Contains computation of audit fees due, result of audit and details of pending objections and any other
facts noticed during the course of audit which adversely affect the finances of the institution.
As per the Office Letter R.C. No. 0794/ E2/ 2025 from Local Fund Audit Department dated February 26, 2025, the
details of the contents of the Audit Report to be issued upon completion of each year audit is as follows:
Part I of the Audit Report includes a review of the annual accounts, financial statements, balance sheet and its
schedules, income and expenditure statement, receipts and charges, and cash flow statements. It also assesses
compliance with rules, systems, and procedures by the respective Municipal Corporations.
The contents of part I of the Audit Report of Greater Chennai Corporation are as follows:
1. Information about Greater Chennai Corporation
2. Receipt of Annual Accounts and review on the Annual accounts of Greater Chennai Corporation.
3. Review of the Budget of Greater Chennai Corporation
4. Review of Income & Expenditure statement
5. Review on the Receipt & Expenditure of Greater Chennai Corporation including Grants, Loans and
Advances and Deposits and Refunds.
6. Gist of the important and serious nature of objections raised during the audit year.
7. Demand for Audit fee.
8. Details of pending objections at the close of the audit year.
9. Results of Audit/ Certificate.
Though separate audit reports are issued in respect of all 15 Zones, 27 Departments and 3 RDC’s of Greater
Chennai Corporation, the gist of important and serious nature of objections/ observations noticed in the above 45
Audit reports are incorporated in the Part I Report of Greater Chennai Corporation.
Accordingly, considering the elaborate audit reports of Greater Chennai Corporation, only Part I Audit Report
which covers the financial statements and the gist of important and serious nature of objections/ observations has
been considered and referred as Auditor’s Report.
All the accounts of Greater Chennai Corporation have been prepared by the Management of the Issuer and audited
by the Joint Director of Local Fund Audit as per the Tamil Nadu Urban Local Bodies Rules, 2023. While the audit
is conducted for books of accounts and financial statements of the funds, for the purpose of the Issue, the combined
Financial Information (which consolidates the financial statements derived from audited financial statement of
Municipal Fund, Capital Fund & Elementary Education Fund except Earmarked Fund1) comprising the Abridged
1Earmarked Fund is not considered for purpose of preparation of consolidated financial statements as Earmarked Funds
do not relate to the financials of the Corporation and are specific to some schemes. The Commissioner of GCC is the
executing authority for social welfare schemes within GCC’s jurisdiction which falls under the earmarked funds account
21Balance Sheet, Income and Expenditure Statements and Cash Flow Statements for the year ended March 31, 2025,
March 31, 2024 and March 31, 2023 (collectively, the “Financial Information”) has been prepared and have been
examined by the N. RAJA & Associate, Chartered Accountants (Firm Registration Number:003388S) appointed as
Independent Chartered Accountant for the Issue.
(such as Beti Bachao Beti Padhao, Dr. Muthulakshmi Reddy Magaperu Uthavi Thittam, Moovalur Ramamirtham
Ammaiyar Ninaivu Marriage Assistance Scheme etc.), MPLADS, MLACDS etc. These funds are managed separately and
maintained in a designated bank account, specifically for the particular scheme’s intended purpose. No part of the
earmarked funds can be utilized for general, revenue or capital expenditure of GCC. The control and monitoring of these
funds is handled independently to ensure the implementation of the schemes.
22SECTION-IV: RISK FACTORS
An investment in the Green Bonds involves a certain degree of risk. The risk factors set forth below do not purport to be
complete or comprehensive in terms of all the risk factors that may arise in connection with the Issuer’s operations or
management or any decision to purchase, own or dispose of the Green Bonds. Prospective investors should carefully
consider the risks and uncertainties described below, in addition to the other information contained in this Preliminary
Placement Memorandum before making any investment decision relating to the Green Bonds. Additional risks and
uncertainties, which are currently unknown or now deemed immaterial, if materialize, may in the future have a material
adverse effect on Issuer’s operations, management or cash flows. The market prices of the Green Bonds may decline
due to such risks and the prospective investors may lose all or part of their investment.
The prospective Investors should consult their own tax, financial and legal advisors about the risks associated with
investment and suitability of investment in such Green Bonds. Investment in these Green Bonds includes a degree of risk
and investors should not invest any funds in this Issue unless they can afford to take the risk of losing their investment
in debentures. For taking an investment decision, investors must rely on their own examination of the Issue, the Issuer
and this Preliminary Placement Memorandum including the risks mentioned below. The Green Bonds have not been
recommended or approved by the SEBI, nor does SEBI guarantee the accuracy or adequacy of this Preliminary
Placement Memorandum.
This Preliminary Placement Memorandum contains statements, which may be forward-looking, that involve risk and
uncertainties. The Issuer’s actual results could differ materially from those anticipated as a result of several factors,
including the considerations described below and elsewhere in this Preliminary Placement Memorandum.
Unless otherwise indicated, the financial information included herein is based on the Issuer’s audited financial
statements as consolidated and included in paragraph I (Abridged Balance Sheet, Income and Expenditure and Cash
Flow Statement for the last three years with major heads) of Section X: Financial Information on page no.96 of this
Preliminary Placement Memorandum.
Investors are advised to read the following risk factors carefully before making an investment in the Green Bonds offered
in this Issue. The order of the risk factors is intended to facilitate ease of reading and reference and does not in any
manner indicate the importance of one risk factor over another. Potential investors must rely on their examination of
the Issuer and this Issue, including the risks and uncertainties involved.
If any of the following stated risks or other risks that are not currently known or are now deemed immaterial actually
occur, the Issuer’s operations, financial conditions, cash flows and implementation of project could suffer and, therefore,
the value of the Issuer’s Green Bonds could decline and/or the Issuer’s ability to meet its obligations in respect of the
Green Bonds could be affected. Potential investors should perform their own independent investigation of the financial
condition and affairs of the Issuer, and their own appraisal of the creditworthiness of the Issuer.
Please note that unless specified or quantified in the relevant risk factors, the Issuer is not in a position to quantify the
financial or other implications of any risk mentioned herein below and the financial information used in this section is
derived from and should be read in conjunction with the Financial Information as included in this Preliminary
Placement Memorandum.
INTERNAL RISK FACTORS
Project Risk and Internal Risks
1. We intend to utilize the Issue proceeds for the proposed Project which is subject to the risk of unanticipated
delays in implementation and cost overruns. Any such unanticipated delays in implementation and cost
overruns of the Project may have an adverse impact on our operations, reputation and cash flows.
We intend to utilize the Issue proceeds for proposed Project, i.e., Disposal of Legacy Waste and Reclamation of
land at Kodungaiyur Dumping Ground through Bio-mining ("Project").
The Project is proposed to be financed through Issue proceeds of this Issue/ internal accruals of the Issuer/ grants
received/to be received by the Corporation from the government subject to conditions mentioned in the respective
schemes. In case of non- receipt of grants or any shortfall of funds the Issuer will have to arrange for alternative
sources which may impact the Project, timelines and the cost. There can be no assurance, despite best efforts, that
23we will be able to complete the Project within estimated time and cost without any cost overruns. The work orders
have already been issued for implementation of the Project. The Issuer has obtained certificate from the Project
Consultant dated December 17, 2025 regarding the proposed Project details, costs, schedule of implementation,
benchmarks of the Project, current status of project implementation, etc.
The cost of the Project may escalate or vary based on external factors which may not be in our control and could
pose funding gaps and contingent budgetary risk for GCC.
Presently, except for a pending approval i.e., NOC from Tamil Nadu Fire & Rescue Services Chennai District for
package 2, for which the requisite applications have been made, there are no pending approvals required to be
obtained by the Corporation for the implementation of the Project. However, in case of any delay in receipt of any
approvals required at different stages, in relation to the Project in a timely manner, occurrence of any force majeure
events, etc., the proposed schedule of implementation and deployment of the Issue proceeds may be extended or
may vary accordingly. There can be no assurance despite best efforts of the Issuer, that the proposed Project will
be completed as planned or on schedule, and if it is not completed in a timely manner, or at all, our budgeted costs
for the Project may be insufficient to meet our proposed capital expenditure requirements towards the Project. The
grants from government are also based on conditions, in case of any non-receipt of grant the gap will have to be
contributed by GCC. We may not have sufficient revenue to fund the Project. There is also a possibility that the
implementation of the Project might get delayed due to various factors including workforce issues, non-availability
of approvals/ no objection certificates, delays because of third party contractors, etc.
The proposed Schedule of Implementation of the Project along with the timelines stated therein are indicative and
the Physical Target and Financial Target for activities are indicative and as per the work order for implementation
of the Project. There can be no assurance that despite best efforts, the proposed Project will be completed as planned
or on schedule, and if it is not completed in a timely manner, or at all, in accordance with the proposed schedule of
implementation and any delay due to unforeseen circumstances that are beyond Issuer’s control could have an
adverse impact on our operations, reputation and cash flows.
2. Any inability to obtain, renew or maintain the statutory and regulatory permits and approvals which are
required for construction and operation of the Project may have a material adverse effect on our ability to
complete the project on a timely basis or at all. Any failure to successfully complete the Project on a timely
basis may have an adverse impact on our reputation, operations and cash flow.
Presently, except for a pending approval i.e., NOC from Tamil Nadu Fire & Rescue Services Chennai District for
package 2, for which the requisite applications have been made, there are no pending approvals required to be
obtained by the Corporation for the implementation of the Project as per the certificate received from Project
Consultant dated December 17, 2025. In the future, there may be a requirement of approvals/NOCs for the Project
and the Issuer shall take all reasonable steps to obtain the said approvals/NOCs. However, the Issuer may be unable
to obtain such approvals/consents (if so required) or renew such approvals within the stipulated time due to
unforeseen circumstances or reasons beyond the control of the Issuer. Additionally, any failure in future to comply
with the terms and conditions of the existing regulatory or statutory approvals may cause the Issuer to lose or
become unable to renew such approvals.
The Project is also susceptible to the policies of the state and cost overruns, however, these will not affect the debt
servicing of the Green Bonds, which are backed by the appropriate revenues of the Issuer, to be collected and
remitted to the Escrow Account for payment during tenure of Green Bonds.
While the Issuer shall make best efforts to ensure timely implementation and progress of the Project, there may be
unforeseen circumstances beyond the control of the Issuer which may cause delay in receipt of approvals or
renewing the approvals, as may be required in a timely manner, which may lead to delay in implementation of the
Project in a timely manner or cost overruns. Further, our capital expenditure plans remain subject to the potential
problems and uncertainties that Project activities face including cost overruns or delays.
For further details in relation to the list of approvals/ permissions received in relation to the Project, please see
“Objects of the Issue –Details and status of the regulatory approvals” on page no. 63.
243. We are involved in large number of litigations & adverse decisions in the same may impact our working and
operational efficiency.
The Issuer is a party to various legal proceedings including suo moto actions brought by the National Green
Tribunal. There are certain suo moto cases reported on the portal of the National Green Tribunal, however, the
Issuer has not received any notices in respect of these cases. These legal proceedings are pending at different levels
of adjudication before various courts, tribunals, statutory and regulatory authorities, and if determined against the
Issuer, could have impact on the operations, implementation of project, income and the financial condition of the
Issuer.
A summary of pending proceedings involving Issuer are as follows:
• Matters related to Direct and Indirect Taxes against the Issuer
Nature Number of Amount Involved
Cases (Rs. In Crores)
Income Tax
TDS* 465 5.80
Indirect Tax
Property Tax** - Cases have been filed against the Issuer 197 118.49
by the residents/entities residing/operating in Greater
Chennai Corporation jurisdiction accusing Issuer of
charging huge amount of property tax.
GST 3 32.58
Notes: *It includes TDS demand of Rs. 5.80 crores has been derived from the Demand Outstanding Report issued
by the Income Tax Department as at 31 March 2025 but not accounted in the books of accounts of Greater
Chennai Corporation. The Income Tax Department may levy additional interest on the said outstanding TDS
demand for the period from 1 April 2025 to 30 September 2025. The quantum of such additional interest, if any,
cannot be determined as at the date of issuance of this certificate.
**To the extent quantifiable excluding the interest and penalty thereon.
1. Criminal Litigations involving the Issuer and the members of the Bond Issue Committee
There are no pending criminal litigations involving the Issuer or the members of the Bond Issue Committee.
2. Actions by Regulatory and Statutory Authorities
The details of all the actions by Regulatory and Statutory Authorities have been disclosed in the “Section-XI-
Legal and Other Information” on Page No. 108 of the PPM
3. Other Civil Litigation
The details of all the individual civil litigations above the materiality threshold have been disclosed in the
“Section-XI- Legal and Other Information” on Page No. 108 of the PPM.
There are certain Environmental Law Cases disclosed under the Section “Legal and Other Information” beginning
on page no. 108 of this Preliminary Placement Memorandum in relation to which no claim amount is quantifiable.
No assurances can be given as to whether these legal proceedings will be decided in the Issuer’s favour or have no
adverse outcome, nor can any assurance be given that no further liability/ loss will arise out of such legal
proceedings. The details of outstanding material litigations involving the Issuer which are based on the Materiality
Policy of the Issuer are set out in “Other Matters based on the Materiality Policy of the Issuer” of Section XI Legal
and Other Information on page no. 108 of this Preliminary Placement Memorandum.
Except for the disclosures in Section titled “Legal and Other Information”, the Issuer, in the ordinary course of its
business, is involved in various claims, suits, investigations, and legal proceedings that arise from time to time.
Although the Issuer does not expect that the outcome in any of these legal proceedings, will have a material adverse
effect on the Issuer’s financial position or results of operations, yet litigation is inherently unpredictable. Therefore,
the Issuer could incur judgments or enter into settlements of claims that could adversely affect the Issuer’s operating
results or cash flows in a particular period.
254. Leakage of tax collections may affect volume of collections and inflows which may have an adverse impact
on the accumulation of funds for future development, and on the Issuer's future execution capabilities and
revenue collections.
The tax collections are primarily dependent on the integrity of tax/ charges collection systems and any leakage in
the same due to fraud or technical faults affects the Issuer’s collections and inflows and may have an adverse impact
on accumulation of funds for future development, resulting in reduction of the Issuer’s future execution capabilities.
If the tax collection is not properly monitored, such tax leakages may reduce the Issuer’s revenue. Although the
Issuer has systems in place to minimise leakages due to fraud and pilferage, yet any significant failure by the Issuer
to control leakage in the collection systems due to future events, unforeseen circumstances or reasons beyond the
control of the Issuer, though not quantifiable monetarily, could have a material adverse effect on the Issuer’s
operations and prospects. Further, any leakage in the collections resulting in avoidance of payment of taxes/ charges,
may also adversely affect the Issuer’s operations. Further, there may be situations where the tax/ charges collection
is disrupted or halted due to public agitation which may result in lesser revenue collection by the Issuer. Any such
disruption or stoppage of tax/ charges collection will adversely affect the Issuer’s revenue collections.
5. Our existing non-convertible debentures issued on private placement basis are listed on NSE and we are
subject to continuous post listing compliances with applicable rules and regulations. Instances of delays and
non-compliances may attract penal actions by stock exchange or SEBI.
Our existing non-convertible debentures are listed on the NSE. We are required to comply with various applicable
rules and regulations, including the SEBI ILMDS Regulations and SEBI circulars issued on continuous disclosures
and compliances by listed entities in terms of our listed non-convertible debentures. There have not been instances
of delays and non-compliances in relation to continuous disclosures and filings in terms of our listed non-convertible
debentures including delay in filing of financial results, delay in intimations to the Stock Exchange. While there
have been no penalties imposed/penal actions initiated by the Stock Exchange against us in relation to such non-
compliances, we cannot assure that there will be no penalties imposed/penal actions initiated by the stock exchange
in future.
Further, the Green Bonds are also proposed to be listed on NSE. We are required to comply with various applicable
rules and regulations pertaining to monitoring and reporting on green debt securities as provided under Chapter IX
of the SEBI Master Circular. Any non-compliances in future, despite best efforts, may subject us to certain penal
actions, including penal actions by regulatory authorities and applicable laws, which may have an adverse effect on
our operations, reputation and financial condition.
6. Our statutory auditors have highlighted few observations/ remarks in their audit reports relating to our
audited financial statements.
Our statutory auditors have highlighted few observations/remarks in the audit reports dated July 12, 2025 for F.Y.
2024-25, March 13, 2025 for F.Y. 2023-24, and dated June 6, 2024 for FY 2022-23. The auditors have expressed
qualified opinion for F.Y. 2024-25, F.Y. 2023-2024 and defective opinion for F.Y. 2022-2023.
The key qualifications/observations in the Audit Reports for the preceding three financial years are as follows:
As per the Auditor’s Report dated July 12, 2025 for F.Y. 2024-25:
• The annual accounts of the Greater Chennai Corporation is prepared by using ERP Software (Enterprise
Resource Planning). However, the Balance Sheet in respect of Municipal Fund, Capital Fund, and Ear Marked
Fund was not prepared in ERP software, instead prepared through computer —Excel format.
• As per the bank summary report maintained at the ACC (Accounts Central Cell) in the year 2024-25, monthly
income and expenditure summary was not prepared for a total of 196 bank accounts viz. Revenue Fund - 47
accounts; Capital Fund - 41 accounts; Elementary Education Fund - 01 account; Earmarked Fund — 107
Closing balance of the bank is to be certified by Bank manager and to be furnished to audit. Necessary
Administrative action may be taken for rectification of the above defects.
• In the advance register (ACC) only expenditures are recorded. This register has not been certified by any
authority. Thus, all the advance registers under the advance head has to be maintained. Although it was insisted
during 2023 — 24 audit, still not maintained.
• Registers in respect of investment and investment securities were not properly closed. The registers and records
to be closed properly and produced to audit for verification of closing balance as per Trial Balance.
26• Grant Allocation Register in which the details of grant received administrative sanction obtained to be entered
and closed properly. The same may be produced to audit for verification of closing balance as per Trial Balance.
• A sum of rupees 30878.14 lakhs is kept in account code (3S0300100) as library cess in the revenue fund and
steps should be taken to remit it to the District Local Library authority under intimation to audit.
• Grants have been received from the Central and State Governments for various projects to be undertaken in the
Greater Chennai Corporation and the projects are being implemented. The details of expenditure incurred and
not capitalised; and the details of expenditure not incurred/not capitalised, submitted for audit are attached
herewith. In that, the grants received under the following account heads amounting to Rs.2455,19,89,228.5/-
are pending and not spent. If the work under these schemes has been completed, appropriate steps should be
taken to assetize the property.
• Accrual based accounts were introduced in the Chennai Corporation from 01.04.82. But only property tax
calculations and interest payment calculations for loans are maintained in this system. Other income and
expenditure are followed on the basis of cash accounting.
• A separate account is being maintained only for Project expenditures incurred based on government grants and
loans received from other financial institutions. For these utilization certificates is being counter signed by
Local Fund Audit. Separate accounts are to be maintained for other project expenses also that do not require
utilization certificate.
As per the Auditor’s Report dated March 13, 2025 for F.Y. 2023-24:
• On verification it was found that in some heads, expenditure was made more than the balance which resulted
on debit balance in Trial balance.
• In advance register (ACC) only expenditures alone are recorded. This register has not been certified by the
appropriate authority. Thus, all the advance registers under the advance head has to be maintained in the below
said format and produced to audit.
• Registers for investments and securities were not properly closed or submitted for audit.
• Chennai Corporation – Administrative report for the year 2023-24 not sent to the government. As per Section
39 of the Chennai Corporation Act, 1919, an administrative report to be prepared for each financial year in the
Chennai Corporation, approved by the Commissioner and the Council, and the report to be sent to government
in the first week of April of the following financial year.
• Greater Chennai Corporation – Audit for the year 2023- 24 – Payment of daily collections of Amma Unavagam
to the Corporation account through M/s. Radiant, the agent of Karur Vysya Bank – Council’s ratification to be
obtained.
• Accrual based accounts were introduced in the Chennai Corporation from 01.04.82. But only property tax
calculations and interest payment calculations for loans are maintained in this system. Other income and
expenditure are followed on the basis of cash accounting.
• Greater Chennai Corporation – ACC – Audit for the year 2023 – 24 - Bank Reconciliation Statement - The
difference found in the Credit in Bank head between Bank statement and cash book was not reconciled –Defect
In Greater Chennai Corporation, all monthly closing balances in active bank accounts as per the cash books
should be reconciled with the bank accounts at the end of the month and year.
As per the Auditor’s Report dated June 6, 2024 for F.Y. 2022-23:
• The details of excess and short amounts shown in reconciliation statements with respect to the closing balances
of annual accounts and corresponding bank accounts were not provided to the audit. The closing balances of
the bank accounts have been reconciled after deducting a number of amounts from the annual accounts.
Necessary details were not furnished to the audit to ensure their correctness.
➢ Cases where demand has not been settled. No Demand was raised for the following items,
➢ Demand for land and building rent
➢ Advertisement Tax (129-A)
➢ Annual Charge for Cable TV Wire taken through Transmission Pole
➢ Entertainment Tax
• Account Code No.311170000 (Demolition) in Revenue Fund and Earmarked Fund Head has a cumulative
amount of Rs.60.83 lakh as on 31.03.2023. But the annual amount spent on demolition is not debited in
Account Code 311170000. Therefore, the amount spent so far for demolition should be noted and the amount
should be debited to the Demolition Fund Head and the balance amount should be credited under the
respective receipt head and adjusted.
27• During the audit of accounts for the year 2022-23, it was found that the advances issued under the following
heads of account in the advance account are still pending for a long time. The following cases should be
examined, and action should be taken to recover the amount without any arrears and be adjusted.
- Advance – Corporation Election Expenses
- Advance- Member of Parliament Election Expenses
- Advance – Member of Assembly Election Expenses
• The Corporation of Chennai was mandated to contribute a percentage of its General Fund Receipts to the
Chennai Metropolitan Development Authority (CMDA) as per various Government Orders (G.O.s). After
paying ₹1.45 crore by 1994, the Corporation sought exemption, citing CMDA’s grants from MIDA. However,
the Government rejected the request in 2000 and directed the Corporation to clear all pending dues without
arrears. Hence subject to the final decision of the government, necessary administrative action is to be taken
to remit arrears of contribution of Rs. 15493.12 Lakhs mentioned to CMDA.
• Accrual based accounts were introduced in Chennai Corporation from 01.04.82. But only property tax
calculation and loan interest payment calculation are maintained in this method. Other income and expenses
are followed on cash basis of accounting. Chennai Corporation is yet to bring all accounting activities under
standard accounts like other Municipal Corporations. Hence the receivables as on 31st March are not
calculated under the head "Income receivables". Similarly expenses payable as on 31st March have not been
calculated under the head ""Expenses payable"". Therefore, appropriate administrative action should be
taken by Chennai Corporation to bring all calculation activities under standard.
• As on 31-03-2023, the amount received by GCC under the heads - Refunds is (payable) Rs.23548.26 No record
has been maintained to monitor them till they are returned. These are returned only on the basis of challans.
Register should be maintained, and item wise details should be entered and reconciled with the closing balance
of the annual accounts and submitted for audit.
For details on all Audit Qualifications/ Observations, please refer to the Audit Report- Part I issued by the Local
Fund Audit Department for the F.Y. 2024-25, F.Y. 2023-24 and F.Y. 2022-23 annexed as Annexure V of this
Preliminary Placement Memorandum.
There can be no assurance that our statutory auditors will not include further similar comments in the audit reports
to our audited financial statements in the future, or that such remarks will not affect our financial results in future
financial years. Investors should consider the above observations while in evaluating our financial condition, results
of operations and cash flows. Any such similar comments on our financial statements in the future may affect the
trading price of the Green Bonds.
7. Our financing agreements impose certain restrictions on our operations, and our failure to comply with
operational and financial covenants may adversely affect our operations and reputation.
Our financing arrangements impose restrictions including to obtain prior consent for raising further indebtedness.
For the purpose of the Issue, we have obtained the necessary consents from our lenders, as required under the
relevant facility documentations for undertaking the Issue including any actions consequent to the Issue. Further,
any breach under our financing agreements could result in acceleration of our loan repayments or trigger a cross-
default under our other financing agreements. In some of our financing agreements, the lender may, at its discretion,
terminate or cancel the facility with immediate effect if we default under any other material agreements with any
other financing institution, adversely affecting our operations and financial condition. For further details, see
Section titled “Financial Information” beginning on page no. 96 of this Preliminary Placement Memorandum.
8. We are dependent on grants and support in the form of budgetary allocation from Central and State
Government for Central and State Government projects. Failure to obtain grants or any reduction in funding
in the form of grants or budgetary allocation from the government may adversely impact such projects.
The projects undertaken by the Issuer are very capital intensive and supported by grants and the form of budgetary
allocation from Central and State Government. Any reduction in budgetary allocation of capital, funding or non-
receipt of grants by the GoI and GoTN may materially affect projects being undertaken by the Issuer and impact
the Issuer’s operations, performance and asset generation capacity. Since grants are one of the main sources of
revenue for the Issuer, any irregularity in release of grants may affect the project implementation schedules and
affect the financial condition of the Issuer. Any delay in receipt of the grant may have an impact on our liquidity
28position. For details of grants received from the State Government please refer to Section VI: About the Issuer and
Capital Structure of the Issuer on page no. 49 of this Preliminary Placement Memorandum. Further, the growth
plans of the Issuer are mainly determined by the amount of grants and support in the form of budgetary allocations
and any adverse developments in the policy of the government in the manner in which it seeks to address the
development of the infrastructure needs of India will have a material and adverse effect on the Issuer’s operations.
Moreover, if the funding from grants decreases or if there is any adverse change in the pattern of allocation of the
tax collected by GoI or if there is a downturn in the macroeconomic environment in India or in the sectors which
are directly dependent on the infrastructure projects that the Issuer undertakes/ proposes to undertake, the Issuer’s
operations and future performance could be materially and adversely affected.
The proposed Project is also being financed by grants. In case of any delay in receipt of the grants, it may have an
impact the timeline for implementation of the Project.
9. The Project for which funds are being raised has not been appraised by any bank and is not insured for any
losses.
The Project for which funds are proposed to be financed through Green Bonds, and internal accruals of GCC,
including grants from Gol/GoTN have not been appraised by any bank. The Project have been approved by GCC
Council and the GoTN and apprised by financial institutions. The cost of the Project is based on the details, estimates
and assumptions given in Detailed Feasibility Report received for the Project and the related Project Cost approved
by the GoTN, the Bond Issue Committee and certified by the Project Consultant vide their certificate dated
December 17, 2025. Our budgeted costs for the Project may be insufficient to meet our proposed capital expenditure
requirements. Although GCC would endeavor to complete the Project on time and within the prescribed cost, a
funding gap could develop due to cost overruns, which may pose a contingent budgetary risk for GCC. While the
Issuer shall make best efforts to ensure implementation of the Project within the estimated timelines there may be
delays due to unforeseen circumstances beyond the control of the Issuer. The non-implementation of the Project as
per the schedule of implementation will affect the Issuer's performance and asset generation capacity, receipt of
grants from GoI/GoTN and thereby impacting the business, cashflow and financial conditions of the Issuer. The
schedule of implementation has been provided under Objects of the Issue chapter beginning on page no. 58 of this
PPM.
However, to mitigate any potential risk of default, the Issuer has implemented a Structured Payment Mechanism,
as detailed on page 149 of the Preliminary Placement Memorandum. This mechanism incorporates a clearly defined
waterfall structure that ensures timely and prioritized payments of coupon and principal payments.
10. We are eligible for incentive from Government of India, Ministry of Housing and Urban Affairs under Atal
Mission for Rejuvenation and Urban Transmission 2.0 ("AMRUT 2.0") for raising funds from Green Bonds.
We cannot assure that we will be able to successfully raise the Green Bonds and any failure to raise funds
through issuance of Green Bonds in a timely manner may impact our ability to receive incentive from
Ministry of Housing and Urban Affairs, Government of India.
The Corporation will be eligible to receive incentive as per D.O. No. K-14012/01/2022-AMRUT-IIB dated April
07, 2025 from Ministry of Housing and Urban Affairs Government of India under Atal Mission for Rejuvenation
and Urban Transmission 2.0 ("AMRUT 2.0") for raising of funds through the proposed Green Bonds.
AMRUT 2.0 was launched with the objective of making cities ‘Aatma Nirbhar’ and water secure. Under the said
circular / notification of AMRUT 2.0, up to 15 urban local bodies on ‘first come, first serve’ basis during the mission
period to issue municipal bonds, and in case of issuers who have already issued municipal bonds the subsequent
bonds issued meeting the definition of green bonds by SEBI, will be eligible for incentives. In such cases, incentive
of ₹ 10.00 crores will be given for every ₹ 100.00 crores of green bonds issued subject to a limit of ₹ 20.00 crores
per urban local body. Urban local bodies raising bonds for the first time shall, on the other hand, be eligible for an
incentive of Rs 13.00 crores per ₹ 100.00 crores of bond issued, subject to a limit of ₹ 26.00 crores per urban local
body.
Any failure by us to complete the Issue in a timely manner due to future events, unforeseen circumstances or reasons
beyond the control of the Issuer may impact our ability to claim incentives under AMRUT 2.0 from Government
of India, Ministry of Housing and Urban Affairs.
2911. The combined financial information of the Issuer are unaudited and are based on audited financial
statements of the funds prepared in accordance with the Act.
As per the Section 63 of the Tamil Nadu Urban Local Bodies Act, 1998, the State Government appoints auditors
for auditing the accounts of receipt and expenditure of the municipal fund. The municipal accounts consist of
receipts and expenditure under the General Fund, Education Fund, and other fund established for the accounting of
receipts and expenditure relating to any specific scheme or project. All the accounts of the municipality are audited
by the Director of Local Fund Audit/ Local Fund Audit Department.
While the audit is conducted for books of accounts and financial statements of the funds, for the purpose of the
Issue, the combined Financial Information (which consolidates the financial statements derived from audited
financial statement of Municipal Fund, Capital Fund & Elementary Education Fund except Earmarked Fund)
comprising the Abridged Balance Sheet, Income and Expenditure Statements and Cash Flow Statements for the
year ended March 31, 2025, March 31, 2024, and March 31, 2023 (collectively, the “Financial Information”) has
been prepared based on the audited financial statement of the Issuer and have been examined by the N. Raja &
Associates, Chartered Accountants (“Independent Chartered Accountant for the Issue”). Reliance on unaudited
information should, accordingly, be limited.
Additionally, the financial statements for the half year ended September 30, 2025 referred under “Material
Developments Since Date of the Last Audited Balance Sheet” have not been audited or subjected to limited review
by the auditors. Further, such unaudited financial statements are not indicative of full year results and are not
comparable with annual financial statements or half yearly financial statements for the same period of previous
financial year. Reliance on such information should accordingly be limited.
For more details on the presentation of financial information of the Issuer, please refer to “Note on Audited Financial
Statements” on page 20 of the PPM.
Risks relating to Credit Risk
12. The credit rating assigned to Green Bonds may be downgraded. Any downgrading in credit rating of the
Issuer and/or the Green Bonds may adversely impact our creditworthiness and, thus, our ability to raise
further debts.
The Green Bonds have been rated (a) Provisional CARE AA+/Stable by CARE Ratings Limited vide its letter dated
December 16, 2025 and a rating rationale dated December 17, 2025, and (b) Provisional Acuite AA+ (Stable) by
Acuité Ratings & Research Limited vide its letter dated December 12, 2025 and a rating rationale dated December
12, 2025. The above-mentioned credit ratings may not reflect the potential impact of any future uncertainties related
to structure, market and/or other factors that may affect the value of the Green Bonds.
However, if there is a deterioration in our financial performance or position, accumulation of debt or if there are
any statutory or regulatory restrictions detrimentally affecting our ability to collect revenues or manage expenditures
due to future events, unforeseen circumstances or reasons beyond the control of the Issuer, our credit rating and
credit rating assigned to the Green Bonds may be downgraded. Any downgrading in our credit rating or credit rating
of instruments will result in an enhanced risk to the Bondholders.
Further, in terms of the rating rationale issued by CARE Ratings Limited on December 17, 2025 and Acuité Ratings
& Research Limited on December 12, 2025 and the outlook has been kept as ‘Stable’, considering the year on year
increase in tax revenue and collection efficiency and a healthy cash surplus
The Issuer cannot guarantee that the credit rating(s) of the Issuer or the Green Bonds will not be downgraded by the
Rating Agencies in future. Thus, the credit rating(s) is not a recommendation to buy, sell or hold the Green Bonds
and investors should take their own decisions. The ratings provided by the Rating Agencies may be suspended,
withdrawn or revised at any time including without limitation on financial deterioration of the Issuer. Any revision
or downgrading in the above credit rating may lower the value of the Green Bonds and may also affect the Issuer’s
ability to raise further debt. In such cases where the value of the Green Bonds decreases, potential investors may
incur losses on sale of their investment in the secondary market. Please refer to Annexure II on page A-7 for rating
letters, revalidation letters and rationales for the above rating
Financial Risk including Liquidity Risk
3013. Collection ratios of Issuer may vary in the future that may impact the financial condition of the Issuer.
The overall collection ratios of Property Tax which is one of the main sources of own revenue for the Issuer are
83% in Financial Year 2024-25, 77% in Financial Year 2023-2024 and 72% in Financial Year 2022-2023. The
overall collection of Property Tax which is one of the main sources of revenue has increased from Rs. 1572.84
Crore in Financial Year 2023 to Rs. 1755.95 Crore in Financial Year 2024 and Rs 2023.89 Crore in Financial Year
2025. The overall collection has improved from 72% in Financial Year 2023 to 83% in Financial Year 2025. Though
the total collections have increased from the last three years, however, there can be no assurance that the total
collection may not decrease in future which will have an impact on the financial condition of the Issuer. The portion
of property tax due but not collected is shown as receivables in our financial statements. While the Issuer has now
implemented various reforms, measures and established systems to improve the collection of Property Tax, due to
unforeseen circumstances beyond the control of the Issuer there can be no assurance of timely collection of such
arrears.
Any shortage in collections in any period may result in a mismatch in revenue and expenditure of the Issuer and the
funds may be inadequate for transfer to the Escrow Account. Such shortfall will impact the Issuer’s financial
condition and the Issuer’s ability to meet its obligations in respect of the Green Bonds. For further details please
refer to the “Details of Property Tax collection” of Section X: Financial Information on page no. 103.
The obligations towards Green Bonds are covered through the Structured Payment Mechanism whereby any
shortfall towards payments to be made in respect of the Green Bonds will be transferred from the DSRA and Upfront
FD, in terms of the Transaction Documents.
.
14. The Green Bonds are unsecured and the Issuer’s ability to pay Coupon and redeem principal in accordance
with the terms of the Issue is subject to various factors affecting the Issuer’s financial condition. Any adverse
change in these factors may have an adverse impact Issuers ability to pay interest accrued on the Green
Bonds and/ or the principal amount in timely manner as outstanding from time to time
The Issuer's ability to pay Coupon accrued on the Green Bonds and/or the principal amounts outstanding from time
to time in connection therewith would be subject to various factors, including inter alia the Issuer's financial
condition, profitability, revenue generation and general economic conditions prevailing in India and in the global
financial markets. Any adverse change in these factors may have an adverse impact on our financial condition and
our ability to pay interest accrued on the Green Bonds and/ or the principal amount in timely manner. The Issuer
shall create a structured payment mechanism through which the funds lying in account(s) in which the Property Tax
from Zone 3 and Zone 9 gets collected and/ or pooled by the Issuer shall be transferred to the Escrow Account for
debt servicing on daily basis.
The Issuer’s ability to timely pay interest accrued on the Green Bonds and/ or the principal amount outstanding
from time to time in connection therewith would be subject to various factors, including inter-alia timely completion
of the Project, on-time recovery of Property tax collections and the general economic conditions prevailing in India
and in the global financial markets.
In the event of any default, the Bond Holders may not be able to recover, on a timely basis, the full value of the
outstanding amounts and/or the interest accrued thereon in connection with the Green Bonds. The Green Bonds are
not “secured debt securities” for the purposes of the SEBI (ILMDS) Regulations, 2015 and corresponding
provisions of Applicable Law. The amounts payable towards the principal amount of the NCDs together with all
the interest/coupon due and payable on the NCDs, as well as costs, charges, all fees, remuneration of Debenture
Trustee and expenses payable in respect thereof shall be secured by way of creating lien over such security as
mentioned in Term sheet on page no. 140 of this PPM. As the Green Bonds are unsecured in nature, the potential
investor may not be able to recover on a timely basis or at all, the full value of the outstanding amounts and/ or the
interest accrued thereon in connection with the Green Bonds.
In the event of any default, Debentures Trustee shall take all steps to ensure redemption of Debentures and
enforcement of Security or any other legal recourse available to the Bond Holders as per the terms of the Transaction
Documents and in accordance with the Applicable Law.
The obligations towards Green Bonds are covered through the Structured Payment Mechanism whereby any
shortfall towards payments to be made in respect of the Green Bonds will be transferred from the DSRA and Upfront
31FD, in terms of the Transaction Documents. However, given the nature of the Issuer and of the structure of the
payment mechanism, in case of any default by the Issuer, the process to be followed for recovery of investor's
monies might be time-consuming.
Business Risk
15. We are dependent on information technology and any breach of information technology may affect the
Issuer’s activities.
Our operations are dependent on information technology. The Issuer has undertaken various reforms towards
digitisation of payment of tax and other services. A failure, inadequacy or security breach in the information
technology and telecommunication systems or an inability to adapt to rapid technological changes may adversely
affect the Issuer’s activities, timely collection of taxes and the Issuer’s financial condition.
Our ability to maintain and upgrade its information technology systems and infrastructure on a timely and cost-
effective basis, including the ability to process a large number of transactions on a daily basis may have an impact
on the Issuer’s business. Our operations also rely on the secure processing, storage and transmission of confidential
and other information in its computer systems and networks. We have engaged various private sectors entities for
enabling the digitalization. If any of these entities is unable to meet the desired objectives these services may fail to
operate adequately or become disabled as a result of events that may be beyond our control, including a disruption
of electrical or communications services. Further, the computer systems, software and networks may be vulnerable
to unauthorised access, computer viruses or other attacks that may compromise data integrity and security and result
in information or identity theft, as a consequence of which our operations and future performance could be
materially and adversely affected.
16. If we are unable to protect our trademarks, others may be able to use our trademarks and tradenames to
compete more effectively. Also, we may breach third-party intellectual property rights.
Our logo ‘ ’ is not registered with the Trademarks Registry.
We will not be able to avail legal protections under the trade mark or prevent unauthorised use of such trademarks
by third parties. Our efforts to protect our intellectual property or proprietary information and the measures we take
to identify potential infringement of our intellectual property may not be adequate to detect or prevent infringement,
misappropriation or unauthorized use. Any such misappropriation or duplication of our name, registered/ official
addresses, corporate logos or other intellectual property or proprietary information may disrupt our business, distract
management and employees, reduce revenues and increase expenses. In addition, we may also become subject to
infringement claims. Even if claims against us are not meritorious, any legal, arbitral or administrative proceedings
that we may be required to initiate or defend in this regard may be time-consuming, costly and harmful to our
reputation, and there is no assurance that such proceedings will ultimately be determined in our favor. Furthermore,
the application of laws governing intellectual property rights in India is continuously evolving and there may be
instances of infringement or passing-off of our brand in Indian markets. Our failure to adequately protect our brand,
trademarks and other related intellectual property rights may adversely affect our business, financial condition and
results of operations.
We may be subject to claims by third-parties, both inside and outside India, if we breach their intellectual property
rights by using slogans, names, trademarks or other such rights that are of a similar nature to the intellectual property
these third-parties may have registered or are using. We might also be in breach of such third-party intellectual
property rights due to accidental or purposeful actions by our employees where we may also be subjected to claims
by such third-parties.
To the best of our knowledge, there are currently no such claims and our use of the trademark has not infringed
upon any existing intellectual property rights and such usage is not in conflict with, or in violation of any Applicable
Law or any binding contractual or fiduciary obligation. However, any legal proceedings that result in a finding that
we have breached third-parties' intellectual property rights, or any settlements concerning such claims, may require
us to provide financial compensation to such third parties or stop using the relevant intellectual property (including
by way of temporary or permanent injunction) or make changes to our marketing strategies or to the brand names
of our products, any of which may have a material adverse effect on our business, prospects, reputation, results of
operations and financial condition.
3217. Reliance on third-party intermediaries, contractors and service providers.
The Issuer while undertaking various projects relies on third-party intermediaries, contractors and service providers
who may not perform their obligations satisfactorily or in compliance with Applicable Laws.
The Issuer enters into outsourcing arrangements/ contracts with civil contractors for undertaking various civil
contracts and with third party vendors for providing various services. Any failure by the contractors or service
providers to provide a specified service, develop the Projects and maintain it or a breach in security/ confidentiality
or non-compliance with legal and regulatory requirements may result in financial loss, loss of reputation, delay in
the Projects and have an adverse impact on the financial condition of the Issuer.
Further if the third parties upon which the Issuer relies on cannot expand system capacity to handle increased
demand, or if any of their systems otherwise fail to perform or experience interruptions, malfunctions, disruptions
in service, slower response times or delays, then we could incur reputational damage, regulatory sanctions, litigation
and loss of trading, any of which could materially adversely affect the Issuer’s financial condition. While the Issuer
ensures sufficient measures are undertaken and clauses are built in the agreements with the contractors / service
providers/ third parties to prevent such risks, these measures may not be sufficient to deter such activities in all
cases, which may adversely affect our operations and profitability.
18. Labour Related Risks
India has stringent labour legislation that protects the interests of workers, including legislation that sets forth
detailed procedures for discharge of employees and dispute resolution and imposes financial obligations on
employers upon employee layoffs. As a result of such stringent labour regulations, it is difficult for the Issuer to
maintain flexible human resource policies, discharge employees or downsize, which may adversely affect our
business, financial condition and results of operations. Additionally, some of our employees are part of certain
industry labour unions and such unions could result in labour unrest. Strikes or work stoppages or any mishaps/
accidents impacting the labour in future could have an adverse impact on our operations. Recently, the Government
of India has given its assent to enact (i) Code on Wages, 2019 (ii) Industrial Relations Code, 2020 (iii) Code on
Occupational Safety, Health & Working Conditions Code, 2020 (iv) Code on Social Security, 2020 which has
replaced some of the existing labour laws with the objective to simplify and modernize labour regulations, which
have come into force with effect from November 21, 2025.
We, from time to time, for certain activities, appoints independent contractors who in turn may engage on-site
contract labour for performance of certain activities. The spread of the Covid-19 virus and the measures taken by
the Government of India and Government of Tamil Nadu including lockdown and curfew have had a negative
impact on the movement and activities of contract labour. This has had a negative impact on the activities of
execution agencies such as civil contractors and other vendors that have been engaged by the Issuer. Further, the
Issuer may be held responsible for any payment of wages/ compensation for any accidents or losses relating to such
contracted labourers in certain cases even though such labourers are not directly engaged by the Issuer. Such an
event may have an adverse impact on the Issuer’s financial position and operations due to future events, unforeseen
circumstances or reasons beyond the control of the Issuer.
3319. We are exposed to operational risks, including employee negligence, petty theft, burglary and embezzlement
and fraud by employees or third parties, which could harm our results of operations and financial position.
We are exposed to operational risks, including employee negligence, petty theft, burglary and embezzlement and
fraud by employees or third parties, which could harm our results of operations and financial position. We may do
cash collections to recover our dues. Such cash transactions may expose us to the risk of theft, burglary and
misappropriation or unauthorized transactions by our employees and fraud by employees or third parties. Our
insurance policies, security systems and measures undertaken to detect and prevent these risks may turn out to be
insufficient to prevent or deter such activities in all cases or due to future events, unforeseen circumstances or
reasons beyond the control of the Issuer, which may adversely affect our operations and profitability. Further, we
may be subject to regulatory or other proceedings in connection with any unauthorized transaction, fraud or
misappropriation by our representatives and employees, which could adversely affect our goodwill.
20. The Issuer has instances of delayed payment/ non-payment of statutory dues, which may attract additional
charges and affect the Issuer’s financial condition.
The Issuer has instances of delayed payment/ non-payment of statutory liabilities like Tax-Deducted at Source,
Government Dues, GST, etc. For details of non-payment of statutory dues of the Issuer, please refer to paragraph I
of “Details of non-payment of statutory dues” of Section XI: Legal and Other Information on page no. 108 of this
Preliminary Placement Memorandum. Such instances may attract additional charges towards penalty, late payment
fees, late filing fees, interest payments as per applicable provisions and may affect the Issuer’s financial condition.
EXTERNAL RISK FACTORS
General Risk
21. There may be less information available about the municipal corporations listed on the Indian securities
markets compared with information that would be available if we were listed on securities markets in certain
other countries.
There may be differences between the level of regulation and monitoring of the Indian securities markets and the
activities of investors, brokers and other participants in India and that in the markets in the United States and certain
other countries. SEBI is responsible for ensuring and improving disclosure and other regulatory standards for the
Indian securities markets. SEBI has issued regulations and guidelines on disclosure requirements, insider trading
and other matters. There may, however, be less publicly available information about a municipal corporation listed
on an Indian stock exchange compared with information that would be available if that the said municipal
corporation was listed on a securities market in certain other countries. As a result, investors may have access to
less information about the operations, results of operations, cashflows and financial conditions than you may find
in the case of municipal corporations listed on a securities market of other more developed countries.
22. Political Scenario prevailing in India might risk our business.
Periodic elections and/ or rotation of the officers might pose a risk to the operations of the Issuer since a change in
the government might shift the policy focus for the municipal corporation which will impact the ongoing activities
of the Issuer. Such changes in policy focus might affect the relative priority of capital expenditures for the Project
and other projects undertaken by the Issuer.
23. Any future changes in Government Policies may affect the collection of revenue of the Issuer and may also
affect the management of the expenditure.
The Issuer’s operations are dependent on the policies of the government, central as well as state initiatives. Any
future changes in government policies detrimental to the Issuer may affect the collection of revenue of the Issuer
and may also affect the management of the expenditure of the Issuer. Further, inconsistencies in our revenue
collection and any lack of support in terms of regulatory initiatives will adversely affect the Issuer’s operations, as
will any delayed response in policy alteration or other regulatory impediments, which will adversely affect the
Issuer’s operations. Additionally, policies of central and state government which mandate urban local bodies to
focus on development in certain specific sectors or areas or future events, unforeseen circumstances or reasons
beyond the control of the Issuer may will affect the Issuer’s projects and operations.
3424. Material changes in regulations to which the Issuer is subject could impair the Issuer’s ability to meet
payment or other obligations.
The Issuer is subject to changes in Indian laws, as well as to changes in government regulations and policies and
accounting principles. Any changes in the regulatory framework or in the enforcement of the laws and regulations
could adversely affect the profitability of the Issuer or its future financial performance, by requiring a restructuring
of its activities, increasing costs or otherwise.
25. External factors like natural calamities, pandemics, protest, riots, terrorism etc. may affect our operations
and may delay the implementation of proposed Project.
Any occurrence of natural calamities like storm, flash floods, any instance of pandemics, protest, riots etc. could
hamper the transportation facilities, impact mobility and functioning of the city and hence the implementation of
proposed Project. Though we are scaling up our internal systems to take care of any such sudden events, in case
they occur in future, these conditions may result in hampering the functioning of GCC due to additional cost burden
for retrieving the city back to normalcy.
26. Decentralization with respect to Municipal Corporations.
GCC has legislative and administrative control over its operating revenues, expenditure and capital plans, as
permitted under the relevant Act. Nevertheless, changes in State and Central Government revenue sources and
regulatory frameworks could have an effect on the credit profile of GCC (positive and negative), should those
changes result in devolution of power, of revenues or of spending mandates.
Additionally, being a government organization, GCC is subject to regulations by Indian governmental authorities.
There may be future changes in the regulatory system or in the enforcement of the laws and regulations that could
adversely affect GCC.
27. The Issue may not be fully subscribed to by potential investors.
In case the Issue is not fully subscribed to by potential investors, the Issuer may be unable to meet the funding
requirements of the Project from the proceeds of the Issue to the full extent. The Issuer may be required to raise
additional funds to meet the shortfall in funding the Project through other sources which may lead to a delay in the
completion of the Project. The funding gap may develop due to such shortfall in full subscription to the Issue, in
which the Issuer may utilize its internal accruals or obtain funding through other means for completion of the
Project. Please refer to paragraph J (Capital structure relating to Project for which funds are proposed to be
mobilised) of Section VI About the Issuer and Capital Structure of the Issuer on page no. 57 of this Preliminary
Placement Memorandum.
28. There may be a delay in making refunds to applicants.
The Issuer is obligated to ensure refund of application money to applicants in case of any failure in obtaining
listing or trading permission of NCDs within seven days of receipt of intimation from the Stock Exchange.
However, in case of delay in refund the Issuer will be liable to repay the entire monies, with interest at the rate of
15% (fifteen percent) per annum till such refund is made as per provisions of the SEBI Municipal Debt Regulations.
Risk in relation to the Green Bonds
29. The Issuer shall do all necessary actions for listing of the bond in timely manner, however there is no
assurance that the Green Bonds issued pursuant to this Issue will be listed on NSE in a timely manner, or at
all.
In accordance with Indian law and practice, permissions for listing and trading of the Green Bonds issued pursuant
to the Issue will not be granted until after the Green Bonds have been issued and allotted. Approval for listing and
trading will require all relevant documents to be submitted and carrying out of necessary procedures with the Stock
Exchange. There is no assurance that the Green Bonds issued pursuant to the Issue shall be listed on the Stock
Exchange in a timely manner, or at all. However, in case of delay in listing of the Debentures beyond 3 (Three)
working days from the Issue Closing Date, the Issuer shall pay penal interest of at least 1% p.a. (One percent per
35annum) which shall be paid over and above the Coupon Rate for the period of delay (i.e. from the date of allotment
to the date of listing) as specified in Chapter VII of the SEBI Master Circular.
Further, in accordance with the SEBI Municipal Debt Regulations, in case the Issuer fails to obtain listing or trading
permission from the Stock Exchange, it shall refund the entire monies received within seven days of receipt of
intimation from the Stock Exchange and if any such money is not repaid after the Issuer becomes liable to repay it,
the Issuer shall be liable to repay that money with interest at the rate of 15% (fifteen percent) per annum till such
refund is made.
30. Changes in interest rates may affect the price of the Green Bonds. Any increase in rate of interest is likely to
have a negative effect on the price of our Green Bonds.
All securities where a fixed rate of interest is offered, such as the Green Bonds, are subject to price risk. The price
of such securities will vary inversely with changes in prevailing interest rate, i.e., when interest rates rise prices of
fixed income securities fall and when interest rates drop, the prices increase. The extent of fall or rise in the prices
is a function of the existing coupon, days to maturity and the increase or decrease in the level of prevailing interest
rates. Increased rates of interest which frequently accompany inflation and/ or a growing economy are likely to have
a negative effect on the price of the Debentures.
The secondary market pricing of the Green Bonds is subject to factors affecting the general economic condition in
India and in the domestic and global financial markets. All securities where a fixed rate of interest is offered, such
as in the present case, are subject to price risk. The price of such securities will vary inversely with changes in
prevailing interest rates, i.e., when interest rate rises prices of fixed income securities fall and when interest rates
drop, the prices increase. The extent of fall or rise in the prices is a function of the existing coupon, days to maturity,
credit rating and the increase or decrease in the level of prevailing interest rates. Thus, the investor may face
volatility in the price of the bond issued due to above mentioned factors.
31. Green Bonds are subject to the risk of change in law.
The terms and conditions of the Green Bonds are based on Indian law in effect as of the date of issue of the Green
Bonds. No assurance can be given as to the impact of any possible judicial decision or change to Indian law or
administrative practice after the date of issue of the Green Bonds and any such change could materially and
adversely impact the value of any Green Bonds affected by it.
32. There may be nil or partial allotment to investors in case of oversubscription of the Issue.
In case the Issue is oversubscribed the allotments will be made to the applicants on yield-time priority/ pro-rata
basis in line with the SEBI EBP Guidelines and the NSE EBP Guidelines and the investors may not receive
allotment to the full extent of their application size or any allotment at all. Accordingly, the investors may get partial
allotment or no allotment at all in case of oversubscription of the Issue, depending on their bids on the EBP Platform,
in accordance with SEBI EBP Guidelines and the NSE EBP Guidelines.
33. There may be no active market for the Green Bonds on the platform of the Stock Exchange. As a result, the
liquidity and market prices of the Green Bonds may fail to develop and may, accordingly, be adversely
affected.
There can be no assurance that an active market for the Green Bonds will develop. If an active market for the Green
Bonds fails to develop or be sustained, the liquidity and market prices of the Green Bonds may be adversely affected.
The market price of the Green Bonds would depend on various factors, inter alia, including (i) the interest rate on
similar securities available in the market and the general interest rate scenario in the country (ii) the market for
listed debt securities, (iii) general economic conditions, and (iv)our reputation, financial performance and results of
operations. The aforementioned factors may adversely affect the liquidity and market price of the Green Bonds,
which may trade at a discount to the price at which you purchase the Green Bonds and/or be relatively illiquid.
The Green Bonds may be less liquid, and no secondary market may develop in respect thereof. Even if there is a
secondary market for the Green Bonds, it might not offer substantial liquidity. Potential investors may have to hold
the Bond until redemption to realise any value.
3634. The Issuer, post listing of the Green Bonds shall be subject to continuous listing compliances with applicable
rules and regulations with respect to such listed non-convertible debentures.
The Green Bonds are proposed to be listed on the NSE. Subsequently, we will be required to comply with various
applicable rules and regulations, including the SEBI circulars issued on continuous disclosures and compliances for
our Green Bonds.
Despite best efforts of the Issuer to comply with all Applicable Law post listing of the Debentures on NSE, there
may be instances of delays or non-compliances in relation to continuous disclosures and filings in terms of the listed
non-convertible debentures. If we fail to rectify such non-compliances or comply with such rules and regulations
including any further compliance notified by NSE or relevant regulatory authorities, we may be subject to certain
penal actions, imposition of which may have an adverse effect on our operations, reputation and financial condition.
37SECTION-V: GENERAL INFORMATION
A. Details of the Issuer
i) Name of the Issuer: Greater Chennai Corporation
ii) Head Office of the Issuer:
Ripon Building, 16, EVR Periyar Salai, Chennai - 600 003
Ph: 044-25619211
Email id: gccmunibonds@gmail.com
Website: www.chennaicorporation.gov.in
iii) Other Offices of the Issuer:
The Issuer has following Zonal Offices:
Zone No. Zone Name Address of the Zonal Office*
1. Thiruvottriyur No.947, Thiruvotriyur High Road, Chennai-600019
2. Manali No.1, Kamarajar Salai, Manali, Chennai-600 068
3. Madhavaram Bazaar Road, Madhavaram, Chennai-600060
4. Tondiarpet No.266,Thiruvotriyur High Road, Chennai-600021
5. Royapuram No.62, Basin Bridge Road, Old Washermenpet, Chennai-600021
6. Thiru-Vi-Ka Nagar No.158, Strahans Road, Pattalam, Chennai - 600 012
7. Ambattur Thiruvallur High Road, Opp Dunlop, Chennai - 600053
8. Anna Nagar Door No.36B, 2nd Cross Street, Pulla Avenue, Shenoy Nagar,
Chennai- 600030
9. Teynampet No.4,4th Cross Street, Lakeview Road, Chennai - 600034
10. Kodambakkam No.64, NSK Salai, Kodambakkam, Chennai - 600024
11. Valasaravakkam No.33, Arcot Road, Valasaravakkam, Chennai – 600087
12. Alandur No.1, New Street, Near GST Road, Alandur, Chennai – 600016
13. Adyar No:115, Dr.Muthulakshmi Salai, Adyar, Chennai-600020
14. Perungudi No.6/64, Puzhuthiwakkam Main Road, Chennai – 600091
15. Sozhinganallur No.120, Rajiv Gandhi Salai (OMR), Sholinganallur, Chennai-
600119
*The addresses for the zonal offices of the Issuer have been certified by the Municipal Commissioner vide his
letter dated March 19, 2025.
B. Details of the registered and corporate office of the Issuer
Not applicable, as the Issuer is a Municipal Corporation.
C. Details of Mayor/Deputy Mayor
Sl. No. Particulars Designation Date of Appointment
1. Mrs. R. Priya May or March 04, 2022
2. Mr. M. Magesh Kumaar Deputy Mayor March 04, 2022
D. Details of Commissioner/Deputy Commissioners
Date of Appointment
Sl. No. Designation Name of the Officer
for the Designation*
1. Municipal Commissioner S hri J. Kumaragurubaran (I.A.S.) July 17, 2024
Joint Commissioner Smt. K. Karpagam (I.A.S.) October 03, 2025
2.
(Education)
Joint Commissioner Shri Dr. V.P. Jeyaseelan, (I.A.S.) July 02, 2025
3.
(Health)
Assistant Commissioner Selvi Umamaheswari Ramachandran January 11, 2024
4.
(G.A &P) General Department
Deputy Commissioner Shri M. Birathiviraj (I.A.S) October 04, 2024
5.
(Revenue and Finance)
6. Deputy Commissioner Shri V. Sivakrishanamurthy (I.A.S) June 15, 2024
38Date of Appointment
Sl. No. Designation Name of the Officer
for the Designation*
(Works)
Regional Deputy Commissioner Shri Aftab Rasool (I.A.S) June 26, 2025
7.
(South)
Regional Deputy Commissioner Shri Katta Ravi Teja (I.A.S) October 19, 2023
8.
(North)
Regional Deputy Commissioner Shri H.R. Koushik (I.A.S) June 30, 2025
9.
(Central)
*Date of taking charge at the Designation
E. Details of the members of the Committee approving the projects/ various Standing Committees
relating to Taxation / Finance /Accounts/ Audit/ Infrastructure.
The Issuer has 6 Standing Committees and a Bond Issue Committee.
Standing Committees
The Standing Committees comprise of members appointed by the Council from amongst themselves
after the general elections. Presently the Issuer has the following 6(six) Standing Committees
comprising of the members elected vide Council Resolution No. 189/97 dated October 25, 2024:
▪ Accounts and Audit Committee
The Accounts and Audit Committee carries out important duties such as verification of the
corporation budgets and approval of audit notes. This committee considers the files related to
accounts and audit from departments like Central Accounts Group and Audit Division.
Member of the
Date of Appointment Committee since
Name and Designation Remarks
/Resignation (in case of
resignation)
Chairman
Shri.Dhanasekaran March 31, 2022 - -
Members
S.Bharathi March 31, 2022 - -
K.Saradha March 31, 2022 - -
C.Anandhi March 31, 2022 - -
B.Malini March 31, 2022 - -
Shanthi Yazhini March 31, 2022 - -
V. Rajakumari March 31, 2022 - -
P. Vimala March 31, 2022 - -
T. Kiran-sharmili March 31, 2022 - -
S. Dhanalakshmi March 31, 2022 - -
J. Devi March 31, 2022 - -
L. Sundararajan March 31, 2022 - -
K. Dhanaasekaran March 31, 2022 - -
Parithillamsuruthi March 31, 2022 - -
V. Babu March 31, 2022 - -
A Dhirthi March 31, 2022 - -
▪ Health and Family Welfare Committee
The Health and Family Welfare Committee considers Public Health, Mother-child Health, Indian
Family Health Plan-5, Malaria Eradication, Laboratories and Solid Waste Management, Repair
of Vehicles, Procurement of Vehicles and Procurement of Medicines. This committee considers
39files received from Departments such as Department of Health, Department of Family Welfare,
Population Plan of India, Department of Solid Waste Management, and Department of
Mechanical Engineering.
Member of the
Date of Appointment Committee since
Name and Designation Remarks
/Resignation (in case of
resignation)
Chairman
Dr. K Shanthakumari March 30, 2022* - -
Members
Dr. A.Pa. Poornima March 30, 2022 - -
A. Solomon March 30, 2022 - -
L. Ramani March 30, 2022 - -
S. Baskar March 30, 2022 - -
N. Adhiyaman March 30, 2022 - -
M. Sivakumar March 30, 2022 - -
Alappakkam K. Shanmugam March 30, 2022 - -
Dr. Tamizharai Somu March 30, 2022 - -
C Sreethani March 30, 2022 - -
M Renuka March 30, 2022 - -
K. Vimala March 30, 2022 - -
Selvi Ramesh March 30, 2022 - -
M Gunasundari March 30, 2022 - -
Punithavathi Ethirasan March 30, 2022 - -
Dr. G. Santhakumari March 30, 2022 - -
*Designated as Chairman on March 31, 2022
▪ Education, Enlightenment, Sports Grounds and Park Committee
This Education, Enlightenment, Sports Grounds and Park Committee considers the files on
nutrition’s centres, enlightenment movement, playgrounds and park management in schools.
Having core functions like teaching in primary schools, middle schools, high schools and higher
secondary schools managed by Chennai Corporation. This committee considers files from
departments like Education Department, Enlightenment, Parks and Sports Department.
Member of the
Date of Appointment Committee since
Name and Designation Remarks
/Resignation (in case of
resignation)
Chairman
Shri Viswanathan March 30, 2022* - -
Members
Sa. Nanthini March 30, 2022 - -
K.V Nagavalli March 30, 2022 - -
B. Amutha March 30, 2022 - -
R. Stella Jasmine Rathna March 30, 2022 - -
M. Ramani Madhavan March 30, 2022 - -
A. Priyadharshini March 30, 2022 - -
Fathima Ahamad March 30, 2022 - -
T. Nllavarasi March 30, 2022 - -
K. Mathivanan March 30, 2022 - -
E. Elumalai March 30, 2022 - -
A.R.R Malaichamy March 30, 2022 - -
P. Subbiramani March 30, 2022 - -
R. Jegadeesan March 30, 2022 - -
V. Parimalam March 30, 2022 - -
40*Designated as Chairman on March 31, 2022
▪ Urban Planning and Development Committee
This Urban Planning and Development Committee considers the files received from the Town
Planning Department regarding town planning and development.
Member of the
Date of Appointment Committee since
Name and Designation Remarks
/Resignation (in case of
resignation)
Chairman
D.Ilango @ D.IlayaAruna March 30, 2022* - -
Members
S. Rajeswari March 30, 2022 - -
M. Davood Bee March 30, 2022 - -
K. Rani March 30, 2022 - -
R. Geetha March 30, 2022 - -
M. Radhika March 30, 2022 - -
J. Poongodi March 30, 2022 - -
S. Kanimozhi March 30, 2022 - -
K. Ekambaram March 30, 2022 - -
K. Kasinathan March 30, 2022 - -
S. Jeevan March 30, 2022 - -
T.V Semmozhi March 30, 2022 - -
M. Ravishankar March 30, 2022 - -
S. Baskaran March 30, 2022 - -
K. Porkodi March 30, 2022 - -
*Designated as Chairman on March 31, 2022
▪ Taxation and Finance Committee
The Taxation and Finance Committee considers the files received with regard to the works like
property tax, professional tax, levy of other taxes, transfer of land ownership, lease of corporation land
to other departments, removal of encroachments, control of financial position, consideration of the
budget plan are received from Departments like Revenue Department, Central Accounts Committee,
Land and Property Department. Also, this committee will consider the files sent from other standing
committees regarding financial requirement and forward it to the Council with its recommendation.
41Member of the
Date of Appointment Committee since
Name and Designation Remarks
/Resignation (in case of
resignation)
Chairman
Sarbhajayadas March 30, 2022* - -
Members
M.A Nanthini March 30, 2022 - -
B.M Brindhashree March 30, 2022 -
Uma Saravanan March 30, 2022 - -
T. Subashini March 30, 2022 - -
A. Revathi March 30, 2022 - -
K. Hemalatha March 30, 2022 - -
Sarpajayadoss March 30, 2022 - -
SudhaDeenadhayalan March 30, 2022 - -
M.E Sekar March 30, 2022 - -
J. Manikandan March 30, 2022 - -
G. Duraisamy March 30, 2022 - -
C. Kumarasamy March 30, 2022 - -
K Sankar March 30, 2022 - -
R. Sureshkumar March 30, 2022 - -
L. Naveen March 30, 2022 - -
*Designated as Chairman on March 31, 2022
▪ Works Committee
The Works Committee mainly looks after construction and repair of bus roads, internal roads, slum roads,
private streets, construction and repair of schools, classrooms, latrines, clinics, etc. The committee also
considers files on items such as street lighting, roundabouts construction and maintenance, forming of
storm water drains and repairs, sweeping This committee also considers the subjects received from the
departments such as stormwater drainage department, power department, bridges department, bus roads
department, private streets department, building department.
Member of the
Date of Appointment Committee since
Name and Designation Remarks
/Resignation (in case of
resignation)
Chairman
M Chitrarasu March 30, 2022* - -
Members
S. Tamizhselvi March 30, 2022 - -
T.Yogapriya March 30, 2022 - -
K. Vishalakshi March 30, 2022 - -
J. Aashna-Mericiya March 30, 2022 - -
K. Saranya March 30, 2022 - -
N. Sitrarasu March 30, 2022 - -
K. Elumalai March 30, 2022 - -
K. Kannan March 30, 2022 - -
J. selvendran March 30, 2022 - -
Z. Aasaad March 30, 2022 - -
J. Dillibabu March 30, 2022 - -
G. Gopinath March 30, 2022 - -
J. Sherly Thomas March 30, 2022 - -
R. Shanthi March 30, 2022 - -
S. Uma March 30, 2022 - -
*Designated as Chairman on March 31, 2022
42Bond Issue Committee
The Bond Issue Committee was formed by the Council vide its Resolution No. 877/2025 dated July 30, 2025.
As per Order dated December 17, 2025 of the Commissioner, the Bond Issue Committee currently consists of
the following members:
Member of the
Date of Appointment/
Name and Designation Committee since (in Remarks
Resignation*
case of resignation)
Chairman
Shri J. Kumaragurubaran (I.A.S) July 30, 2025 - -
Municipal Commissioner
Members
Shri M. Birathiviraj (I.A.S) July 30, 2025 - -
Deputy Commissioner (Revenue
and Finance)
Smt. S Rajeswari July 30, 2025 - -
Chief Engineer (General)
Shri Velayudam Parthiban November 01, 2025 - -
Financial Advisor
Shri Srinivasan PV September 29, 2025 -
Superintending Engineer (SWM)
Shri T Karunakaran July 30, 2025 - -
Chief Accounts Officer (Budget)
*Date of Appointment is the date wherein the BIC members became part of the said committee.
F. Name, designation, address and DIN of each member of the board of directors of the issuer if
the issuer is a company.
Not Applicable, as the Issuer is a Municipal Corporation.
G. Name, address, telephone number and email address of the compliance officer of the Issuer/
Official In-charge of dealing with Investor Grievances related to Municipal Green Bonds and
also the Chief Accounts and Finance Officer or equivalent of the Issuer
T Karunakaran
Chief Accounts Officer (Budget)
Address: Ripon Building, 16, EVR Periyar Salai,
Chennai – 600003
Ph. No.: 044-25303801
Email: cao_budget@yahoo.com
Email (Investor Grievance): gccmunibonds@gmail.com
The responsibility of T Karunakaranan as the Compliance Officer and Officer in-charge of investor
grievances shall be till he has his designation as Chief Accounts Officer (Budget) in GCC and in case
of his transfer/retirement/recuse, GCC shall immediately handover the responsibility of Compliance
Officer and Officer in-charge of dealing with Investor Grievances to any other official of the same
cadre holding this post.
H. Merchant Banker/Arranger
A. K. CAPITAL SERVICES LIMITED,
Address: 603, 6th floor, Windsor, Off CST Road, Kalina, Santacruz-(East), Mumbai- 400 098.
Tel: 022-67546500;
Fax: 022-66100594
Email: gccmunibonds@akgroup.co.in; vaibhav.jain@akgroup.co.in
Investor Grievance E-mail: investor.grievance@akgroup.co.in
Website: www.akgroup.co.in
Contact Person: Vaibhav Jain
43Compliance Officer: Subodh More
Tel (Compliance Officer): 022-67544776
Email (Compliance Officer): subodh.more@akgroup.co.in/ compliance@akgroup.co.in
SEBI Registration No.: INM000010411
CIN: L74899MH1993PLC274881
J. Co-Arrangers for the Issue:
TIPSONS CONSULTANCY SERVICES PRIVATE LIMITED
Address: 1st Floor Sheraton House, opposite Ketav Petrol pump,
Polytechnic Road, Ambawadi, Ahemdabad
Tel: 079-66828120
Fax: 079-66828001
E-mail: chandrasekharan.k.s@tipsons.com
Investor Grievance e-mail: gcc.bonds@tipsons.com
Website: http;//www.tipsons.com
Contact Person: Mr. Chandrasekharan K.S
Compliance Officer: Ms. Divyani Koshta
Tel. (Compliance Officer): +91 79 66828127/9589801774
Email (Compliance Officer): divyani.koshta@tipsons.com
SEBI Registration No.: INM000011849
CIN: U74140GJ2010PTC062799
TRUST INVESTMENT ADVISORS PRIVATE LIMITED
Address: 109/110. Balarama, Bandra Kurla Complex,
Bandra (E), Mumbai-400051, Maharashtra, India
Telephone: +91 22-4084 5000
Fax: +91 22-4084 5066
Email: gcc@trustgroup.in
investor grievance email: customercare@trustgroup.in
website: http://trustgroup.in
Contact Person: Anindya Sen
Compliance Officer: Ayushi Mulasi
Tel. (Compliance Officer): +91 22 4084 5000
email (Compliance officer): customercare@trustgroup.in
SEBI Registration No.: INM000011120
CIN: U67190MH2006PTC162464
K. Debenture Trustee of the Issue
BEACON TRUSTEESHIP LIMITED
Address: 5W, 5th Floor, The Metropolitan, E-Block,
Bandra Kurla Complex, Bandra (E), Mumbai-400051
Telephone: 022-46060278
Email: compliance@beacontrustee.co.in
Investor grievance email: invertorgrievances@beacontrustee.com.in
Website: http://beacontrustee.co.in/
Contact Person: Mr. Ritobrata Mitra
Compliance Officer: Mr. Ritobrata Mitra
Tel. (Compliance Officer): 022-46060278
Email (Compliance officer): compliance@beacontrustee.co.in
SEBI Registration No.: IND000000569
CIN: L74999MH2015PLC271288
L. Registrar to the Issue:
CAMEO CORPORATE SERVICES LIMITED
Address: Subramanian Building, No.1 Club House Road,
Chennai-600002, India
44Tel: 044-40020700/ 2846 0390
Fax: NA
Email: ipo@cameoindia.com
Investor Grievance E-mail: investor@cameoindia.com
Website: www.cameoindia.com
Contact Person: Ms. K. Sreepriya- Executive Vice President & Company Secretary
Online Investor Portal- https://wisdom.cameoindia.com
Compliance Officer: Mr. R. D. Ramasamy, Director
Tel (Compliance Officer): 044-40020722
Email (Compliance Officer): rdr@cameoindia.com
SEBI Registration No.: INR000003753
CIN: U67120TN1998PLC041613
M. Credit Rating Agencies for the Issue:
CARE RATINGS LIMITED
Address: 4th Floor, Godrej Coliseum, Somaiya Hospital Road,
Off Eastern Express Highway, Sion (East), Mumbai 400 022
Tel: 022-6754 3456
Fax: 022-6754 3457
E-mail: Suman.batchu@careedge.in
Website: www.careratings.com
Contact Person: Mr Suman Batchu
Email (Compliance Officer): IN/CRA/004/1999
SEBI Registration No.: L67190MH1993PLC071691
ACUITÉ RATINGS AND RESEARCH LIMITED
Address: 708, Lodha Supremus, Lodha iThink Techno Campus,
Kanjurmarg (East), Mumbai – 400 042
Tel: + 91 99698 98000
Fax: N.A
E-mail: chitra.mohan@acuite.in
Investor Grievance e-mail: grievances@acuite.in
Website: www.acuite.in
Contact Person: Ms. Chitra Mohan
Compliance Officer: Ms. Chitra Mohan
Tel. (Compliance Officer): 91-99698 98000
Email (Compliance Officer): chitra.mohan@acuite.in
SEBI Registration No.: IN/CRA/006/2011
CIN: U74999MH2005PLC155683
N. Independent Chartered Accountant for the Issue:
N. Raja & Associates,
Chartered Accountants
Address: Flat No. 8, 1st Floor, A-Block, Veekay Manor, No.8(Old no.28)
Gopalakrishna Road, (Off. Dr. Nair Road), T. Nagar, Chennai – 600 017
Tel.: 8925350475
Fax: NA
E-mail: nrajaca@hotmail.com, nrajafca@gmail.com
Website: NA
Firm Registration Number:003388S
Contact Person: G. Velavan
Membership number: 029915
O. Auditors of the Issuer
In accordance with Section 63 of the Tamil Nadu Urban Local Bodies Act, 1998, the State
Government appoints auditors for auditing the accounts of receipt and expenditure of the municipal
45fund. Such auditors shall be deemed to be “public servants” as per the definition provided under
Section 2(28) of Bhartiya Nyaya Sanhita, 2023.All the accounts of the Issuer have been audited by
the Director of Local Fund Audit/ Local Audit Department.
P. Names, addresses, telephone numbers, contact person, website addresses and e-mail addresses
of the lead manager(s), registrars to the issue, bankers to the issue, brokers to the issue and
syndicate member(s); along with URL of SEBI website listing out the details of self-certified
syndicate banks, registrar to the issue and depository participants, etc., if applicable.
Lead Manager Not Applicable as the Issue is on a private placement basis.
Merchant Banker A. K. CAPITAL SERVICES LIMITED,
603, 6th floor, Windsor, Off CST Road, Kalina, Santacruz-(East), Mumbai-
400 098.
Tel: 022-67546500;
Fax: 022-66100594
Email: gccmunibonds@akgroup.co.in; vaibhav.jain@akgroup.co.in
Investor Grievance E-mail: investor.grievance@akgroup.co.in
Website: www.akgroup.co.in
Contact Person: Vaibhav Jain
Compliance Officer: Subodh More
Tel (Compliance Officer): 022-67544776
Email (Compliance Officer): subodh.more@akgroup.co.in/
compliance@akgroup.co.in
SEBI Registration No.: INM000010411
CIN: L74899MH1993PLC274881
Registrar to the CAMEO CORPORATE SERVICES LIMITED
Issue Address: Subramanian Building, No.1 Club House Road,
Chennai-600002, India
Tel: 044-40020700/ 2846 0390
Fax: NA
Email: ipo@cameoindia.com
Investor Grievance E-mail: investor@cameoindia.com
Website: www.cameoindia.com
Contact Person: Ms. K. Sreepriya- Executive Vice President & Company
Secretary
Online Investor Portal- https://wisdom.cameoindia.com
Compliance Officer: Mr. R. D. Ramasamy, Director
Tel (Compliance Officer): 044-40020722
Email (Compliance Officer): rdr@cameoindia.com
SEBI Registration No.: INR000003753
CIN: U67120TN1998PLC041613
Banker to the As will be specified in the Placement Memorandum
Issue
Escrow Bank As will be specified in the Placement Memorandum
Third Party CARE Analytics and Advisory Private Limited
Reviewer Address: Unit 303 B, 3rd floor, B Wing, Times Square, Andheri Kurla
Road, Marol, Andheri East, Mumbai 400 059
E-mail: Kedar.Deshpande@careedge.in
Website: https://www.careedge.in/
Contact Person: Kedar Deshpande
CIN: U74210MH1999PTC118349
Brokers to the Not applicable as the Issue is on a private placement basis.
Issue
Syndicate Not applicable as the Issue is on a private placement basis.
Members
URL of SEBI https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognised=yes
Website listing out
details of
46recognised
Intermediaries
Q. Names, addresses, telephone numbers and e-mail addresses of the Company Secretary, legal advisor,
underwriters and bankers to the issuer.
Company Secretary to the Issuer Not Applicable
Legal Advisor to the Issuer MV Kini, Law Firm
Kini House, 6/39,
Jangpura B New Delhi-110014
Ph: +91 11 2437 1038/39/40
Facsimile: +91 11 24379484
E-mail:corporatedelhi@mvkini.com
Underwriter to the Issuer Not Applicable as the Issue is on a private placement
basis.
Banker to the Issuer* Not Applicable
*The Issuer has no outstanding loans from a bank. For details of outstanding borrowings, please
refer to the Financial Information chapter beginning on page no.96.
R. Debenture Trustee to the Issue
In accordance with the provisions of Securities and Exchange Board of India (Debenture Trustees)
Regulations, 1993, GCC has appointed Beacon Trusteeship Limited to act as Debenture Trustee
(“Debenture Trustee”) for and on behalf of the holder(s) of the Green Bonds.
A copy of letter from Beacon Trusteeship Limited conveying their consent to act as Debenture
Trustee for the current issue of Green Bonds and in all communications sent pursuant to the Issue as
Annexure IV.
GCC hereby undertakes that the rights of the Bondholders will be protected as per the governing Act,
agreement/deed executed/to be executed between GCC and the Debenture Trustee. The Debenture
Trustee Agreement/Deed shall contain such clauses as may be prescribed under the Securities and
Exchange Board of India (Debenture Trustees) Regulations, 1993, and various other circulars.
Further the Debenture Trustee Agreement/Deed shall not contain any clause which has the effect of
(i) limiting or extinguishing the obligations and liabilities of the Debenture Trustee or GCC in relation
to any rights or interests of the holder(s) of the Green Bonds; (ii) limiting or restricting or waiving
the provisions of the SEBI Act; SEBI Municipal Regulations and circulars or guidelines issued by
SEBI; and (iii) indemnifying the Trustee or GCC for loss or damage caused by their act of negligence
or commission or omission.
The Bondholder(s) shall, without further act or deed, be deemed to have irrevocably given their consent to
the Debenture Trustees or any of their agents or authorized officials to do all such acts, deeds, matters and
things in respect of or relating to the Green Bonds as the Debenture Trustees may in their absolute
discretion deem necessary or require to be done in the interest of the holder(s) of the Green Bonds.
The Debenture Trustees shall perform its duties and obligations and exercise its rights and discretions, in
keeping with the trust reposed in the Debenture Trustees by the holder(s) of the Green Bonds and shall
further conduct itself, and comply with the provisions of all applicable laws, provided that, the provisions
of Section 20 of the Indian Trusts Act, 1882, shall not be applicable to the Debenture Trustees. The
Debenture Trustees shall carry out its duties and perform its functions as required to discharge its
obligations under the terms of SEBI Debt Regulations, the Securities and Exchange Board of India
(Debenture Trustees) Regulations, 1993, the Debenture Trusteeship Agreement, Disclosure Document and
all other related transaction documents, with due care, diligence and loyalty.
S. Investor Relations and Grievance Redressal
Arrangements have been made to redress investor grievances expeditiously as far as possible. The
Issuer endeavors to resolve the investor’s grievance within 21 days of its receipt or in such manner
47as may be specified by SEBI. All grievances related to the issue may be addressed to the Compliance
Officer at head office of the Issuer or emailed to gccmunibonds@gmail.com. All investors are hereby
informed that the Issuer has appointed a Compliance Officer who may be contacted in case of any
pre-issue/ post-issue related problems such as non-credit of in the demat account, non-receipt of
refund order(s), interest warrant(s)/ cheque(s) etc. Contact details of the Compliance Officer and
Officer In-Charge of dealing with investor grievances in relation to the municipal Green Bonds are
given at point G of this Chapter on General Information at page no.43 in this Preliminary Placement
Memorandum. The Corporation is registered with the SCORES platform of SEBI (SCORES ID:
comg00765) for the convenience of the investors for filing of any complaint.
48SECTION-VI: ABOUT THE ISSUER AND CAPITAL STRUCTURE OF THE ISSUER
A. About the Issuer
The Greater Chennai Corporation (GCC) is the urban local body of Chennai city. Presently, Smt. R. Priya
is the Mayor and Shri J. Kumaragurubaran, I.A.S, is the Municipal Commissioner of Greater Chennai
Corporation.
The Greater Chennai Corporation initially expanded to cover an area of 426 square kilometers. The
Corporation operates through 15 zones, and 3 circle offices. The 15 zones are further divided into 200
divisions, with 45 unit offices.
a. About Chennai
Chennai is located at 13.08°N, 80.27°E in the north-eastern part of the Tamil Nadu. To its north and west
lies Tiruvallur, south-west lies Kanchipuram, south lies Chengalpattu with the Bay of Bengal lying in the
east. The total geographical area of the district is 426 Sq. Km.
Chennai, originally known as Madras Patnam, was located in the province of Tondaimandalam, an area
lying between Pennar river of Nellore and the Pennar river of Cuddalore. The present-day territorial limits
of Chennai have evolved from the consolidation of scattered villages. Despite the British departure 1947,
Chennai continues to remain as a standing monument of their influence in India and stands as a major
commercial, cultural, economic and educational hub in South India.
b. Constitution of the Issuer
The Greater Chennai Corporation has been constituted under Article 243Q(1)(c) of the Constitution of
India, 1949 and established under the Chennai City Municipal Corporation Act,1919, ("CCMC Act”) then
applicable act in Chennai vide notification dated June 24, 1919. The CCMC Act has been repealed vide
section 200 of the TNULB Act and as per Section 4 of the TNULB Act, the Corporation shall be deemed
to be constituted and incorporated under the TNULB Act of 1998.
The Issuer, being a corporation established under the CCMC Act (now TNUBL Act), which is a state act,
is a public sector company for the purposes of the Income Tax Act, 1961, which defines the term ‘public
sector company’ under Section 2(36A) to mean any corporation established by or under any central, state
or provincial act or a government company as defined in the Section 2(45) of the Companies Act, 2013.
c. Composition of the Issuer
In accordance with Section 36 of the TNULB Act, the municipal authorities charged with carrying out the
provisions of the Act for each city are:
a) a Council;
b) a Chairperson ;
c) Standing Committee;
d) Wards Committee and
e) a Commissioner.
In accordance with the Act, the Corporation consists of councilors chosen by direct election and the term
of the office of the councilor shall be five years. The term of the councilors shall be co-extensive with the
duration of the corporation. The corporation shall at its first meeting elect a Mayor and a Deputy Mayor
from amongst the councilors. The term of both the Mayor and deputy Mayor shall be of five years. The
Corporation can appoint a special committee out of its own body to carry out specific works assigned to it.
The Municipal Commissioner is to be appointed by the State Government.
d. Elected representatives in GCC
GCC area is divided into fifteen zones for administrative purposes. The political wing is an elected body
of Municipal Councilors headed by a Mayor. Chennai has 200 election wards. Each election ward is
represented by 1(one) councilor. Thus, the total number of Municipal Councilors is 200. The general
election is held once in five years. The Council shall at its first meeting after each ordinary election, elect
49one of its councilors to be the Mayor and the term of the office of Mayor is of five years. The Deputy
Mayor shall be elected by the councilors from among themselves and the term of office of the Deputy
Mayor shall be five years.
e. Administrative Cadre in GCC
The Administrative wing of the GCC works under the command of the Commissioner who heads a team
of officials comprising of Additional Municipal Commissioner, Joint Municipal Commissioner, Deputy
Municipal Commissioners, Assistant Municipal Commissioners and other officials who administer their
respective domains. The Administrative wing is responsible for general administration and supervision of
all the development works in the city, maintenance of infrastructure, collection of taxes, preparation of
development plans and budgets, etc.
f. Roles and Responsibilities of the Issuer
Brief Summary of the Business/ Activities of the Issuer
The Act defines the scope and extent of responsibilities of the Issuer. The Issuer is mainly responsible for
providing civic services to the Chennai city.
The Greater Chennai Corporation mainly comprises of the following departments:
Department
• Finance Department
• Bridges Department • Education Department
• Buildings Department • Public Health Department
• Small Saving Department • Land & Estates Department
• Gender & Policy Lab • Legal Department
• Electricity Department • Mechanical Engineering Department
• Special Projects Department • Parks (&) Sports Department
• Revenue Department
• Roads Department
• Solid Waste Management Department
• Town Planning Department
• Storm Water Drains Department
The Corporation undertakes several works as provided in the TNULB Act, as enumerated below.
However, this list is not an exhaustive list:
(i) construction and maintenance of roads, culverts and drains which are under the municipality and those
transferred by the Government to the municipality;
(ii) execution and maintenance of water supply schemes required for domestic industrial or commercial
purposes, except in the municipality where there is a separate authority to which such functions are
assigned;
(iii) protection of water bodies vested with municipalities;
(iv) maintenance of sewerage, drainage schemes and septage management except in the municipality
where there is a separate authority to which such functions are assigned;
(v) control of stray dogs;
(vi) control of vector including mosquito;
(vii) regulation of sale of meat, fish and other perishable food items and sale of other consumer items;
(viii) regulation of trades or trade practices;
(ix) licensing of eating establishment;
50(x) disposal of unclaimed corpses or carcasses of animals;
(xi) establishment of public comfort stations, latrine and bathing places;
(xii) construction and maintenance of parks, gardens, play grounds, traffic islands in the urban areas;
(xiii) opening and maintenance of public burial and burning grounds and crematoria;
(xiv) registration of births and deaths;
(xv) installation of street lights and their maintenance;
(xvi) providing parking places for vehicles including taxies and auto rickshaws;
(xvii) public health matters including vaccination and inoculation;
(xviii) maintenance of public markets, shops, shopping complexes, bus stands, bus shelters, rest houses,
public toilets and community toilets;
(xix) solid waste management, liquid waste and used water management;
(xx) prevention or removal of obstructions and projections in or upon streets, bridges and other public
places;
(xxi) numbering and naming of streets;
(xxii) regulation of (hoardings, digital banners, placards and advertisements put up for public view on
public of private land
(xxiii) civil reception to persons of distinction;
(xxiv) organisation of fairs and exhibitions and regulation of private fairs and exhibitions;
(xxv) selection and approval of works under municipal fund and allocation of contribution from municipal
fund to specified schemes; and
(xxvi) any other duty or function assigned to the municipalities by the Government.
g. Achievements
GCC has been the recipient of various awards/appreciations some of which are enlisted below:
Sr. No. Name of Award / Purpose/Achievement Year Name of Institution
Appreciation
1. Platinum Certification Green Building Standards 2023 Indian Green Building Council
2. Platinum Certification LEED v4 for Building Design and 2024 LEED (Leadership in Energy
Construction: New Construction and and Environmental Design)
Major Renovations
3. Certificate of For leading data democratisation 2023 Ministry of Housing and
Appreciation through IUDX Urban Affairs
B. Details of the capital structure of the Issuer, if applicable.
The Issuer is a Municipal Corporation and as per TNULB Act, constituted under Article 243Q (1)(c)
of the Constitution of India, 1949 and there is no equity share capital in any municipal corporation.
51• Details of the management structure of the Issuer.
The management structure of the Issuer is as set out below:
52D. Shareholding pattern of the issuer along with top 10 shareholders of the issuer, if applicable.
The Issuer is a Municipal Corporation and does not have any share capital or shareholders.
E. Resolution authorizing the borrowing and list of authorized signatories.
Approval for the Issue
1. Standing Committee (Taxation and Finance) vide Resolution no. 406/2025 dated July 28, 2025
approving the issuance of Green Bonds.
2. Council Resolution No. 877/2025 dated July 30, 2025 in relation to approval for the issuance
of Green Bonds and formation of Bond Issue Committee and formation and authorizing the
Bond Issue Committee to do all acts of the Issue.
3. Municipal Administration and Water Supply (MC.1) Department, Government of Tamil Nadu
vide its order no. 404, dated November 14, 2025 had approved the bond issuance by Issuer for
issuing Taxable Green Bonds in the nature of debenture under Section 66 of Tamil Nadu Urban
Local Bodies Act, 1998
4. Order of the Municipal Commissioner dated December 17, 2025 confirming the members of
Bond Issue Committee.
5. Resolution of the Bond Issue Committee dated December 17, 2025 approving the Objects of
the Issue.
6. Resolution of the Bond Issue Committee dated December 17, 2025 approving the issuance of
Green Bonds.
7. Resolution of the Bond Issue Committee dated December 17, 2025 approving this Preliminary
Placement Memorandum.
8. Resolution of the Bond Issue Committee dated December 17, 2025 approving the Term Sheet
F. Details of necessary Resolution(s) for the allotment of Municipal Debt Securities
The resolution for allotment of Green Bonds shall be passed after the bidding on EBP Platform of NSE.
G. Memorandum and Articles of Association in case the issuer is a body corporate incorporated under
Companies Act, 2013
The Issuer is a Municipal Corporation constituted under CCMC Act (now TNULB Act) and hence does
not have any Memorandum and Articles of Association.
H. Details of any Reorganization or Reconstruction of management in the last 1 year of the Issuer.
Save and except routine transfer of officials of the Issuer, the Issuer has not undergone any reorganization
or reconstruction of management in the last 1 (one) year.
I. Details of all the projects undertaken or proposed in terms of cost and means of financing
The Issuer is presently engaged in undertaking various projects. Following are the key projects undertaken
by the Issuer;
1. Construction of Integrated Stormwater Drain in Kosasthalaiyar Basin Greater Chennai
Corporation ("ISWD").
The Integrated Storm Water Drainage Project in the Kosathalaiyar Basin Area aims to address the
growing urban flooding concerns in the extended regions of the Greater Chennai Corporation (GCC).
The project aims to provide an integrated and comprehensive stormwater management facility by
integrating all waterways and water bodies within the Chennai-Kosasthalaiyar basin. This critical
infrastructure project will span across the Zone 1, Zone 2, Zone 3, Zone 6, Zone 7, and Zone 8,
contributing to the effective management of stormwater runoff. The drainage system will ultimately
channel excess rainfall into the Kosathalaiyar River, enhancing the city’s resilience to floods and
improving overall urban planning and safety.
532. Collection and Transportation of Solid Waste from Zones 9, 10, & 13 to the processing facility /
land fill site for a period of 8 years under Public Private Partnership (PPP) mode.
The project is undertaken for collection and transportation of Solid Waste in GCC. The project involves
Daily Door to Door Collection of segregated solid waste & Transportation System of Solid Waste,
Collection & Transportation of Solid Waste from Canal / Riverbanks and Beach stretch, beach service
Roads, public places, Street Sweeping, Secondary Storage & Transportation of Solid Waste, etc. by
deploying required manpower & machinery for management of the solid waste.
3. Construction of Integrated Storm Water Drain in Kovalam Basin.
The project involves construction of Integrated Storm Water Drain in Kovalam Basin as part of the
Chennai Stormwater Drainage Programme. It aims at providing a long term investment plan that will
allow for sustainable management of stormwater drainage in the Kovalam catchment in Chennai. The
overall objective of the project is to improve the living conditions of the urban population of Chennai
living in the project area through the improvement of storm water drainage by to substantial reduction
of flooding of low lying areas.
4. Collection of Municipal Solid Waste from Zone-11 (Valsarvakkam), Zone-12 (Alandur), Zone-14
(Perungudi) & Zone-15 (Sholinganallur) of Greater Chennai Corporation and Transportation of
the same land fill / waste processing facilities under Public Private Partnership (PPP) mode on
Service Delivery Model (SDM).
The project is undertaken for collection and transportation of Solid Waste in GCC. The project involves
Door to Door Collection of segregated solid waste & Transportation System of Solid Waste,
Collection & Transportation of street sweeping waste from bins, roads sides and canal/river banks, open
sites, secondary storage points, etc. to the final disposal site. Collection & Transportation of hazardous
waste, horticulture & garden waste etc. and operation and maintenance of workshop facilities, parking
sites, etc.
5. Collection of Municipal Solid Waste from Zone-1 (Thiruvottriyur), Zone-2 (Manali), Zone-3
(Madhavaram) & Zone-7 (Ambattur) of Greater Chennai Corporation and Transportation of the
same land fill / waste processing facilities under Public Private Partnership (PPP) mode on Service
Delivery Model (SDM).
The project is undertaken for collection and transportation of Solid Waste in GCC. The project involves
Door to Door Collection of segregated solid waste & Transportation System of Solid Waste,
Collection & Transportation of street sweeping waste from bins, roads sides and canal/river banks, open
sites, secondary storage points, etc. to the final disposal site. Collection & Transportation of hazardous
waste, horticulture & garden waste etc. including operation & maintenance of workshop facilities,
parking sites, etc.
A summary of capital cost and sources of funds for the above projects are presented in the table below:
54(Rs. in Crores)
S. Project Name Approve Project Cost share Grants Received
No. d GoI GoTN ADB Concessionaire ULB External Total GoI GoTN Total
Project Compon share (GCC) borrowing
Cost ent (Bonds)
1. Construction Of Integrated Stormwater Drain 3059.44 681.00 1789.00# - 389.44 200.00 3059.44 1620.0 1620.0
in Kosasthalaiyar Basin Greater Chennai 0$
Corporation ("ISWD")
2. Collection and Transportation of Solid Waste 2658.30* - - - 259.83 2398.47 - 2658.30 - - -
from Zones 9, 10, & 13 to the processing
facility / land fill site for a period of 8 years
under Public Private Partnership (PPP) mode.
3. Construction of Integrated Storm Water Drain 1715.25 1200. 342.80 - - 172.45 - 1715.25 300.00 150.00 450.00
in Kovalam Basin 00
4. Collection of Municipal Solid Waste from 913.34* - - - 99.56 813.78 - 913.34 - - -
Zone-11 (Valsarvakkam), Zone-12 (Alandur),
Zone-14 (Perungudi) & Zone-15
(Sholinganallur) of Greater Chennai
Corporation and Transportation of the same
land fill / waste processing facilities under
Public Private Partnership (PPP) mode on
Service Delivery Model (SDM).
5. Collection of Municipal Solid Waste from 843.41* - - - 86.61 756.80 - 843.41 - - -
Zone-1 (Thiruvottriyur), Zone-2 (Manali),
Zone-3 (Madhavaram) & Zone-7 (Ambattur)
of Greater Chennai Corporation and
Transportation of the same land fill/waste
processing facilities under Public Private
Partnership (PPP) mode on Service Delivery
Model (SDM).
Source: The cost and cost share for the projects have been derived from the government orders from Municipal Administration & Water Supply (MC.I) Department, Government of
Tamil Nadu.
Note:#GoTN had released Rs 850 Cr as 50 years interest free loan (with annual repayment) during FY 2020-21 to FY 2023-24 vide various GOs and an amount of Rs 939.00 crore
released as grant totalling to Rs 1789.00 crores.
$Rs 939.00 is Grant from GoTN through ADB funding and Rs 681.00 is Grant from GoTN (as part of Singara Chennai 2.0 Scheme).
*The project is being undertaken by GCC in PPP mode. The cost of the project is inclusive of share of concessionaire & GCC.
55J. CAPITAL STRUCTURE RELATING TO PROJECTS FOR WHICH FUNDS ARE PROPOSED TO
BE MOBILIZED:
As per G.O. (D) No. 15 dated January 19, 2023, the Project is approved under the Swacch Bharat Mission
(SBM) 2.0 with the following funding pattern:
(₹ In Crores)
S. No. Funding Pattern Project Cost
1 Government of India 160.21
2 Government of Tamil Nadu 102.53
3 Greater Chennai Corporation (Own revenue and External 385.64
Aided Project Funding)
Total 648.38
Further, the GoTN vide G.O. (Ms) No. 404 dated November 14, 2025 has approved the following
financial structure to fund the contribution of Greater Chennai Corporation (Own revenue and External
Aided Project Funding) for the Project as provided below;
(₹ In Crores)
S. No. Description Amount
1 Externally Aided Project Funding (KfW Fund) 180.00
2 Green Municipal bonds 205.64
Total source of Greater Chennai Corporation’s own fund 385.64
The Bond Issue Committee vide resolution dated December 17, 2025, approved to raise INR 205.59 crore
through issuance of Green Municipal Bonds. Accordingly, a summary of capital cost and sources of
funds for the proposed Project are presented in the table below:
(₹ In Crores)
Total Means of the finance of the Capital Cost
Project Grant from Grant from Greater Chennai Corporation/ULB share
Cost Government Government Externally GCC Proposed
of India of Tamil Aided Project Internal Green
Nadu Funding (KfW accruals Municipal
Fund)* bonds
648.38 160.21 102.53 180.00 0.05 205.59**
Note: The Cost of project is inclusive of GST and may vary during implementation. Any
incremental cost shall be borne by GCC.
*Under KfW assisted SMIF – TN – III, a loan from Tamil Nadu Urban Development Fund
(TNUDF) is sanctioned for Rs. 90 Crore and a grant of Rs. 90 Crore is sanctioned under the
Grant from Project Sustainability Grant Fund (PSGF).
**As on date of filing of the PPM, out of the ULB share of Rs 205.59 crore proposed to be funded
through Green Bonds, the Issuer has already incurred capital expenditure of Rs 62.08 crore &
the balance is yet to be incurred. The proceeds from the Issue shall be utilized to fund the portion
of ULB share i.e. Rs 205.59 crore which includes recoupment of the capital expenditure which
has temporarily been incurred/funded by the Issuer from its own funds and funding the balance
expenditure for implementation of the Project.
K. CAPITAL GRANT FOR THE PROPOSED PROJECT AND THE AMOUNT RECEIVED IN THIS
REGARD:
1. Capital Grant approved for the proposed Project
(Rs. In Crores)
Name of Project Capital Grants approved for the proposed Project
Grant from GoTN Grant from GOI under Externally Aided
under SBM 2.0 SBM 2.0 Project Funding (KfW
Fund)
Disposal of legacy waste 102.53 160.21 90.00
and reclamation of land at
Kodungaiyur dump
56through Bio Mining
project
2. Capital Grant received for proposed Project
(Rs. In Crores)
Name of Project Capital Grants received for the proposed Project
Grant from GoTN Grant from GOI under Externally Aided
under SBM 2.0 SBM 2.0 Project Funding
(KfW Fund)
Disposal of legacy waste and
reclamation of land at
39.00* 10.34
Kodungaiyur dump through Bio
Mining project
*Note: Amount received by GCC as capital grant for the project is cumulative of the share of Grant
from GoI & GoTN, and bifurcation of the same is not available as the cumulative grant under SBM 2.0
is being released through SNA-SPARSH platform in order to enable just in time releases of the funds.
L. DETAILS OF STATE FINANCE COMMISSION GRANT RECEIVED ON ANNUAL BASIS:
The Issuer receives finance commission grants which are not specific to the Projects.
The details of the State Finance Commission grants received by the Issuer in the last 3 (Three) Financial Years
are detailed hereunder:
(Rs. In Crores)
Particulars Gross Amounts Received
Financial Year 2024-2025 1,067.51
Financial Year 2023-2024 968.65
Financial Year 2022-2023 609.77
57SECTION-VII: OBJECTS OF THE ISSUE
PROJECT: Disposal of Legacy Waste and Reclamation of land at Kodungaiyur Dumping Site through Bio-
mining.
The details of the Project are based on the Detailed Feasibility Report dated November 11, 2022 (“DFR for
Project”), approval from Government of Tamil Nadu vide G.O. (D) No. 15 dated January 19, 2023 & approval
for issuance of bond vide G.O. (Ms) No. 404 dated November 11, 2025, resolution of Bond Issue Committee
dated December 17, 2025 and certificate dated December 17, 2025 from Professor and Director, Centre for
Environmental Studies, Anna University (“Project Management Consultant/Project Consultant for Project”).
The details of the Project are as below:
A. The proceeds of the proposed issue shall be clearly earmarked for a defined project or a set of projects
along with the location of the project and plant and machinery, technology, process, etc.:
Chennai being one of the major metropolitan cities in India has seen rapid growth and urbanization over the
past few decades. Due to this Chennai has been crippling with lot of issues related to increase in population,
water scarcity, etc. One of the major issues faced by Chennai city is management of the Municipal Solid
Waste and its disposal. Though GCC provides efficient services for collection and transportation of Solid
Waste, the treatment and disposal part are still in various stages of development. Due to lack of larger waste
processing facilities, considerable amount of unprocessed waste is getting dumped without any treatment in
the two major dumpsites which are Kodungaiyur and Perungudi, located in GCC area. Over a period of time
this dumped waste has caused environmental degradation of site and its nearby surroundings to certain extent.
In order to utilize the dumpsite, the already existing legacy waste needs to clear to a required state so that the
fresh waste processing facilities can be established.
The Kodungaiyur site receives ~2200 MT of fresh waste on daily basis. To overcome this, GCC plans to
reclaim the dumpsites initially and then establish that the reclaimed land can be used for establishment of
Integrated Waste Processing and Disposal Facilities. For land reclamation at Kodungaiyur site, Biomining
method has been adopted as it is cost efficient and simple process of legacy waste processing and disposal.
The proceeds of the Issue shall be utilized to achieve required site/land clearance of the Kodungaiyur dumping
gorund through Bio-mining spread in an area of around 252 acres.
Kodungaiyur dumping site In-situ legacy waste Characteristics
S. No. Composition Percentage (%)
1 Bio-earth 38.97%
2 C&D Waste 6.30%
3 RDF: Plastics, Cloths, Paper, wood 41.31%
4 Inerts/Coarse Soil 11.04%
5 Recyclable: Metal & Glass 2.39%
Total 100.00%
Bio-mining process involves segregation of legacy waste into different fractions mechanically with the help
of trommels, conveyors, magnetic separators, density separators, blowers etc. during this process the waste
mostly gets separated into the metals, glass, stones, RDF (plastics, rags, hard bio material etc.), fine soil (bio-
earth) and coarse soil. These separated items need to be disposed or sold based on the quality of the separated
items.
Impact of the Project
a. The project shall help Greater Chennai Corporation to reclaim land for development of Integrated
Processing facilities, Disposal Facility and Eco-Park which will solve the problem of managing the day
to day generated fresh waste for considerable future for at least 30 years.
b. This project shall stop further degradation of environment and provides opportunity for remediation of
environment and with the flux of time the environmental standards shall be restored.
c. The project shall comply to Solid Waste Management Rules 2016 as follows:
58Investigate and analyze all open dumpsites and existing operational dumpsites for their potential of
biomining and bioremediation and wheresoever feasible, take necessary actions to bio-mine or bio
remediate the sites {SCHEDULE I [rule 15 (zj)]}.
d. In the long run this project will have positive impact on the surrounding environment and on to the nearby
population.
e. This project shall generate high number of jobs initially and after establishment of the fresh waste
processing facilities.
f. The RDF generated from this project will be used as substitute for coal in cement industries there by
reducing the coal intake and prevents depletion in natural resources.
The proceeds of the Issue are being earmarked for the following project:
B. Details of location, plant and machinery, technology, process etc. for Project as stated below:
Location Kodungaiyur dumping site, GCC.
Coordinates - 13° 08’10.36” N; 80°16’06.29” E
Plant & Machinery/ Following are the components the Project;
Components • Establishment of trommel facility (sieving facility) with all the electro-
mechanical control devices, control centre etc.;
• Labour amenities;
• Weigh bridge;
• Control room – product samples, germination room etc.
• Fraction (product) storage area;
• The Leachate is collected at a regular frequency by the respective package
contractors and transported to Sewage Treatment Plant of Chennai Metro
Water Supply and Sewerage Board in Kodungaiyur;
• Environmental monitoring
• Various material handling equipment.
Machineries;
• Tippers - Transportation of Waste/Debris
• Bulldozer - Spreading, levelling of fresh incoming daily Solid Waste and
its covering by C&D waste
• Excavator - Profiling of unloaded heaps of daily fresh waste
• Front end Loader with Excavator - Excavation of Old waste Heaps and
Profiling of fresh waste
• Jeep/Bolero - Inspection of Site by Site Staff
Process and Technology Bio-mining process typically consists of three basic steps:
1. Excavating and transporting the old waste with the help of excavation &
transportation equipments and depositing the waste at the staking area
where Effective Microorganism (EM) culture will be sprayed over the
waste which helps in faster degradation/stabilization of waste.
2. In the stacking area larger/oversized materials are removed. After
stabilization of waste at the staking area, the waste shall be transported to
the processing area for feeding into trommel (sieving) and various fractions
of waste shall be extracted.
3. These fractions shall be transported either for co-processing or for further
uses & application.
Waste shall be first excavated using equipment commonly employed in
surface mining and landfill operations. After excavation waste bulky
materials, hazardous material like larger batteries etc. shall be removed from
59the stacking area and then stabilized for further processing in trommel. During
trommel operations different type of fractions like soils, sands, plastics,
rubbers, small debris etc. shall be obtained (end of sieving operation). Several
common mechanical processes (such as magnets for ferrous metal and eddy
current separators for aluminium) can be used to separate recyclable materials.
Once these materials are separated into various fractions, the separated
fraction needs to be managed or processed or used, so that the footprint of the
bio mined waste is minimal.
C. Where the issuer proposes to undertake more than one activity or project, such as diversification,
modernization, or expansion, etc., the total project cost activity-wise or project wise as the case may be.
The activity-wise project cost for the Project is given below:
Following are the activities & process flow of the Project;
The cost of the Project is determined considering following components;
S. No. Particulars Factors considered
1 Processing Cost Manpower, fuel cost, Soil & Inert soil disposal
2 Disposal Cost of Refuse Derived Fuel (RDF) cost, RDF disposal cost & capital recovery cost.
3 Disposal Cost of Bio-soil/ Inert-soil
Based on the above, the cost of Bio-mining process is approved by GoTN vide G.O. (D) No. 15 dated January 19,
2023 @Rs 963.29/metric tonne.
As per the certificate from the Project Consultant dated December 17, 2025 the Kodungaiyur dumpsite is spread
over an extent of 342.91 acres out of which around 252 acres is covered with 66.52 lakh metric ton of legacy
waste. As per G.O. (D) No. 15 dated January 19, 2023 the scope under the Project is divided under six packages
and the cost of Project is approved as provided below;
S. No. Packages Legacy waste in MT @density Area Estimated Cost @Rs
of 900 kg/cubic meter (Acre) 963.29 /MT
(Rs in Cr)
1 Package I 21,20,090.76 60.31 204.23
2 Package II 4,14,213.08 17.99 39.90
3 Package III 11,35,376.55 44.04 109.37
4 Package IV 4,41,202.95 30.09 42.50
5 Package V 18,35,204.18 78.15 176.78
6 Package VI 7,06,418.15 21.32 68.05
Total 66,52,505.68 251.90 640.83
D. Issuer is implementing the project in a phased manner, the cost of each phase, including the phase,
if any, which has already been implemented, shall be separately given.
60Not Applicable, as the Project will be executed in a single phase only.
E. An investment plan for the project components as well as phases thereof as well as financing
thereof as approved by the local authority or the agency as the case may be.
As per G.O. (D) No. 15 dated January 19, 2023, the Project is approved under the Swacch Bharat Mission
(SBM) 2.0 with the following funding pattern:
S. No. Funding Pattern Project Cost (Rs in Cr)
1 Government of India 160.21
2 Government of Tamil Nadu 102.53
3 Greater Chennai Corporation (Own revenue and External 385.64
Aided Project Funding)
Total 648.38
Further, the GoTN vide G.O. (Ms) No. 404 dated November 14, 2025 has approved the following
financial structure to fund the contribution of Greater Chennai Corporation (Own revenue and External
Aided Project Funding) for the Project as provided below;
S. No. Description Amount (Rs in Cr)
1 Externally Aided Project Funding (KfW Fund) 180.00
2 Green Municipal bonds 205.64
Total source of Greater Chennai Corporation’s own fund 385.64
The Bond Issue Committee vide resolution dated December 17, 2025, approved to raise INR 205.59
crore through issuance of Green Municipal Bonds. Accordingly, a summary of capital cost and sources
of funds for the proposed Projects are presented in the table below:
(₹ In Crores)
Total Means of the finance of the Capital Cost
Project Grant from Grant from Greater Chennai Corporation/ULB share
Cost Government Government Externally GCC Proposed Green
of India of Tamil Aided Project Internal Municipal
Nadu Funding (KfW accruals bonds
Fund)*
648.38 160.21 102.53 180.00 0.05 205.59**
Note: The Cost of project is inclusive of GST and may vary during implementation. Any incremental
cost shall be borne by GCC.
*Under KfW assisted SMIF – TN – III, loan from Tamil Nadu Urban Development Fund (TNUDF) is
sanctioned for Rs. 90 Crore and a grant of Rs. 90 Crore is sanctioned under the Grant from Project
Sustainability Grant Fund (PSGF).
**As on date of filing of the PPM, out of the ULB share of Rs 205.59 crore proposed to be funded
through Green Bonds, the Issuer has already incurred capital expenditure of Rs 62.08 crore & the
balance is yet to be incurred. The proceeds from the Issue shall be utilized to fund the portion of ULB
share i.e. Rs 205.59 crore which includes recoupment of the capital expenditure which has temporarily
been incurred/funded by the Issuer from its own funds and funding the balance expenditure for
implementation of the Project.
The Issuer confirms that its contribution for the Issue shall not be less than 20% (Twenty percent) of the cost of
the Project, which shall be contributed from its internal resources.
F. Schedule of implementation of the Project
The following is the proposed schedule of implementation for the Project:
61S. No. Packages Duration Estimated
Physical Financial Target
Completion
Target (%) (%)
Date#
1 Package I October 2024 – March 2025 October 07, 18.33 18.33
April 2025 – September 2025 2026 30.50 30.50
November 2025 – March - 2026 19.50 19.50
April 2026 – October 2026 31.67 31.67
2 Package II February 2025-September 2025 February 06, 39.33 39.33
October 2025 - March 2026 2027 19.50 19.50
April 2026 - September 2026 30.50 30.50
October 2026 - February 2027 10.67 10.67
3 Package III September 2024 - March 2025 September 23, 20.67 20.67
April 2025-September 2025 2026 30.50 30.50
October 2025 - March 2026 19.50 19.50
April 2026 - September 2026 29.33 29.33
4 Package IV December 2024-May 2025 December 09- 25.00 25.00
June 2025 - November 2025 12-2026 25.17 25.17
December 2025- July 2026 35.00 35.00
August 2026- December 2026 14.83 14.83
5 Package V April 2024-September 2025 April 29, 2027 24.17 24.17
October 2025 - March 2026 23.67 23.67
April 2026 - September 2026 27.83 27.83
October 2026 - April 2027 24.33 24.33
6 Package VI November 2024 - March 2025 November 14.70 14.70
April 2025-September 2025 25,2026 30.40 30.40
October 2025 - March 2026 19.40 19.40
April 2026 - September 2026 30.40 30.40
October 2026 - November 2026 5.10 5.10
#The estimated completion date is as per the certificate dated December 17, 2025 provided by Project Consultant
for the Project.
Note: The above timelines, the Physical Target and Financial Target are indicative and may vary basis actual
completion of the work.
G. Benchmarks for commencement and completion of the Project including milestone dates for all components of
the Project:
Based on similar Project undertaken by the Issuer, the indicative milestone dates for the proposed Project are:
S. No. Packages Duration Start date Estimated Completion Date
1 Package I 729 October 08, 2024 October 07, 2026
2 Package II 729 February 07, 2025 February 06, 2027
3 Package III 729 September 24, 2024 September 23, 2026
4 Package IV 729 December 10, 2024 December 09, 2026
5 Package V 1094 April 30,2024 April 29, 2027
6 Package VI 729 November 26, 2024 November 25, 2026
Note: The above timelines are based on the certificate dated December 17, 2025 provided by Project
Consultant for the Project.
Current Status of Project : The tendering process has been completed and work order has been awarded for all
the six packages of the Project and the work is under progress. The current completion status of the Project as per
certificate dated December 17, 2025 from Project Consultant for Project is as follows:
Packages Physical target achieved Financial target achieved
Package I 39.61% 19.89%
Package II 35.56% 2.78%
Package III 37.76% 20.61%
Package IV 53.54% 32.00%
Package V 6.83% 2.08%
62Package VI 55.03% 42.67%
H. Details and status of the regulatory approval (if required):
Government of Tamil Nadu has accorded administrative sanction for the Project vide G.O. (D) No. 15 dated
January 19, 2023.
The status of regulatory approvals/NOCs/permits/approval/consents required to be obtained by the Corporation
for implementation of the Project are as below:
Sr. No. Description of Approval/ Arrangement and Name of the Status of Approval
Authority/Agency
1. Certificate of Authorization to operate the facility for Received for all six packages
processing, recycling, treatment and disposal of solid waste
from Tamil Nadu Pollution Control Board
2. NOC from Tamil Nadu Fire & Rescue Services Chennai Package I - Received
District Package II – Application made &
Approval awaited
Package III - Received
Package IV - Received
Package V - Received
Package VI - Received
As per the certificate dated December 17, 2025 from Project Consultant for the Project, other than the regulatory
approvals/NOCs/permits/approval/consents mentioned herein, there are no other regulatory
approvals/NOCs/permits/approvals required to be obtained by the Corporation for implementation of the Project.
I. Disclosures pertaining to green debt securities in accordance with the SEBI Master Circular:
As Indian cities expand rapidly, addressing the twin challenges of delivering essential civic services and
maintaining environmental sustainability has become increasingly important. Urban Local Bodies (ULBs), like
the Greater Chennai Corporation (GCC), are at the forefront, integrating climate-practices into urban governance.
GCC is committed to promoting sustainable urban development while ensuring the provision of essential civic
amenities for public good. By integrating climate into everyday urban operations, GCC and other ULBs can ensure
resilient, liveable cities for the future.
Green Bond Framework
GCC has developed a Framework for Green Bonds duly approved by the Bond Issue committee vide its resolution
dated December 08, 2025 to outline the governing framework for execution and managing the green bonds on an
ongoing basis (“Green Bond Framework”) based on requirements of:
i) SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021, as amended*;
ii) Master Circular for issue and listing of Non-convertible Securities, Securitised Debt Instruments,
Security Receipts, Municipal Debt Securities and Commercial Paper dated October 15 2025 (SEBI
Master Circular 2025)
iii) Government of India’s Framework for Sovereign Green Bond (SGrB), 2022; and,
iv) International Capital Market Association (ICMA) Green Bond Principles (GBP), 2025; and
applicable guidelines for Green Municipal Bonds.
*As per the SEBI circular dated November 24, 2022 "an issuer under the Issue and Listing of Municipal Debt
Securities (ILMDS) Regulations may issue a green debt security if it falls within the definition of “green debt
security”, as per Regulation 2(1)(q) of the NCS Regulations".
These principles and regulations recommend delineation of a clear process and disclosure by the Issuer to enable
the investors and banks and others to understand the characteristics of the green bond.
63The Framework describes the process of using green bonds issued under a Green Bond Facility or a Green Tranche
of a Bond Facility (collectively referred to as “Green Bonds”) to finance or refinance projects assets or activities
with environmental benefits. The Framework will apply to any Green Bonds issued by GCC and will be applied
as long as any such instrument is outstanding.
Third Party Review Report
CARE Analytics and Advisory Private Limited (“CareEdge Advisory”), has been appointed as the Third Party
Reviewer, and has conducted a review of the Green Bond Framework developed by GCC for the Project to be
funded through the proposed Issue and provided a review report dated December 15, 2025 (“Third Party Review
Report”) on the conformity of the Green Bond Framework with the (i) SEBI NCS Regulations; (ii) SEBI Master
Circular; (iii) Government of India’s Framework for Sovereign Green Bond 2022; and (iv) the ICMA Green Bond
Principles, 2025.
The Green Bond Framework has been approved by the Bond Issue Committee vide their resolution dated
December 8, 2025 and reviewed by the Third Party Reviewer vide their Third Party Review Report dated
December 15, 2025. The disclosures pertaining to the Green Bonds are in accordance with the Green Bond
Framework and the Third Party Review Report.
a. A statement on environmental sustainability objectives of the issue of green debt securities
GCC generates approximately 5,500 MT/day of municipal solid waste, which has historically been dumped at the
Kodungaiyur and Perungudi dumping grounds—both sites operating for over four decades. In line with SWM
2016 Rule 15, which mandate the biomining of legacy waste, GCC has taken biomining initiatives at Kodungaiyur
aiming to reclaim large tracts of land which are long buried under legacy waste, reinforcing GCC’s commitment
to sustainable urban development and essential civic services.
GCC is setting an example with its biomining projects at the Perungudi and Kodungaiyur Dumping Grounds
(KDG), designed to reclaim hundreds of acres of land previously buried under legacy waste. After Perungudi
dumping site, efforts are now focused on Kodungaiyur dumping ground to reclaim 252 acres. These projects play
a vital role in enhancing solid waste management and environmental restoration in the city. The Project will be
funded through the Swachh Bharat Mission 2.0 scheme, including contributions from the Central and State
Governments, GCC's own funds, external financing, in the form of a loan and grant from the Kreditanstalt für
Wiederaufbau (KfW) and proceeds from Issuance of Green Bonds.
As per the Green Bond Framework, the proceeds of the Issue are being used towards the Project, as it:
a. Directly contributes to the city’s long-term vision of building sustainable urban development,
b. Suffice the statutory requirement under the SWM Rules 2016 to scientifically process legacy waste,
c. Lay the groundwork for establishing modern Integrated Waste Processing and Disposal Facilities in the
future
The overall sustainability objective of the proposed Project is:
• Pollution prevention and control
• Sustainable waste management
• Circular economy
As per the Third Party Review Report, the Project qualifies under the below mentioned categories specified under
industry standards:
Regulations /Framework Qualifying Category
SEBI NCS Regulations, 2021 • Sustainable waste management (incl. recycling, waste to energy (Refuse
– clause 2(q)(v) and (viii) Derived Fuel (RDF)), and efficient disposal)
• Pollution prevention and control (including reduction of air emissions,
greenhouse gas control, soil remediation, waste prevention, waste
reduction, waste recycling and energy efficient or emission efficient waste
to energy) and sectors mentioned under the India Cooling Action Plan
launched by the Ministry of Environment, Forest and Climate Change
64ICMA Green Bond Principles • Pollution prevention and control (including reduction of air emissions,
(GBP), 2025 greenhouse gas control, soil remediation, waste prevention, waste
reduction, waste recycling and energy/emission-efficient waste to energy)
• Circular economy adapted products / production technologies /
processes (secondarily)
Framework for Sovereign Pollution prevention & control (incl. waste management, waste
Green Bonds, 2022 prevention/reduction/recycling and energy/ emission-efficient Waste to
Energy)
The Third Party review Report provides the following rationale for the determining the eligibility under
the abovementioned categories as per industry standards:
• The Disposal of Legacy Waste and Reclamation of land at Kodungaiyur Dumping Site through Bio-
mining is a legacy dumpsite biomining involving excavation, processing, recovery of recyclables / RDF
/ soil-like fraction, leachate management, site remediation and land reclamation – which includes (i)
waste management and (ii) pollution-control.
• Biomining activities at KDG such as recycling waste, waste to energy, efficient disposal etc. aligns with
the SEBI’s eligible green categories. This Project will help reclaim the land and generate Refuse Derived
Fuel (RDF).
• Project Interventions such as i) Particulate Matter reduction, (ii) abatement of Methane generation &
dispersion, and (iii) leachate capture and containment, are anticipated to generate multifaceted
environmental performance enhancements, thereby diminishing long-term risks of groundwater
contamination.
• Project interventions such as soil remediation, waste prevention / reduction / recycling and efficient
Waste to Energy along with leachate collection (which could diminish long-term risks of groundwater
contamination).
• Biomining & resource recovery for RDF are classic “circular economy” projects.
Further the Third Party Review Report and the Green Bond Framework identify the following
environment & social benefits of the Project:
Activity Primary UN SDG Targets Environmental & Social
benefits
Legacy-waste UN SDG 11.6: By 2030, reduce the adverse per Stabilising and excavating
excavation & windrow capita environmental impact of cities, including legacy waste is the first step to
stabilisation by paying special attention to air quality and abate local pollution and odour.
municipal and other waste management It reduces exposure to
contaminated waste and enables
UN SDG 3.9: By 2030, substantially reduce the safe downstream treatment.
number of deaths and illnesses from hazardous
chemicals and air, water and soil pollution and
contamination
Mechanical UN SDG 12.5: By 2030, substantially reduce Separates combustibles, fines /
segregation of waste waste generation through prevention, reduction, coarse inerts, glass, metals,
using trommels, recycling and reuse enabling recycling, compliant
magnets / eddy current disposal and overall waste
UN SDG 11.6: By 2030, reduce the adverse per reduction.
capita environmental impact of cities, including
by paying special attention to air quality and
municipal and other waste management
Material recovery & UN SDG 12.5 (primary): By 2030, substantially Diverts materials from dumping
circular flows metals / reduce waste generation through prevention, to reuse / recycling / energy
tyres to recyclers reduction, recycling and reuse. recovery, cutting landfill mass
and associated emissions.
Construction & UN SDG 13.2 (co-benefit when energy
Demolition waste re- recovered).
use and/or processing
RDF for compliant co-
processing
65Responsible disposal UNSDG 11.6: By 2030, reduce the adverse per Ensures outputs are handled to
as per SWM Rules capita environmental impact of cities, including national standards, preventing
2016 by paying special attention to air quality and re-pollution and locking in
municipal and other waste management. waste minimisation.
UN SDG 12.5: By 2030, substantially reduce
waste generation through prevention, reduction,
recycling and reuse
Responsible leachate UN SDG 6.3: By 2030, improve water quality by Prevents highly polluted
collection & treatment reducing pollution, eliminating dumping and leachate from contaminating
(LTP) incl. wash- minimizing release of hazardous chemicals and ground / surface water.
water routing and spill materials, halving the proportion of untreated
control wastewater and substantially increasing
recycling and safe reuse globally.
UN SDG 3.9: By 2030, substantially reduce the
number of deaths and illnesses from hazardous
chemicals and air, water and soil pollution and
contamination.
Groundwater quality UN SDG 6.3: By 2030, improve groundwater Baseline shows severe organic /
improvement from quality by reducing leachate flowing into nutrient load—demonstrates
vis-à-vis baseline groundwater. necessity and impact
conditions for materiality of LTP.
parameter like
(i)Biochemical
Oxygen Demand 3-
days @ 27 degree
Centigrade, (ii)
Chemical Oxygen
Demand, Nitrate
(NO )
3
Reduce Fugitive dust UN SDG 11.6: By 2030, reduce the adverse per Controls fugitive emissions and
and air pollution capita environmental impact of cities, including traffic-related dust and
mitigation in and by paying special attention to air quality and improving local air quality for
around Kodungaiyur municipal and other waste management. workers/communities.
(through water
sprinkling, covered UN SDG 3.9: By 2030, substantially reduce the
transport, ensuring number of deaths and illnesses from hazardous
PUC vehicles etc. chemicals and air, water and soil pollution and
initiatives) contamination.
Worker Health & UN SDG 8.8: Protect labour rights and promote Safer working environments—
Safety improvement safe and secure working environments for all PPE, emission checks and noise
over time (through workers, including migrant workers, in particular barriers protect workers’ health
application of women migrants, and those in precarious and safety.
Personal Protective employment
Equipment(s), vehicle
emission checks etc.)
Land reclamation UN SDG 11.6: By 2030, reduce the adverse per Eliminates an open dump and
enabling future waste capita environmental impact of cities, including frees land for compliant
processing facilities by paying special attention to air quality and processing of future waste—
(70–80% land reclaim municipal and other waste management. locking in long-term urban
potential) environmental gains.
UN SDG 12.5: By 2030, substantially reduce
waste generation through prevention, reduction,
recycling and reuse.
66b. Brief details of decision-making process followed/proposed for determining the eligibility of project(s)
and/or asset(s), for which the proceeds are being raised through issuance of green debt securities, such as:
i. Process followed/ to be followed for determining how the project(s) and/or asset(s) fit within the eligible
green projects categories as defined under Regulation 2 (1) (q) of NCS Regulation
Given below is the process for project evaluation and selection as per the Green Bond Framework:
GCC has constituted a Bond Issue Committee authorized to manage, oversee, and execute all activities associated
with the Green Bond issuance. The Financial Management (FM) unit in GCC shall act as the nodal department
for Bond Issue Committee.
The Bond Issue Committee will jointly & severally be responsible for taking all decisions required for the issuance
of green municipal bonds, including but not limited to:
• Finalize the Green Bond Framework
• Approve the project for which funds are raised
• Finalize the bond term sheet including the mode of issuance.
• Appoint or ratify the appointments of any / all agencies and intermediaries.
The Bond Issue Committee will ensure that the Project complies not only with the section of Use of Proceeds but
also with the Environmental and Social guidelines under the framework. The committee will meet at least once
in 3 months or earlier as per the requirement to review the progress of the Project.
The process of project evaluation includes review of documents such as:
a. Detailed Feasibility Report (DFR);
b. Environmental & Social Impact Assessment (ESIA) Reports;
c. Appointment of Consultants, Third Party Reviewers, Legal and Technical Assortments, etc. to ensure the
environmental impact of the projects have been addressed.
ii. The criteria making the project(s) and/ or asset(s) eligible for using the green debt securities proceeds;
In accordance with GCC’s Green Bond Framework, GCC will use 100% of the proceeds from the Issue of Green
Bonds towards Disposal of Legacy Waste and Reclamation of land at Kodungaiyur Dumping Site through Bio-
mining.
As per the Third Party Review Report, the Project falls under the following categories of Regulation 2(1)(q) of
SEBI NCS Regulations:
1. 2(q)(v)- Sustainable waste management (incl. recycling, waste to energy (Refuse Derived Fuel (RDF)),
and efficient disposal); and
2. 2(q)(viii)- Pollution prevention and control (including reduction of air emissions, greenhouse gas
control, soil remediation, waste prevention, waste reduction, waste recycling and energy efficient or
emission efficient waste to energy) and sectors mentioned under the India Cooling Action Plan launched
by the Ministry of Environment, Forest and Climate Change.
Further, as stated in the framework, GCC undertakes that proceeds of the Green Bond issue shall not be used for
any purpose which may be in contravention of the regulations/guidelines/norms issued by the SEBI/Tamil Nadu
Government / Stock Exchange(s).
Accordingly, the Bond Issue Committee while making note that the Project for which the proceeds are been 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, vide its resolution dated December 17, 2025 approved the issue
of Green Bonds.
iii. Details of taxonomies, green standards or certifications both Indian and global, if any referenced and the
alignment of projects with said taxonomies, related eligibility criteria, and exclusion criteria, if applicable
67GCC has developed a Green Bond Framework to outline the governing framework for execution and managing
the green bonds on an ongoing basis based on requirements of SEBI NCS Regulations and SEBI Master Circular
and aligned with ICMA Green Bond Principles, 2025 & Framework for Sovereign Green Bonds, 2022 and
applicable guidelines for Green Municipal Bonds.
CareEdge Advisory in its Third Party Review Report dated December 15, 2025 has referred to: (i) SEBI NCS
Regulations, Clause 2(1)(q) while determining the eligibility of the Project under SEBI guidelines; (ii) ICMA
Green Bond Principles, 2025 and; (iii) Sovereign Green Bond Framework, 2022 for checking eligibility of the
activities. GCC has not adopted any exclusion list.
iv Details of the alignment of the objective of the issue with the India’s Intended Nationally Determined
Contributions in case of the proceeds raised though issuance of transition bonds.
Not Applicable, the proceeds are not being raised through issuance of transition bonds.
c. Details of the system/procedures to be employed for tracking the deployment of the proceeds of the issue
GCC’s Green Bond Framework specifies that for the purposes of transparent allocation of the proceeds for the
eligible green project(s) and for proper accounting, a separate account shall be created and maintained by the GCC.
Further, a qualified external Chartered Accountant, will be appointed by GCC, and will certify the allocation
reporting (as per SEBI Master Circular Chapter IX Clause 2.1 - Continuous disclosure requirements for listed green
debt securities):
(i) the Parking of Funds raised through the Green Bond issuance;
(ii) the Deployment of Proceeds in line with the selected Use of Proceeds; and
(iii) the management of Unallocated Proceeds.
The external Chartered Accountant will issue an allocation certificate at the end of the financial year over the
lifetime of the Green Bonds.
During the tenure of the Green Bonds, GCC will annually report on its website, the following, along with external
verification as per the SEBI Master Circular:
• Allocation Reporting: Amounts allocated towards the green activity, unallocated Amount, and investments
made through such unallocated amount basis external Chartered Accountant’s certification and external
verification.
• Impact Reporting: Performance against the key performance indicators as prescribed in GCC’s Green Bond
Framework basis external verification.
• BRSR Reporting: Major Elements of BRSR Reporting as prescribed by SEBI’s disclosure requirements.
d. Details of the project(s) and/or asset(s) or areas where the issuer, proposes to utilise the proceeds of the
issue of green debt securities, including towards refinancing of existing green project(s) and/or asset(s), if
any
The Issuer proposes to utilise the proceeds of the issue of green debt securities towards “Disposal of Legacy Waste
and Reclamation of land at Kodungaiyur Dumping Site through Bio-mining” project (“the Project”).
As per the Third Party Review Report, proceeds from GCC’s green bond issuances will be allocated to finance
the green activities specified under the GCC’s Green Bond Framework for construction of Biomining project at
KDG.
The Third Party Reviewer vide Third Party Review Report confirmed that the Project has been selected through
a process that is transparent, replicable and in line with green bond principles.
The proceeds are not being utilised towards re-financing of existing green project(s).
e. Details of an indicative estimate of distribution of proceeds raised though issuance of green debt security
between financing and refinancing of project(s) and/ or asset(s); if applicable.
68Not Applicable.
As per Green Bond Framework, GCC intends to use the 100% of the proceeds of the Issue towards financing of
the Project.
f. Details of the intended types of temporary placement of the unallocated and unutilised net proceeds from
the issue of green debt securities
In accordance with Third Party Review Report dated December 15, 2025 and Green Bond Framework
unallocated proceeds, if any, will be carried forward to successive years for investment in the eligible green
project(s) only. It will be endeavored that the proceeds from the Issue are allocated within a span of two years
from the date of issuance.
Further, the unallocated proceeds will be held in a fixed deposit with a scheduled commercial bank, or as per the
Tamil Nadu Urban Local Bodies Act, 1998, as amended.
g. Details related to the perceived social and environmental risks and proposed mitigation plan associated
with the project(s) proposed to be financed/ refinanced through the proceeds from the issue of green debt
securities
At present, this project is in the construction phase (approx. 2 yrs) and has minimal perceived environmental and
social risks, like air pollution and odour pollution. During the operational phase, no perceived social and
environmental risks are envisaged thereafter.
However, there is a E&S Risk Management Mechanism in place for mitigation of any environmental and social
risks. The same is briefly described below:
i Comprehensive Environmental and Social Impact Assessment (ESIA) and Environmental and Social
Management Plan (ESMP) were completed prior to contractor engagement.
ii The Centre for Environmental Studies (CES), Anna University, serves as the Project Management
Consultant, supporting oversight and compliance. CES, Anna University has the solid vintage in
providing consultancy in Biomining and Solid Waste Management Projects.
iii The Contractors have been chosen based on stringent Environmental, Health and Safety (EHS) and
Social Criteria. The Same criteria have been included in their standard clauses.
iv This framework is further reinforced through continuous monitoring of EHS requirements by both
GCC and the PMC.
Collectively, these measures demonstrate that GCC meets all prerequisites and operates a mature, accountable,
and well-governed E&S Risk Mechanism. The Project is aimed at providing environmental and social benefits.
h. The issuer shall appoint an independent third-party reviewer/ certifier, for reviewing/certifying the
processes including project evaluation and selection criteria, project categories eligible for financing by
green debt securities, etc.:
CARE Analytics and Advisory Private Limited, as the Third Party Reviewer, have conducted a review of the
Green Bond Framework developed by GCC and the Project to be funded through the proposed Issue and
provided an report dated December 15, 2025 for the proposed Issue.
i. Undertaking by the Issuer:
The Issuer hereby undertakes the following:
1. It shall comply with the monitoring and continuous disclosure requirements suggested for the issue of
green debt securities by SEBI from time to time.
2. Maintain a decision-making process which it uses to determine the continuing eligibility of the Project.
This includes, without limitation statement on the environmental objectives of the green debt securities
and a process to determine whether the Project meets the eligibility requirements.
693. Ensure that the Project funded by the proceeds of green debt securities, meet the documented objectives
of green debt securities;
4. Utilise the proceeds only for the stated purpose, as disclosed in the preliminary placement
memorandum/placement memorandum; and
5. Ensure compliance with “Dos and don’ts relating to green debt securities to avoid occurrences of
greenwashing” stated in Chapter IX-A of SEBI Master Circular. To address the concerns of market
participants, regarding greenwashing, an issuer of green debt securities shall ensure the following to
avoid its occurrence:
a. While raising funds for transition towards a greener pathway, it shall continuously monitor to check
whether the path undertaken towards more sustainable form of operations is resulting in reduction
of the adverse environmental impact and contributing towards sustainable economy, as envisaged in
the preliminary placement memorandum/placement memorandum.
b. It shall not utilize funds raised through green bonds for purposes that would not fall under the
definition of ‘green debt security’ under the NCS Regulations.
c. In case any such instances mentioned in (b) above come to light regarding the green debt securities
already issued, it shall disclose the same to the investors and, if required, by majority of debenture
holders, undertake early redemption of such debt securities.
d. It shall not use misleading labels, hide trade-offs or cherry pick data from research to highlight green
practices while obscuring others that are unfavorable in this behalf.
e. It shall maintain highest standards associated with issue of green debt security while adhering to the
rating assigned to it.
f. It shall quantify the negative externalities associated with utilization of the funds raised through
green debt security.
g. It shall not make untrue claims giving false impression of certification by a third-party entity.
J. Expenses of the Issue
Expenses of the issue along with a break-up for each item of expense, including details of the fees payable to/for
separately as under (in terms of amount, as a percentage of total issue expenses and as a percentage of total issue
size)
Amount
(₹ In) Percentage of total Percentage of
Expenses Head
(Excluding issue expenses total issue size
Taxes)*
Fees to Merchant Banker(s) (including
2,42,596 5.17% 0.0118%
commissions, if any)
Brokerage, selling commission and upload
- 0.00% 0.0000%
fees
Fees to the Registrar to the Issue 94,400 2.01% 0.0046%
Fees to the Legal Advisor to the Issue 10,50,200 22.38% 0.0511%
Advertising and marketing expenses
2,50,000 5.33% 0.0122%
(including road shows and investors meet)
Regulators including stock exchange 5,900 0.13% 0.0003%
Printing and distribution of issue stationery 50,000 1.07% 0.0024%
Others, if any (fees of Rating Agencies,
30,00,000 63.92% 0.1459%
Debenture Trustee, etc.)
Total (exclusive of taxes) 46,93,096 100.00% 0.2283%
*Indicative amounts
The Issuer has not and any person who is connected with the Issue shall not offer any incentive, whether direct
or indirect, in any manner, whether in cash or kind or services or otherwise to any person for making an
application in the Issue, except for fees or commission for services rendered in relation to the Issue. The expenses
in relation to the Issue are not being paid out of the proceeds of the Issue. The expenses in relation to the Issue
are being met through the internal accruals of the Issuer.
70SECTION-VIII: TAX BENEFITS
Any special tax benefits (under direct and indirect tax laws) for the issuer and its investors:
To,
Greater Chennai Corporation
Ripon Building,
Poonamallee High Road,
Chennai-600 003
Dear Sirs,
Re: STATEMENT OF SPECIAL TAX BENEFITS (UNDER DIRECT AND INDIRECT TAX LAWS)
AVAILABLE TO GREATER CHENNAI CORPORATION (THE “CORPORATION”/
“ISSUER” / “GCC”) AND ITS INVESTORS PREPARED IN ACCORDANCE WITH THE
REQUIREMENTS UNDER SCHEDULE I (6) OF THE SECURITIES AND EXCHANGE
BOARD OF INDIA (ISSUE AND LISTING OF MUNICIPAL DEBT SECURITIES)
REGULATIONS, 2015 AS AMENDED (SEBI ILMDS REGULATIONS) FOR THE PROPOSED
ISSUE BY GCC OF UP TO 2,937 (TWO THOUSAND NINE HUNDRED AND THIRTY-
SEVEN)UNSECURED, RATED, LISTED, TAXABLE, REDEEMABLE, NON-CUMULATIVE
AND NON-CONVERTIBLE GREEN MUNICIPAL BONDS IN THE NATURE OF
DEBENTURES OF FACE VALUE OF RS. 7,00,000 (RUPEES SEVEN LAKHS ONLY) EACH
COMPRISING OF 7 (SEVEN) SEPARATELY TRANSFERABLE AND REDEEMABLE
PRINCIPAL PARTS (“STRPP OF FACE VALUE OF RS. 1,00,000 EACH (“GREEN BONDS”/
“DEBENTURES”/ “NCDS”) FOR AN AMOUNT OF RS. 100.03 CRORES (RUPEES
HUNDERED CROREAND THREE LAKHS) (“BASE ISSUE SIZE”) WITH GREEN SHOE
OPTION OF UP TO RS. 105.56 CRORE (RUPEES ONE HUNDRED AND FIVE CRORES AND
FIFTY-SIX LAKHS) FOR AN AMOUNT AGGREGATING UP TO RS 205.59 CRORES
(RUPEES TWO HUNDRED AND FIVE CRORE AND FIFTY-NINE LAKHS ONLY) ON
PRIVATE PLACEMENT BASIS (“ISSUE”) UNDER SECURITIES AND EXCHANGE BOARD
OF INDIA (ISSUE AND LISTING OF MUNICIPAL DEBT SECURITIES) REGULATIONS,
2015 AS AMENDED FROM TIME TO TIME.
1. We, M/s. N. Raja & Associates, Chartered Accountants, refer to the proposed Issue by Greater Chennai
Corporation (the “Issuer”) and enclose the statement of special tax benefits available to the Issuer and
Investors under the Income Tax Act, 1961 (the “Statement”) showing the special tax benefits on issue of
Green Bonds applicable to the Issuer and Investors as per the provisions of the Income Tax Act, 1961 (the
“Act”) and Income Tax Rules, 1962 including amendments made by Finance Act, 2025 and Taxation Laws
(Amendment) Act, 2021 as applicable for the financial year 2025-2026, for inclusion in the Preliminary
Placement Memorandum and Placement Memorandum which are proposed to be filed by the Issuer with
the Stock Exchanges, the Securities and Exchange Board of India and any other regulatory authority in
connection with the Issue. Several of these benefits are dependent on the Investors fulfilling the conditions
prescribed under the relevant provisions of the Act. Hence the ability of the Investors to derive these tax
benefits is dependent upon their fulfilling such conditions.
2. The benefits discussed in the enclosed statement are neither exhaustive nor conclusive. The contents stated
in the Statement are based on the information and explanations obtained from the Issuer. This statement is
only intended to provide general information to the Investors and is neither designed nor intended to be a
substitute for professional tax advice. In view of the individual nature of the tax consequences and the
changing tax laws, each debenture holder is advised to consult their own tax consultant with respect to the
specific tax implications arising out of their participation in the Issue. We are neither suggesting nor are
we advising the Investors to invest money based on this statement. We do not express any opinion or
provide any assurance as to whether:
• the Issuer or the Investors will continue to obtain these benefits in similar manner in future;
• the conditions prescribed for availing the benefits have been / would be met with; and
• the revenue authorities/courts will concur with the views expressed herein.
3. We hereby give our consent to include the Statement in the Preliminary Placement Memorandum and
Placement Memorandum in connection with the Issue to be filed by the Issuer with the Stock
71Exchange(s), the Securities and Exchange Board of India and any other regulatory authority in relation
to the Issue and such other documents as may be prepared in connection with the Issue.
4. Limitations
Our views expressed in the Statement enclosed are based on the facts and assumptions indicated above.
No assurance is given that the revenue authorities/courts will concur with the views expressed herein.
Our views are based on the existing provisions of law and its reasonable interpretation, which are subject
to change from time to time. We do not assume responsibility to update the views consequent to such
changes.
5. This Statement is addressed to you solely for the use of the Issuer in relation to the Issue and, except with
our prior written consent, is not to be transmitted or disclosed to, or used or relied upon by any other
person or used or relied upon by you for any other purpose, save that you may disclose this Statement to
AK Capital Services Limited (the “Permitted Recipient/s”). We further consent to the above details
being included for the records to be maintained by the Merchant Banker in connection with the Issue and
in accordance with the provisions of the applicable laws.
For M/s. N. Raja & Associates
Chartered Accountants
Firm’s Registration No. 003388S
Authorized Signatory
Name: G. Velavan
Designation: Partner
Membership No.: 029915
UDIN: 25029915BMIYYA7008
Place: Chennai
Date: 17-12-2025
72STATEMENT OF SPECIAL TAX BENEFITS
Under the existing provisions of law, the following special tax benefits, inter alia, will be available to the Issuer
and Debenture Holder(s). The tax benefits are given as per the prevailing tax laws and may vary from time to time
in accordance with amendments to the law or enactments thereto.
The information given below lists out the special tax benefits available to the Issuer and Debenture Holder(s), in
a summary manner only and is not a complete analysis or listing of all potential tax consequences of the
subscription, ownership and disposal of the Debentures. The Debenture Holders are advised to consider in its own
case, the tax implications in respect of subscription to the Debentures after consulting its tax advisor as alternate
views are possible. We are not liable to the Debenture Holders in any manner for placing reliance upon the contents
of this statement of special tax benefits.
We have also perused the relevant provisions of Income Tax Act,1961, Central Goods and Service Tax Act
(CGST), State Goods and Service Tax Act (SGST) and Integrated Goods and Service Tax Act (IGST) along with
the notifications issued by the revenue authorities from time to time.
On the basis of such perusal/examination of the provisions and on the discussions held with the officials of Issuer,
we are of the opinion that the following special tax benefits are available to the Issuer and the Debenture Holders:
DIRECT TAXES
IMPLICATIONS UNDER THE INCOME-TAX ACT, 1961 (“IT Act”)
We have perused various provisions of tax exemption / tax rebates specified under Chapter III and Chapter VI A
of the IT Act. From the perusal of the said Chapters, our opinion is as under:
In accordance with the amendments under the Finance Act, 2025, Surcharge and Health & Education Cess shall
be added to rate of tax deduction, wherever applicable.
Benefits to the Issuer
The Income of the Issuer from specified sources are exempted under Section 10(20) of the IT Act. The
provisions under Section 10(20) of the IT Act are as under:
“the income of a local authority which is chargeable under the head "Income from house property", "Capital
gains" or "Income from other sources" or from a trade or business carried on by it which accrues or arises
from the supply of a commodity or service (not being water or electricity) within its own jurisdictional area
or from the supply of water or electricity within or outside its own jurisdictional area.
Explanation. —For the purposes of this clause, the expression "local authority" means—
(i) Panchayat as referred to in clause (d) of article 243 of the Constitution; or
(ii) Municipality as referred to in clause (e) of article 243P of the Constitution; or
(iii)Municipal Committee and District Board, legally entitled to, or entrusted by the Government with, the
control or management of a Municipal or local fund; or
(iv) Cantonment Board as defined in section 3 of the Cantonments Act, 1924 (2 of 1924);”
As per the provisions of Section 10(20) of the IT Act read with the other relevant provisions of the IT Act and the
Income Tax Rules, 1962 and as per the information and explanations given to us, any income arising to the Issuer
on the issuance of the Debentures shall be assessed as “Income From Other Sources” which is exempted under
Section 10(20) of the IT Act.
Apart from the above, there are no special tax benefits available under the IT Act.
Benefits to the Debenture holder(s)
The interest income earned on investment made in municipal bonds are not exempt under the provisions of Chapter
III of the IT Act. Also, there are no special tax benefits available under any other provisions of the IT Act.
Also, the capital gains arising on transfer of municipal bond are not exempt under Chapter IV of IT Act.
Tax at source shall be deducted on interest as per the rate applicable under the IT Act.
73Deduction of Tax at Source on interest on NCDs
1. Income Tax is deductible at source at the rate of 10% (no surcharge or health education cess) on interest on
NCDs held by resident Indians in accordance with Section 193 of the IT Act. In cases where interest is to be
paid to an Individual or hindu undivided family (“HUF”) (being the NCD Holder) is less than Rs. 10,000 and
interest is to be paid by way of account payee cheque then the relevant NCD Holder may seek non deduction
of tax at source on the interest on NCDs by submitting the prescribed declaration/certificates with the Issuer
and the RTA at the aforesaid address on or prior to the relevant Record Date.
2. In case of NCD Holder who is a resident Individual or resident HUF claiming non-deduction or lower
deduction of tax at source under section 193 of the IT Act, as the case may be, the NCD Holder should furnish
either (a) a declaration (in duplicate) in the prescribed form i.e. (i) Form 15H which can be given by Individuals
who are of the age of 60 years or more (ii) Form 15G which can be given by all Debenture Holders (other than
companies and firms), or (b) a certificate, from the Assessing Officer which can be obtained by all Debenture
Holders (including companies and firms) by making an application in the prescribed form i.e. Form No. 13.
3. Debenture Holders may seek/ may be granted, as the case may be, non-deduction or lower deduction of tax at
source in following instances under the IT Act:
a) When the Assessing Officer issues a certificate on an application by a Debenture Holder on satisfaction that
the total income of the Debenture Holder justifies no/lower deduction of tax at source as per the provisions
of Section 197(1) of the IT Act; and that a valid certificate is filed by the NCD Holder with the Company
before the Record Date for payment of interest;
b) When the resident Debenture Holder with Permanent Account Number (“PAN”) (not being a company or a
firm) submits a declaration as per the provisions of section 197A (1A) of the IT Act in the prescribed Form
15G verified in the prescribed manner to the effect that the tax on his estimated total income of the financial
year in which such income is to be included in computing his total income will be NIL. However, under
section 197A(1B) of the IT Act, Form 15G cannot be submitted nor considered for exemption from tax
deduction at source if the dividend income referred to in section 194, interest on securities, interest,
withdrawal from NSS and income from units of mutual fund or of Unit Trust of India as the case may be or
the aggregate of the amounts of such incomes credited or paid or likely to be credited or paid during the
financial year in which such income is to be included exceeds the maximum amount which is not chargeable
to income tax;
c) Senior citizens, who are 60 or more years of age at any time during the financial year, enjoy the special
privilege to submit a self-declaration in the prescribed Form 15H for non-deduction of tax at source in
accordance with the provisions of section 197A(1C) of the IT Act even if the aggregate income credited or
paid or likely to be credited or paid exceeds the maximum amount not chargeable to tax, provided that the
tax due on the estimated total income of the year concerned will be NIL;
d) All mutual funds registered under Securities and Exchange Board of India are exempt from tax on all their
income, including income from investment in Debentures under the provisions of Section 10 (23D) of the
IT Act in accordance with the provisions contained therein. Further, as per the provisions of section 196 of
the IT Act, no deduction of tax shall be made by any person from any sums payable to mutual funds specified
under Section 10(23D) of the IT Act, where such sum is payable to it by way of interest or dividend in respect
of any securities or shares owned by it or in which it has full beneficial interest, or any other income accruing
or arising to it;
e) In case where section 194LD is not applicable, the interest income earned by FIIs/FPIs should be chargeable
to tax at the rate of 20% under section 115AD of the IT Act. Tax shall be deducted u/s. 196D of the IT Act
on such income at 20%. Where DTAA is applicable to the payee, the rate of tax deduction shall be lower of
rate as per DTAA or 20%, subject to the conditions prescribed therein;
f) Interest payable to Life Insurance Corporation, General Insurance Corporation and any other insurers are
exempted from deductions of tax at source under Section 193 of the IT Act;
g) Interest payable to entities falling under the list of entities exempted from TDS by the circular no. 18/2017
by Central Board of Direct Taxes (whose income is unconditionally exempt under Section 10 of the IT Act
and who are also statutorily not required to tile return of income as per Section 139 of the IT Act);
74h) Any other specific exemption available to any other category of investors under the IT Act.
4. In case(s) where the NCD Holder(s) do not submit the declaration/ certificates as per format prescribed
under applicable laws with the Issuer and the RTA at the specified address on or prior to the relevant
Record Date for payment of interest on the NCDs, the Issuer shall not be liable to refund the applicable
amount of tax deducted at source and the NCD Holders would be required to directly take up with the
tax authorities for refund, if any.
5. Documents required in cases of lower/ non-deduction of TDS due to exemption available
Tax will be deducted at source at reduced rate, or no tax will be deducted at source in the following cases:
a. When the Assessing Officer issues a certificate on an application by a Debenture Holder on satisfaction
that the total income of the Debenture holder justifies no/lower deduction of tax at source as per the
provisions of Section 197(1) of the IT Act; and that a valid certificate is filed with the Issuer before the
prescribed date of closure of books for payment of debenture interest;
b. When the resident Debenture Holder with Permanent Account Number (‘PAN’) (not being a company
or a firm) submits a declaration as per the provisions of section 197A(1A) of the IT Act in the prescribed
Form 15G verified in the prescribed manner to the effect that the tax on his estimated total income of the
financial year in which such income is to be included in computing his total income will be NIL.
However, under section 197A(1B) of the IT Act, Form 15G cannot be submitted nor considered for
exemption from tax deduction at source if the dividend income referred to in section 194, interest on
securities, interest, withdrawal from NSS and income from units of mutual fund or of Unit Trust of India
as the case may be or the aggregate of the amounts of such incomes credited or paid or likely to be
credited or paid during the financial year in which such income is to be included exceeds the maximum
amount which is not chargeable to income tax;
c. Senior citizens, who are 60 or more years of age at any time during the financial year, enjoy the special
privilege to submit a self-declaration in the prescribed Form 15H for non-deduction of tax at source in
accordance with the provisions of section 197A(1C) of the Act even if the aggregate income credited or
paid or likely to be credited or paid exceeds the maximum amount not chargeable to tax, provided that
the tax due on the estimated total income of the year concerned will be NIL; and
In all other situations, tax would be deducted at source as per prevailing provisions of the IT Act. Please
find below the class of resident investors and respective documents that would be required for granting
TDS exemption, unless specified otherwise hereinabove:
S. Class of Investors Relevant Section Documents to be taken on record from Investors
No. which grants TDS
exemption
1 Resident Individual or Claiming non- Form No.15G with PAN / Form No.15H with PAN /
resident HUF deduction or lower Certificate issued u/s 197(1) has to be filed with the
deduction of tax at Issuer.
source under section However, in case of NCD Holders claiming non-
193 of the IT Act, deduction or lower deduction of tax at source, as the case
may be, the NCD Holder should furnish either a
declaration (in duplicate) in the prescribed form i.e.
Form 15H which can be given by individuals who are of
the age of 60 years or more Form 15G which can be
given by all applicants (other than companies, and
firms), or a certificate, from the Assessing Officer which
can be obtained by all applicants (including companies
and firms) by making an application in the prescribed
form i.e. Form No.13.
2 Non-residents- (Other than For Non-deduction or A certificate under section 197 of the IT Act from the
FIIs/FPIs) lower deduction of tax Indian Assessing Officer for nil / lower deduction of tax
at source u/s 195 of the at source by making an application in the prescribed
IT Act form (i.e. Form No.13.)
3 Life insurance Corporation Clause vi of Proviso to Copy of Registration certificate
of India Section 193
75S. Class of Investors Relevant Section Documents to be taken on record from Investors
No. which grants TDS
exemption
4 General Insurance Clause vii of Proviso to Copy of Registration certificate
Corporation of India, Section 193 Copy of shareholding pattern
companies formed under
section 16(1) of General
Insurance Business Act,
1972 and any company in
which GIC has full
beneficial interest (100%
shareholding)
5 Any Insurer (like SBI Clause viii of Proviso to Copy of Registration certificate issued by IRDA
Life Insurance, Max Life Section 193
Insurance etc.)
6 Mutual Funds Section 196(iv) read Copy of Registration certificate issued by SEBI / RBI
with Section 10(23D) and notification issued by Central Government
7 Government, RBI and Section 196(i),(ii) and In case of Corporation, Declaration that their income is
corporation established (iii) exempt from tax with applicable provisions
under Central / State Act
whose income is exempt
from tax
8 Recognized Provident Section 10(25) and Copy of Registration and Recognition certificate issued
Funds, Recognized 10(25A) and CBDT by relevant statutory authorities and income-tax
Gratuity Funds, Approved Circular - 18/2017 authorities and Declaration from the funds that their
Superannuation Funds, income is exempt u/s 10(25) and 10(25A)
Employees’ State
Insurance Fund etc.
9 New Pension System Trust Section 10(44) read Relevant Registration certificate issued to NPS Trust
with Section 196(iii) under section Indian Trusts Act, 1882
and CBDT Circular -
18/2017
10 Other entities like Local Section 10(20) etc. read Declaration that they fall within the relevant income-tax
authority, Regimental with CBDT Circular - section and eligible for income-tax exemption on their
Funds, IRDA etc. 18/2017 income
11 Alternative Investment Section 197A(1F) Copy of Registration certificate issued by SEBI
Funds (Category I and II)
INDIRECT TAXES
Benefits to the Issuer
The Issuer is exempted from provisions of goods and service tax only on municipal services. There are no special
tax benefits on the issuance of municipal bonds.
Benefits to the Debenture holder(s)
No special indirect tax benefits are available on issue of municipal bonds to the investors.
No assurance is given that the revenue authorities/ courts will concur with the views expressed herein. Our views
are based on the existing provisions of law and its interpretation, which are subject to changes from time to time.
76SECTION-IX: ISSUE SPECIFIC INFORMATION
1. Issue/instrument specific regulations
The Green Bonds are proposed to be issued in accordance with SEBI Municipal Debt Regulations and relevant
circulars of SEBI, as amended from time to time.
The TNULB Act provides borrowing powers to GCC. The proposed issue is being made pursuant to Section
66 of the TNULB Act and is subject to the provisions of the TNULB Act, the terms of this Preliminary
Placement Memorandum and other terms and conditions as may be incorporated in the Transaction
Documents. The Issuer has obtained approval for the Issue of bonds as mentioned under section titled “About
the Issuer and Capital Structure of the Issuer” on page no. 49.
Section 66 provides that the Corporation:
(1) with the previous sanction of the State Government and in pursuance of any resolution passed at a special
meeting borrow any sum of money, subject to the revenue generation of the project, financial viability and
repayment capacity of the municipality.:
i) by way of debentures by raising loans from any Scheduled or Nationalised Bank or from any other
Financial Institutions or Agencies as may be approved by the Government in this behalf, on the security
of all or any of the taxes, duties, files and dues authorised by or under this Act, for the purposes as may
be determined by the Government;
ii) by way of raising loan from the public by issue of bonds for incurring specified items of capital
expenditure.
(2) The amount of loan, the rate of interest and the terms including the date of flotation, the time and method of
repayments and the like shall be subject to the approval of the Government.
(3) When any sum of money has been borrowed under sub-section (1), be portion thereof shall without the
previous sanction of the Government, be applied to any purpose other than that for which it was borrowed.
2. Rating and detailed Rating Rationale.
The Bonds proposed to be issued pursuant to this Issue have been rated by CARE Ratings Limited and Acuite
Ratings and Research Limited, (hereinafter referred to as the “Credit Rating Agencies”).
CARE Ratings Limited has assigned a rating of Provisional CARE AA+/Stable vide its letter dated December
16, 2025 and has issued a rating rationale dated December 17, 2025 and Acuite Ratings and Research Limited
has assigned a rating of Provisional ACUITE AA+/Stable vide its letter dated December 12, 2025 and has
issued a rating rationale dated December 12, 2025.
The ratings provided by the Credit Rating Agencies may be suspended, withdrawn or revised at any time by
the assigning rating agency and should be evaluated independently of any other rating. In case of any change
in credit ratings till the listing of Bonds, we will inform the investors. These ratings are not a recommendation
to buy, sell or hold securities and investors should take their own decisions. For details regarding rating letter
and rationale for the aforementioned rating, see “Annexure II” beginning on page no. A-7. There are no other
ratings for the Issue of Debentures (including unaccepted ratings) other than as specified in this Preliminary
Placement Memorandum.
3. Other Confirmations
a. The Issuer is eligible to raise funds under its constitution documents and in terms of the Tamil Nadu Urban
Local Bodies Act, 1998
b. The accounts of the Issuer are prepared in accordance with the National Municipal Accounting Manual;
c. The Issuer has not defaulted in the repayment of loans obtained from banks or financial institutions during
the preceding three hundred and sixty-five days;
77d. No order or direction of restraint, prohibition or debarment by Securities and Exchange Board of India,
(“SEBI”) is in force against the Issuer or members of the Bond Issue Committee from accessing the securities
markets;
e. The Issuer or members of the Bond Issue Committee are not named in the list of the willful defaulters;
f. None of the members of the Bond Issue Committee have been declared as a fugitive economic offender(s);
4. Credit Enhancement Mechanisms, if any.
Please refer to Annexure-I for Structured Payment Mechanism.
5. Stock exchanges where the debt securities are proposed to be listed
The Bonds are proposed to be listed on National Stock Exchange of India Limited. National Stock Exchange of
India Limited shall be the designated stock exchange. The in-principle approval of the NSE bearing reference
no. [•] dated [•] has been obtained in this regard.
6. Additional interest to be paid, above the Coupon Rate, in case of default (including delay) in payment of
Interest and/or principal redemption on due dates
In case of default in payment of interest and/or principal redemption on the due dates, the Issuer shall pay an
additional interest at the rate of 2.00% p.a. over the respective Coupon Rates of the Bonds for the defaulting
period.
7. Penal interest payable by the Corporation in case of delay in listing of Bonds from Deemed date of
Allotment
The default interest rate of 1% per annum over the Coupon Rate will be payable by the Issuer for the period of
delay between the Deemed Date of Allotment and the date of listing, in accordance with the provisions of
Chapter VII of the SEBI Master Circular.
As per provisions of the SEBI Municipal Debt Regulations, in case the Issuer fails to obtain listing or trading
permission from the Stock Exchange, it shall refund the entire monies received within seven days of receipt of
intimation from the Stock Exchange and if any such money is not repaid after the Issuer becomes liable to repay
it, the Issuer shall be liable to repay that money with interest at the rate of 15% (fifteen percent) per annum till
such refund is made.
8. DRR/Sinking Fund
As per SEBI Municipal Debt Regulations and the requirements of the SEBI circular in relation to ‘Continuous
disclosures and compliances by listed entities under SEBI (Issue and Listing of Municipal Debt Securities)
Regulations, 2015 dated November 13, 2019 bearing reference no. SEBI/HO/DDHS/CIR/P/134/2019 and
TNULB Act, each as amended, modified and/or supplemented from time to time the Issuer is required to create
Sinking Fund for due repayment of principal. Accordingly, the Issuer shall create Sinking Fund as mentioned in
the Structured Payment Mechanism for redemption of the Bonds. For further details of Structured Payment
Mechanism, please refer to Annexure-I on page no. A-1 of this Preliminary Placement Memorandum.
9. Mechanism adopted in compliance with Regulation 13 of the Securities and Exchange Board of India
(Merchant Bankers) Regulations, 1992
We would like to disclose to all the stakeholders including but not limited to potential investors that, A. K.
Capital Services Limited have been appointed as “Merchant Banker/Arranger” vide Work Order dated
August 29, 2025 and vide Issue Agreement dated December 17, 2025 executed between the Issuer and the
A. K. Capital Services Limited.
i. We further would like to disclose that Merchant Banker/ Arranger either directly or through its affiliates or
its associates or its subsidiaries may invest in the proposed issue through EBP mechanism in transparent
manner; and accordingly, confirm that there is no conflict of interest between the Merchant Banker and the
Issuer in accordance with the applicable regulations and;
78ii. EBP mechanism is adopted to ensure fair, objective, and unbiased opportunity to all investors.
10. Deduction of Tax at Source on interest on NCDs
g. Interest on NCDs issued pursuant to this Issue is subject to deduction of income tax under the provisions of
the Income Tax Act, 1961 (“IT Act”) or any other statutory modification or re-enactment thereof, as
applicable. NCD Holders desirous of claiming non-deduction or lower deduction of tax at source under
applicable laws, as the case may be, shall be required to submit the declaration/ certificates as per format
prescribed under applicable laws with the Issuer and the RTA at the below mentioned address at least 15
(Fifteen) calendar days prior to the relevant Record Date for payment of interest on the NCDs:
Particulars Contact Details of the Issuer Contact Details of the RTA
Name Greater Chennai Corporation Cameo Corporate Services Limited
Correspondence Ripon Building, 16, EVR Periyar Subramanian Building, No.1 Club
Address Salai, Chennai - 600 003 House Road, Chennai-600002, India
Contact Person T Karunakaran Ms. K Sreepriya
Designation Chief Accounts Officer (Budget) Executive Vice President & Company Secretary
E-mail ID gccmunibonds@gmail.com priya@cameoindia.com
Tel. No. 044-25619211 044 - 40020714
Fax No. - -
Link for online - https://investors.cameoindia.com/Online_Frm
submission _Submission.aspx
h. In case of non-receipt of such prescribed declaration/ certificate from the NCD Holders claiming non-
deduction or lower deduction of tax at source under applicable laws, on or prior to the relevant Record Date,
the Issuer shall make TDS deductions in accordance with the prescribed rates prior to credit of interest on
NCDs.
i. Income Tax is deductible at source at the rate of 10% on interest on NCDs held by resident Indians in
accordance with Section 193 of the IT Act. In cases where interest is to be paid to an Individual or Hindu
Undivided Family (“HUF”) (being the NCD Holder) is less than ₹ 10,000 and interest is to be paid by way
of account payee cheque then the relevant NCD Holder may seek non deduction of tax at source on the
interest on NCDs by submitting the prescribed declaration/certificates with the Issuer and the RTA at the
aforesaid address on or prior to the relevant Record Date.
j. In case of NCD Holder who is a resident Individual or resident HUF claiming non-deduction or lower
deduction of tax at source under section 193 of the IT Act, as the case may be, the NCD Holder should
furnish either (a) a declaration (in duplicate) in the prescribed form i.e. (i) Form 15H which can be given by
Individuals who are of the age of 60 years or more (ii) Form 15G which can be given by all Debenture
Holders (other than companies and firms), or (b) a certificate, from the Assessing Officer which can be
obtained by all Debenture Holders (including companies and firms) by making an application in the
prescribed form i.e. Form No. 13.
k. Debenture Holders may seek/ may be granted, as the case may be, non-deduction or lower deduction of tax
at source in following instances under the IT Act:
i. When the Assessing Officer issues a certificate on an application by a Debenture Holder on satisfaction
that the total income of the Debenture Holder justifies no/lower deduction of tax at source as per the
provisions of Section 197(1) of the IT Act; and that a valid certificate is filed by the NCD Holder with
the Company before the Record Date for payment of interest;
ii. When the resident Debenture Holder with Permanent Account Number (“PAN”) (not being a company
or a firm) submits a declaration as per the provisions of section 197A(1A) of the IT Act in the prescribed
Form 15G verified in the prescribed manner to the effect that the tax on his estimated total income of the
Financial Year in which such income is to be included in computing his total income will be NIL.
However, under section 197A(1B) of the IT Act, Form 15G cannot be submitted nor considered for
exemption from tax deduction at source if the dividend income referred to in section 194, interest on
securities, interest, withdrawal from NSS and income from units of mutual fund or of Unit Trust of India
as the case may be or the aggregate of the amounts of such incomes credited or paid or likely to be
credited or paid during the Financial Year in which such income is to be included exceeds the maximum
79amount which is not chargeable to income tax;
iii. Senior citizens, who are 60 or more years of age at any time during the Financial Year, enjoy the special
privilege to submit a self-declaration in the prescribed Form 15H for non-deduction of tax at source in
accordance with the provisions of section 197A(1C) of the IT Act even if the aggregate income credited
or paid or likely to be credited or paid exceeds the maximum amount not chargeable to tax, provided that
the tax due on the estimated total income of the year concerned will be NIL;
iv. All mutual funds registered under Securities and Exchange Board of India are exempt from tax on all
their income, including income from investment in Debentures under the provisions of Section 10 (23D)
of the IT Act in accordance with the provisions contained therein. Further, as per the provisions of section
196 of the IT Act, no deduction of tax shall be made by any person from any sums payable to mutual
funds specified under Section 10(23D) of the IT Act, where such sum is payable to it by way of interest
or dividend in respect of any securities or shares owned by it or in which it has full beneficial interest, or
any other income accruing or arising to it;
v. In case where section 194LD is not applicable, the interest income earned by FIIs/FPIs should be
chargeable to tax at the rate of 20% under section 115AD of the IT Act. Tax shall be deducted u/s. 196D
of the IT Act on such income at 20%. Where DTAA is applicable to the payee, the rate of tax deduction
shall be lower of rate as per DTAA or 20%, subject to the conditions prescribed therein;
vi. Interest payable to Life Insurance Corporation, General Insurance Corporation and any other insurers are
exempted from deductions of tax at source under Section 193 of the IT Act;
vii. Interest payable to entities falling under the list of entities exempted from TDS by the circular no.
18/2017 by Central Board of Direct Taxes (whose income is unconditionally exempt under Section 10
of the IT Act and who are also statutorily not required to file return of income as per Section 139 of the
IT Act);
viii. Any other specific exemption available to any other category of investors under the IT Act; and
ix. In case(s) where the NCD Holder(s) do not submit the declaration/ certificates as per format prescribed
under applicable laws with the Issuer and the RTA at the specified address on or prior to the relevant
Record Date for payment of interest on the NCDs, the Issuer shall not be liable to refund the applicable
amount of tax deducted at source and the NCD Holders would be required to directly take up with the
tax authorities for refund, if any.
11. Issue Procedure
a. Eligible Investors
The following categories of investors, are eligible to apply for this private placement of Debentures subject
to fulfilling their respective investment norms/rules and compliance with laws applicable to them by
submitting all the relevant documents along with the Application Form (“Eligible Investors”):
a. All QIBs and / or;
b. any non-QIB Investors specifically mapped by the Issuer on NSE EBP Platform;
Additionally, those arrangers/brokers/intermediaries etc. (as per the defined limits under the NSE EBP
Guidelines and SEBI EBP Guidelines) specifically mapped by the Issuer on the NSE EBP Platform are also
eligible to bid/apply/invest for this Issue.
All investors are required to comply with the relevant regulations/guidelines applicable to them for investing
in this issue of Debentures and the Issuer, is not in any way, directly or indirectly, responsible for any
statutory or regulatory breach by any investor, nor shall the Issuer be required to check or confirm the same.
The Placement Memorandum will be issued to the successful Eligible Investors, who are required
to complete and submit the Application Form to the Issuer in order to accept the offer of Debentures. No
person other than the successful Eligible Investors to whom the Placement Memorandum has been issued by
80the Issuer may apply for the Issue through the Application Forms received by them. Any application from a
person other than those specifically addressed will be invalid.
Hosting of the PPM/PM on the websites of the NSE and SEBI should not be construed as an offer or an
invitation to offer to subscribe to the Debentures and the same has been hosted only as it is stipulated under
the SEBI ILMDS Regulations read with the NSE EBP Guidelines.
b. Application Process
Only Eligible Investors as mentioned hereinabove may apply for the Debentures. The minimum number of
Bonds that can be applied for and the multiples thereof shall be as set out in this Preliminary Placement
Memorandum. No application can be made for a fraction of a Bond.
The Issue set up shall be done by the Issuer in accordance with the NSE EBP Guidelines and SEBI EBP
Guidelines.
Eligible Investors are required to register on the EBP, the link for which shall be available at
https://www.nse-ebp.com/ebp/rest/login. All the registered Eligible Investors are required to update the
necessary bank account details and demat details before participating in the bidding process on the NSE EBP
Platform.
In order to be able to bid under the NSE EBP Platform, Eligible Investors must have provided the requisite
documents (including but not limited to the documentation related to ‘know your customer’) in accordance
with the SEBI EBP Guidelines and NSE EBP Guidelines. Eligible Investors should refer the operating
guidelines for issuance of debt securities on private placement basis through an electronic book mechanism
as available on the website of NSE. The details of the Issue shall be entered on the NSE EBP Platform by
the Issuer at least 3 (three) Working Days prior to the Issue Opening Date, in accordance with the SEBI EBP
Guidelines. The Issue will be open for bidding for the duration of the bidding window that would be
communicated through the Issuer’s bidding announcement on the NSE EBP Platform, at least 1 (one)
Working Day before the start of the Issue Opening Date.
The Issue will open on the ‘Issue Opening Date’ and close on the ‘Issue Closing Date’ as stated herein
(“Issue Period”). The subscription to the Bonds shall be made by the Eligible Investors through the electronic
book mechanism by placing bids on the NSE EBP Platform as prescribed by SEBI during the Issue Period.
Bids need to be submitted by issue closing time or such extended time as decided by the Issuer on the NSE
EBP Platform. Some of the key parameters in terms of the extant SEBI EBP Guidelines on issuance of debt
securities on private placement basis through an electronic book mechanism are as follows:
Details of size of the Issue and Private placement of upto 2,937 Rated, Listed, Taxable, Unsecured,
green shoe portion, if any Redeemable, Non- Cumulative and Non-Convertible green bonds in
the nature of debentures of face value of ₹ 700000/- each comprising
of 7 separately transferable and redeemable principal parts (“STRPPs”)
namely , STRPP A, STRPP B, STRPP C, STRPP D, STRPP E, STRPP
F and STRPP G of face value of ₹ 100000/- each for an amount of
100.03 crore (“Base Issue Size”) with a green shoe option of up to
105.56 crore (“Green Shoe Option”) aggregating up to ₹ 205.59 Crore
(Rupees Two Hundred Five Crore and Fifty Nine Lacs Only) (“Issue
Size”) under Securities and Exchange Board of India (Issue and Listing
of Municipal Debt Securities) Regulations, 2015, as amended from
time to time.
Interest rate parameter Fixed Coupon
Issue Opening Date [●]
Issue Closing Date [●]
Minimum Bid Lot 2 (Two) NCDs of face value Rs. 7,00,000 each aggregating to Rs.
14,00,000 (i.e. 2 NCD comprising of 2 STRPP A, 2 STRPP B, 2
STRPP C, 2 STRPP D, 2 STRPP E, 2 STRPP F and 2 STRPP G of
face value of Rs. 1,00,000 (Rupees One Lakh) each) and in multiple of
1 (One) NCD thereafter.
Manner of bidding in the Issue Closed bidding on the NSE EBP Platform in line with the NSE EBP
Guidelines
81Manner of allotment in the Issue Uniform yield basis in line with the NSE EBP Guidelines.
Manner of settlement in the Issue Settlement of the Issue will be done through the clearing corporation
of NSE being National Securities Clearing Corporation Limited and
the account details are given in the section on ‘Allocation and
Settlement’ of the Placement Memorandum
Settlement Cycle The process of pay-in of funds by investors and pay-out to Issuer will
be done on T+[•] day, where T is the Issue Closing Date
c. Bids by the Arrangers
Only the Arrangers mapped by the Issuer on the NSE EBP Platform shall be entitled to bid on behalf of
Eligible Investors in the capacity of an arranger. An arranger can bid, on behalf of multiple participants,
subject to the limits for each participant in accordance with SEBI Master Circular.
The Arrangers are allowed to bid on a proprietary, client and consolidated basis. At the time of bidding, the
Arrangers are required to disclose the following details to the NSE EBP Platform:
Whether the bid is proprietary bid or is being entered on behalf of an Eligible Investor or is a consolidated
bid, i.e., an aggregate bid consisting of proprietary bid and bid(s) on behalf of Eligible Investors.
For consolidated bids, the Arrangers shall disclose breakup between proprietary bid and bid(s) made on
behalf of Eligible Investors.
For bids entered on behalf of Eligible Investors, the Arrangers shall disclose the following:
a. Names of such Eligible Investors;
b. Category of the Eligible Investors (i.e. QIB or non-QIB); and
c. Quantum of bid of each Eligible Investor
Provided that the Arrangers shall not be allowed to bid on behalf of any Eligible Investor if the bid amount
for a series of the Debentures exceeds 5% (five percent) of base issue size of the Debentures or ₹ 100 Crores,
whichever is lower (or such revised limits as may be specified in the SEBI EBP Guidelines from time to
time).
d. Modification or cancellation of the bids
Modification or cancellation of the bids shall be allowed i.e. bidder can cancel or modify the bids made in
an issue, subject to the following:
l. such cancellation/ modification in the bids can be made only during the bidding period;
m. no cancellation of bids shall be permitted in the last 10 minutes of the bidding period; and
n. in the last 10 minutes of the bidding period, only revision allowed would be for:
i. downward revision of coupon/ spread or upward modification of price; and/ or
ii. Upward revision in terms of the bid size.
NSE reserves the right to cancel any bids placed by the Bidder or any transaction, if found in contravention
of applicable law, or when requested/directed by any competent legal authority(ies), or if found that
occurrence of material events have bearing on the performance/operations of the Issuer or an informed
appraisal of the status/position of the Issuer by Bidder/it’s client.
After the end of the bidding window, the Issuer has the option to:
o. Withdraw the Issue; or
p. Accept the Issue
In case the Issuer does not accept or withdraws the issue before the specified deadline, then the issue will be
withdrawn by the system as per the NSE EBP guidelines.
82e. Allocation and Settlement:
The allotment of valid applications received on the latest by the time of close of bidding window shall be
done on ‘uniform yield allotment’ basis in the following manner:
q. all bids shall be arranged in accordance with “yield time priority” basis and the allotment shall be
done at the cut-off rate determined in the bidding process. The allotment and settlement value shall
be based on the face value.
r. where two or more bids have the same yield coupon and time, then allotment shall be done on “pro-
rata” basis.
Post completion of the bidding process and closure of the Issue, the Issuer will accept and upload the
provisional allocation on the NSE-EBP Platform. Post receipt of investor details, the Issuer may freeze the
allocation on the NSE EBP Platform.
Eligible Investors whose bids have been accepted by the Issuer (“Successful Bidders”) shall make pay-in of
subscription monies in respect of the Bonds towards the allocation made to them, into the bank account of
[●], on the Pay-In Date and before the pay-in cut-off time in accordance with the NSE and SEBI EBP
Guidelines, the details of which will be displayed on NSE EBP Platform.
The fund pay-in by the successful bidders will be made only from the bank account(s), which have been
provided/updated on the NSE EBP Platform. All transfers/RTGS must be made payable to the designated
bank accounts of NSE Clearing Limited, details of which accounts are as set out below:
Beneficiary Name NSE Clearing Limited
Clearing House Bank HDFC Bank Ltd
IFSC HDFC0000060
Bank account number Will be available on NSE EBP Platform post bidding and will
be shared on mail post allocation for making the payment
It may be noted that payment by any other means shall not be accepted. The Issuer assumes no
responsibility for any delayed receipts / non-receipt of RTGS payments or any applications lost in mail
or in transit or any failure of electronic fund transfer.
Any amount received from third party accounts or from accounts not specified in the EBP may lead to
cancellation of bid and no allotment will be made against such payments and the funds shall be refunded.
Further, pay-in received from any other bank account may consequently lead to debarment of the bidder
from accessing the NSE EBP Platform for 30 (thirty) days or as may be provided under NSE EBP
Guidelines.
Upon the transfer of funds into the aforesaid account of NSE Clearing Limited by the Successful Bidders,
the Issuer shall confirm its decision to proceed with the allotment of the Bonds in favour of the Successful
Bidders to the clearing corporation(s), Depository(ies), Registrar and the NSE EBP Platform. The Issuer
shall initiate the requisite corporate action for allotment of Debentures and credit of allocated Debentures
into the relevant demats account of the Successful Bidders through the Registrar. The Registrar shall
provide corporate action file along with all requisite documents to the Depositories and intimate the NSE
EBP of the aforesaid actions.
Upon the Depositories confirming the allotment of the Bonds and the credit of allocated Debentures into
the demat account of the Successful Bidders to NSE EBP, the subscription monies in respect of the Bonds
from the aforesaid account of the clearing corporation shall be released into the Issue Proceeds Account,
as intimated by the Issuer to NSE EBP in accordance with applicable regulations/notifications and
guidelines issued by SEBI from time to time. The details of the Issuer’s Issue Proceeds Account are as
provided herein below:
Beneficiary Name [●]
Bank Account No. [●]
IFSC Code [●]
83Bank Name [●]
Branch Address [●]
It must be noted that all pay-in obligations need to be fulfilled in totality. Partial fund receipt against any
given obligation will be treated as a default and debarment penalties may be applicable as specified by the
NSE and SEBI EBP Guidelines.
Upon final allocation by the Issuer, the Issuer shall disclose the Issue Size, price quoted during bidding,
ISIN, number of successful bidders, category of the successful bidder(s), etc., in accordance with the SEBI
Master Circular and SEBI & NSE EBP Guidelines. The NSE EBP platform shall upload such data, as
provided by the Issuer, on its website to make it available to the eligible participants.
All benefits relating to Debentures will be available to the Investors from the Deemed Date of Allotment.
The actual allotment of Debentures may take place on a date other than the Deemed Date of Allotment. In
case if the issue closing date of Debentures is changed (preponed/ postponed), the Deemed Date of
Allotment of Debentures may also be changed (preponed/ postponed) by the Issuer.
f. Application Forms
Applications for the Bonds must be made in the Application Form and must be completed in block letters in
English by the Eligible Investors. Application Forms must be accompanied by payment details. The full
amount of the Face Value/ Issue Price allotted has to be paid along with the delivery of the fully completed
and executed Application Form together with other applicable documents described below. Application
Forms should be duly completed in all respects. The name of the Applicant’s bank, type of account and
account number must be duly filled by the Applicant. All Application Forms duly completed should be
scanned clearly and emailed to the Issuer along with all the relevant documents on or before the Pay-In Date
and forthwith followed by the original Application Form shall be submitted at the Head Office of the Issuer
which is located at Ripon Building, 16, EVR Periyar Salai, Chennai - 600 003 but no later than 10 (ten) days
from the Issue Closing Date. The Issuer will not be responsible in any manner for any delayed receipts / non-
receipt of Application Forms for any reason whatsoever.
Documents to be provided by successful bidders:
Investors need to submit the certified true copies of the following documents, along-with the application
form, as applicable:
a. Articles and Memorandum of Association/ Constitution/ Bye-laws;
b. Board Resolution authorizing the investment and containing operating instructions;
c. Power of Attorney/ relevant resolution/authority to make application;
d. Specimen signatures of the authorized signatories (ink signed), duly certified by an appropriate
authority; and
e. Copy of Permanent Account Number Card (“PAN Card”) issued by the Income Tax Department.
g. Withdrawal of Issue
The Issuer may, at its discretion, withdraw the issue process on the conditions set out under the NSE EBP
Guidelines; provided that the Issuer shall accept or withdraw the issue on the NSE EBP Platform in
accordance with NSE EBP Guidelines as prevailing on the date of the bid. If the Issuer has withdrawn the
Issue, and the cut-off yield of the Issue is higher than the estimated cut-off yield disclosed to the NSE EBP
Platform, the estimated cut-off yield shall be mandatorily disclosed by the NSE EBP Platform to the Eligible
Investors. The expression ‘estimated cut off yield’ means yield so estimated by the Issuer, prior to opening
of issue on the NSE EBP Platform. The disclosure of estimated cut off yield by NSE EBP Platform to the
Eligible Investors, pursuant to closure of the Issue, shall be at the discretion of the Issuer.
h. Continuous Listing Conditions
The Issuer shall comply with the conditions of listing specified in Schedule V of the SEBI Municipal Debt
Regulations including continuous disclosure and other requirements as specified by SEBI from time to time
including the SEBI Circular dated June 19, 2017 and bearing reference no. CIR/MD/DF1/60/2017 read with
the SEBI Circular date November 13, 2019 bearing reference no. SEBI/HO/DDHS/CIR/P/134/2019 and as
amended from time to time, the applicable provisions of the SEBI Master Circular, SEBI Debenture Trustee
Master Circular.
84The Issuer shall comply with the provisions of Chapter VI of the SEBI Municipal Debt Regulations including
the provisions in relation to continuous listing conditions; accounting and audit; and trading and reporting
of municipal debt securities.
i. Trading and reporting of municipal debt securities
The information in respect of the Issue such as Issuer details, Bond details, Ratings, rating migration, coupon,
buyback etc. shall be reported to a common database as may be required and specified by SEBI.
j. Fictitious Application
Any person who makes, in fictitious name, any application to the Issuer for acquiring, or subscribing to, the
Bonds, or otherwise induces the Issuer to allot, register any transfer of Bonds therein to him or any other
person in a fictitious name, shall be punishable as per provisions of extant laws.
k. Procedure for Applying for Dematerialised Facility
a. The applicant must have at least one beneficiary account with any of the DP’s of NSDL/ CDSL prior
to making the application.
b. The applicant must necessarily fill in the details (including the beneficiary account number and DP -
ID) appearing in the Application Form under the heading “Details for Issue of Debentures in
Electronic/Dematerialised Form”.
c. Debentures allotted to an applicant will be credited to the applicant’s respective beneficiary account(s)
with the DP.
d. For subscribing to the Debentures, names in the Application Form should be identical to those
appearing in the details in the Depository. In case of joint holders, the names should necessarily be in
the same sequence as they appear in the account details maintained with the DP.
e. If incomplete/incorrect details are given under the heading “Details for Issue of Debentures in
Electronic/Dematerialised Form” in the Application Form, it will be deemed to be an incomplete
application and the same may be held liable for rejection at the sole discretion of the Issuer.
f. For allotment of Debentures, the address, nomination details and other details of the applicant as
registered with his/her DP shall be used for all correspondence with the applicant. The applicant is
therefore responsible for the correctness of his/her demographic details given in the Application Form
vis-a-vis those with his/her DP. In case the information is incorrect or insufficient, the Issuer would
not be liable for the losses, if any.
g. The redemption amount or other benefits would be paid to those Debenture Holders whose names
appear on the list of beneficial owners maintained by the R&T Agent as at the end of the Record Date.
In case of those Debentures for which the beneficial owner is not identified in the records of the R&T
Agent as on the Record Date, the Issuer would keep in abeyance the payment of the redemption amount
or other benefits, until such time that the beneficial owner is identified by the R&T Agent and conveyed
to the Issuer, whereupon the redemption amount and benefits will be paid to the beneficiaries, as
identified.
l. Depository Arrangements
The Issuer has appointed Cameo Corporate Services Limited as the Registrar to the present Bond Issue. The
Issuer has entered into necessary depository arrangements with NSDL and CDSL for dematerialization of
the Bonds offered under the present Issue, in accordance with the Depositories Act, 1996 and regulations
made there under. In this context, the Issuer has entered into two tripartite agreements as under:
i. Tripartite Agreement between the Issuer, National Securities Depository Limited (“NSDL”) and the
Registrar for dematerialization of the Bonds offered under the present Issue.
ii. Tripartite Agreement between the Issuer, Central Depository Services (India) (“CDSL”) Limited and
85the Registrar for dematerialization of the Bonds offered under the present Issue.
The NCDs under this Issue will be allotted and transferred in dematerialized form only. However, as per the
provisions of the Depositories Act, Investors have an option to hold the Bonds in physical form and deal
with the same as per the provisions of Depositories Act, 1996 as amended from time to time.
m. List of Beneficiaries
The Issuer shall request the Depository(ies) to provide a list of beneficiaries as at the end of each Record
Date. This shall be the list, which will be used for payment or repayment of redemption monies.
n. Application under Power of Attorney
A certified true copy of the power of attorney or the relevant authority as the case may be along with the
names and specimen signature(s) of all the authorised signatories of the investor and the tax exemption
certificate/document of the investor, if any, must be lodged along with the submission of the completed
Application Form. Further modifications/additions in the power of attorney or authority should be notified
to the Issuer or to its agents or to such other person(s) at such other address(es) as may be specified by the
Issuer from time to time through a suitable communication.
In case of an application made by companies under a power of attorney or resolution or authority, a certified
true copy thereof along with the memorandum and articles of association and/or bye-laws along with other
constitutional documents must be attached to the Application Form at the time of making the application,
failing which, the Issuer reserves the full, unqualified and absolute right to accept or reject any application
in whole or in part and in either case without assigning any reason thereto. Names and specimen signatures
of all the authorised signatories must also be lodged along with the submission of the completed Application
Form.
o. Procedure for application by Mutual Funds and Multiple Applications
In case of applications by mutual funds and venture capital funds, a separate application must be made in
respect of each scheme of an Indian mutual fund/venture capital fund registered with the SEBI and such
applications will not be treated as multiple application, provided that the application made by the asset
management company/trustee/custodian clearly indicated their intention as to the scheme for which the
application has been made.
The application forms duly filled shall clearly indicate the name of the concerned scheme for which
application is being made and must be accompanied by certified true copies of:
i. SEBI registration certificate;
ii. Resolution authorising investment and containing operating instructions; and
iii. Specimen signature of authorised signatories.
p. Applications to be accompanied with Bank Account Details
Every application shall be required to be accompanied by the bank account details of the applicant and the
magnetic ink character reader code of the bank for the purpose of availing direct credit of redemption amount
and all other amounts payable to the Debenture Holder(s).
q. Mode of Payment
Applicants shall make remittance of application money by way of electronic transfer of funds through
RTGS/electronic fund mechanism for credit by the pay-in time in the bank account of the National Securities
Clearing Corporation Limited appearing on the EBP platform of NSE in accordance with the timelines set
out in the NSE EBP Guidelines and the relevant rules and regulations specified by SEBI in this regard.
r. Credit of Bonds
The allotment of Bonds will be in terms of the timelines stipulated under SEBI Master Circular No.
SEBI/HO/DDHS/DDHS-PoD/P/CIR/2025/0000000137 dated October 15, 2025. The Bonds will be credited
in dematerialized form within 2 (two) Working Days from the closure of the Issue.
86s. Refunds
As per the provisions of the SEBI Municipal Debt Regulations, in case the Issuer fails to obtain listing or
trading permission from NSE where the Bonds are proposed to be listed, it shall refund the entire monies
received within seven days of receipt of intimation from NSE rejecting the application for listing of Bonds,
and if any such money is not repaid after the Issuer becomes liable to repay it, the Issuer shall be liable to
repay that money with interest at the rate of 15% (fifteen percent) per annum till such refund is made.
In case the Issuer has received money from applicants for Debentures in excess of the aggregate of the
application money relating to the Debentures in respect of which allotments have been made, the registrar
shall upon receiving instructions in relation to the same from the Issuer repay the monies to the extent of
such excess, if any.
t. PAN Number
Every applicant should mention its Permanent Account Number (“PAN”) allotted under Income Tax Act,
1961, on the Application Form and attach a self-attested copy as evidence. Application forms without PAN
will be considered incomplete and are liable to be rejected.
u. Alterations to the Issue
The Issuer reserves its sole and absolute right to modify the Issue Opening Date, Issue Closing Date, Pay-In
Date and Deemed Date of Allotment in accordance with the regulatory provisions and EBP Guidelines. In
the event of any change in the Issue Schedule including the Deemed Date of Allotment, the Issuer shall
notify the Stock Exchange about such change. In such a case, recipients of this Disclosure Document shall
be intimated the revised time schedule by the Issuer. In case the Issue Closing Date/ Pay-In Date is/ are
changed, the Deemed Date of Allotment and the Redemption Schedule may also be changed by the Issuer
in accordance with the tenure of the Debentures at its sole and absolute discretion in accordance with the
regulatory provisions and EBP Guidelines.
v. Applications complete in all respects must be submitted before the last date indicated in the issue
timetable.
Applications should be for the number of Bonds applied by the Applicant. Applications not completed in the
said manner are liable to be rejected. The name of the applicant’s bank, type of account and account number
must be filled in the Application Form. This is required for the applicant’s own safety and these details will
be printed on the refund orders and interest/ redemption warrants.
The applicant or in the case of an application in joint names, each of the applicant, should mention his/her
Permanent Account Number (PAN) allotted under the Income Tax Act, 1961 or where the same has not been
allotted, the GIR No. and the Income tax Circle/Ward/District. As per the provision of Section 139A (5A)
of the Income Tax Act, PAN/GIR No. needs to be mentioned on the TDS certificates. Hence, the investor
should mention his PAN/GIR No. Application Forms without this information will be considered incomplete
and are liable to be rejected.
All applicants are requested to tick the relevant column “Category of Investor” in the Application Form.
Public/ Private/ Religious/ Charitable Trusts, Provident Funds and Other Superannuation Trusts and other
investors requiring “approved security” status for making investments.
For further instructions about how to make an application for applying for the Bonds and procedure for
remittance of application money, please refer to the Application Form.
w. Issue of Bond Certificate(s)
The Bonds since issued in electronic (dematerialized) form, will be governed as per the provisions of The
Depository Act, 1996, Securities and Exchange Board of India (Depositories and Participants) Regulations,
2018, rules notified by NSDL/ CDSL from time to time and other applicable laws and rules notified in
respect thereof. The Bonds shall be allotted in dematerialized form only.
x. Market Lot
The market lot for the purpose of bidding on the NSE EBP platform will be one bond (“Market Lot”). Since
87the Bonds are being issued only in dematerialized form, the odd lots will not arise either at the time of
issuance or at the time of transfer of Bonds.
y. Trading of Bonds
The marketable lot The trading lot shall be 1 (one) STRPP forming part of any NCD, pursuant to which 1
STRPP of any NCD bearing individual ISIN will be tradable by the NCD Holders.
Trading of STRPPs would be permitted in demat mode only in standard denomination of Rs.1 Lakh and such
trades shall be cleared and settled in recognized stock exchange(s) subject to conditions specified by SEBI.
In case of trading in Bonds which has been made over the counter, the trades shall be reported on a recognized
stock exchange having a nationwide trading terminal or such other platform as may be specified by SEBI.
Please note that in case of Maturity Date of any STRPP, the trading in the respective STRPP shall remain
suspended between the Record Date and the Maturity Date.
z. Mode of Transfer/Transmission of Debentures
The Debentures shall be transferable freely. The Debenture(s) shall be transferred and/or transmitted in
accordance with the applicable provisions of the Act and other applicable laws. Attention of the investors is
drawn to para 11(i) “Eligible Investors” of this Section on page no. 80 of this Preliminary Placement
Memorandum. The NCDs under this Issue will be allotted and transferred in dematerialized form only.
However, as per the provisions of the Depositories Act, investors have an option to hold the Bonds in
physical form and deal with the same as per the provisions of Depositories Act, 1996 as amended from time
to time. The Debentures held in dematerialised form shall be transferred subject to and in accordance with
the rules/procedures as prescribed by NSDL/CDSL and the relevant DPs of the transferor or the transferee
and any other applicable laws and rules notified in respect thereof. The transferee(s) should ensure that the
transfer formalities are completed prior to the Record Date. In the absence of the same, amounts due will be
paid/redemption will be made to the person, whose name appears in the register of debenture holders
maintained by the R&T Agent as at the end of the Record Date, under all circumstances. In cases where the
transfer formalities have not been completed by the transferor, claims, if any, by the transferees would need
to be settled with the transferor(s) and not with the Issuer. The normal procedure followed for transfer of
securities held in dematerialised form shall be followed for transfer of these Debentures held in
dematerialised form. The seller should give delivery instructions containing details of the buyer’s DP account
to his DP.
aa. Debentures held in Dematerialised Form
The NCDs under this Issue will be allotted and transferred in dematerialized form only. However, as per the
provisions of the Depositories Act, investors shall have an option to hold the Bonds in physical form and
deal with the same as per the provisions of Depositories Act, 1996 as amended from time to time. For the
Debentures held in dematerialised form, no action is required on the part of the Debenture Holder(s) for
redemption purposes and the redemption proceeds will be paid by cheque/ ECS/ NEFT/ fund transfer/ RTGS
to those Debenture Holder(s) whose names appear on the register of debenture holders maintained by the
R&T Agent as at the end of the Record Date. All such Debentures will be simultaneously redeemed through
appropriate debit corporate action. If permitted, the Issuer may transfer payments required to be made in any
relation by electronic fund transfer/ RTGS to the bank account of the Debenture Holder(s) for redemption
payments.
bb. Sharing of Information
The Issuer may use, share or part with any financial or other information about the Debenture Holder(s)
available with the Issuer, its affiliates, and other banks, financial institutions, credit bureaus, agencies with
statutory bodies, regulators, etc., as may be required without prejudice to the interests of the Bond Holders
and subject to Applicable Law.
cc. Modification of Debentures
Any amendment to the terms and conditions of the Debentures or the Transaction Documents will require
the consent of the Debenture Trustee and Majority Debenture Holders, either by providing their express
consent in writing / via email or by way of a resolution at a duly convened meeting of the Debenture Holders
in accordance with applicable SEBI regulations.
88dd. Right to accept or reject applications
The Issuer reserves its full, unqualified and absolute right to accept or reject any application for subscription
to the Debentures, in part or in full, without assigning any reason thereof, in accordance with the regulatory
provisions and EBP Guidelines. The rejected applicants will be intimated along with the refund warrant, if
applicable, to be sent. No interest shall be payable on any application money. Application would be liable
to be rejected on one or more technical grounds, including but not restricted to:
a. Number of debt security applied for is less than the minimum application size;
b. Bank account details not given;
c. Details for issue of Debt Securities in electronic/ dematerialized form not given;
d. PAN/GIR and IT Circle/Ward/District not given;
e. In case of applications under Power of Attorney by limited companies, corporate bodies, trusts, etc.
relevant documents not submitted; and
f. In the event, if any Debt Securities applied for are not allotted in full, the excess application monies of
such Debt Securities will be refunded, as may be permitted.
ee. Trustee for the Debentures
The Issuer has appointed Beacon Trusteeship Limited to act as the trustee for the Debenture Holder(s). The
Issuer and the Debenture Trustee have executed a Debenture Trustee Agreement dated December 17, 2025
and also intend to enter into the debenture trust deed within the prescribed timelines, inter alia, specifying
the powers, authorities and obligations of the Debenture Trustee and the Issuer. The Debenture Holder(s)
shall, without further act or deed, be deemed to have irrevocably given their consent to the Debenture Trustee
or any of its agents or authorized officials to do all such acts, deeds, matters and things in respect of or
relating to the Debentures as the Debenture Trustee may in its absolute discretion deem necessary or require
to be done in the interest of the Debenture Holder(s). The Debenture Trustee will protect the interest of the
Debenture Holder(s) in regard to timely payment of Coupon and repayment of principal and they will take
necessary action, subject to and in accordance with the debenture trust deed, at the cost of the Issuer. The
Issuer shall not utilize the proceeds of the Issue till the debenture trust deed is executed. The Debenture Trust
Deed shall more specifically set out rights and remedies of the Debenture Holders and the manner of
enforcement thereof. The Debenture Trustee shall carry out its duties and perform its functions in terms of
the SEBI Debt Listing Regulations, the Securities and Exchange Board of India (Debenture Trustees)
Regulations, 1993, the Debenture Trust Deed and the PPM/PM, with due care, diligence and loyalty. The
debenture trustee shall monitor the Escrow Account and shall ensure disclosure of all material events on an
ongoing basis. The Debenture Trustee shall supervise the implementation of the obligations cast in terms of
provisions of the SEBI Debt Listing Regulations.
ff. Interest on Application Money
Not Applicable.
gg. Interest on the Bonds
The face value of the Bonds outstanding shall carry interest at the coupon rate from Deemed Date of
Allotment and the coupon rate & frequency of payment (subject to deduction of income tax under the
provisions of the Income Tax Act, 1961, or any other statutory modification or re-enactment thereof, as
applicable) are mentioned in the summary term sheet.
The interest payment shall be made through electronic mode to the Bondholders whose names appear on the
list of Beneficial Owners given by the Depositories to the Registrar as on the record date fixed by Issuer in
the bank account which is linked to the demat of the Bondholder. However, in absence of complete bank
details i.e., correct/updated bank account number, IFSC/RTGS code /NEFT code etc., Issuer shall be
required to make payment through cheque/DDs on the due date. Interest or other benefits with respect to the
Bonds would be paid to those Bondholders whose names appear on the list of Beneficial Owners given by
the Depositories to the Registrar as on the Record Date.
hh. Computation of Interest
Interest for each of the interest periods shall be computed as per Actual/ Actual day count convention on the
face value amount of Bonds outstanding at the respective Coupon Rate rounded off to the nearest Rupee.
89Where the interest period (start date to end date) includes February 29 (leap year), interest shall be computed
on 366 days-a-year basis, on the face value amount of Bonds outstanding.
ii. Record Date
The ‘Record Date’ for the Bonds shall be 15 days prior to each Coupon Payment Date and Redemption Date. In
case of redemption of Bonds, the trading in the Bonds shall remain suspended between the Record Date and the
Redemption Date. Interest payment and principal repayment shall be made to the person whose name appears as
beneficiary with the Depositories as on Record Date. In the event of the Issuer not receiving any notice of transfer
at least 15 days before the respective Coupon Payment Date and Redemption Date, the transferees for the Bonds
shall not have any claim against the Issuer in respect of amount so paid to the registered Bondholders.
jj. Put & Call Option
Neither the Bondholder(s) shall have any right to exercise Put Option nor the Issuer shall have right to
exercise Call Option to redeem the Bonds, in whole or in part, prior to the respective Redemption Date.
kk. Redemption
The face value of the Bonds shall be redeemed at par, on the respective Redemption Date. The Bonds will
not carry any obligation, for interest or otherwise, after the Redemption. The Bonds shall be taken as
discharged on payment of the redemption amount by the Issuer to the registered Bondholders whose name
appears in the Register of Bondholders on the Record Date. Such payment will be a legal discharge of the
liability of the Issuer towards the Bondholders.
In case the Redemption Date of any STRPP falls on a day which is not a Working Day, the payment due
shall be made on the immediately preceding Working Day along with interest accrued on such STRPP, in
accordance with the provisions of Chapter III of the SEBI Master Circular.
ll. Roll Over
Roll-Over of Municipal Bonds issued - If any, will be made only in accordance with the provisions of Regulation 21
of the SEBI Municipal Debt Regulations.
mm. Buy-back
The Issuer may provide an option to buy-back the Bonds from the Bondholders, in the manner as may be specified
by SEBI from time to time, at a value which shall not be less than the face value of the Bonds.
nn. Additional Covenants
Default in Payment: In case of default in payment of interest and/or principal redemption on the due dates, the Issuer
shall pay an additional interest at the rate of 2% p.a. over the respective Coupon Rates of the Bonds for the defaulting
period. For further details, please refer to the Section XIV titled “Term Sheet” beginning on page no. 140 of this
Preliminary Placement Memorandum
oo. Settlement/ Payment on redemption
Payment of interest and repayment of principal shall be made by way of cheque(s)/ warrant(s)/demand
draft(s)/credit through direct credit/ NECS/RTGS/NEFT mechanism in the name of the Bondholders whose
name appear on the List of Beneficial Owners given by Depository to the Issuer as on the Record Date.
The Bonds shall be taken as discharged on payment of the redemption amount by the Issuer on the
Redemption to the list of Beneficial Owners as provided by NSDL/CDSL as on Record Date. Such payment
will be a legal discharge of the liability of the Issuer towards the Bondholders. On such payment being made,
the Issuer shall inform NSDL/CDSL/Depository Participant and accordingly the account of the Bondholders
with NSDL/CDSL shall be adjusted.
The Issuer’s liability to the Bondholders towards all their rights including for payment or otherwise shall
cease and stand extinguished after the redemption of Bonds, except in case of delay or non-credit of funds
into the accounts of the Beneficial Owners. Further the Issuer will not be liable to pay any interest or
compensation from after the Redemption of Bonds. On the Issuer’s crediting the amount to the
Beneficiary(ies) in respect of the Bonds, the liability of the Issuer shall stand extinguished, except in case of
90delay or non-credit of funds into the accounts of the Beneficial Owners.
pp. List of Beneficial Owners
The Issuer shall request the Depository to provide a list of Beneficial Owners as at the end of the Record
Date. This shall be the list, which shall be considered for payment of interest or repayment of principal
amount, as the case may be.
qq. Succession
In the event of the demise of the sole/first holder of the Bond(s) or the last survivor, in case of joint holders
for the time being, the Issuer shall recognize the executor or administrator of the deceased Bondholder, or
the holder of succession certificate or other legal representative as having title to the Bond(s), the Issuer shall
not be bound to recognize such executor or administrator, unless such executor or administrator obtains
probate, wherever it is necessary, or letter of administration or such holder is the holder of succession
certificate or other legal representation, as the case may be, from a Court in India having jurisdiction over
the matter. The Issuer may, where it thinks fit or take into consideration any other documentary evidence for
this purpose, in accordance with the Applicable Law.
Where a non-resident Indian becomes entitled to the Bond by way of succession, the following steps have
to be complied:
a) Documentary evidence to be submitted to the Legacy Cell of the RBI to the effect that the Bond was
acquired by the NRI as part of the legacy left by the deceased holder.
b) Proof that the NRI is an Indian National or is of Indian origin.
c) Such holding by the NRI will be on a non-repatriation basis.
rr. Force Majeure
The Issuer reserves the right to withdraw the issue prior to the Issue Closing Date in the event of any
unforeseen development adversely affecting the economic and regulatory environment in accordance with
the regulatory provisions and EBP Guidelines.
ss. Acknowledgements
Merchant Banker/Arranger to the Issue receiving the duly completed Application Form will acknowledge
receipt of the application. No separate receipts will be issued for the application money.
tt. Signatures
Signatures should be made in English or in any of the Indian Languages. Thumb impressions must be attested
by an authorized official of a Bank or by a Magistrate/ Notary Public under his/her official seal.
uu. Nomination Facility
Nomination facility will be provided to the Bondholders if provided under applicable law and in a manner
provided under the applicable law.
vv. Right of Bondholder(s)
Though the Corporation does not have any shareholders, it is clarified that at any point of time a bondholder
is not a shareholder. The Bondholders will not be entitled to any other rights and privilege of shareholders
other than those available to them under statutory requirements. The principal amount and interest on the
Bonds will be paid to the registered Bondholders only, and in case of Joint holders, to the one whose name
stands first. Besides, the Bonds shall be subject to the terms of this PPM and other terms and conditions as
may be incorporated in the Transaction Documents that may be executed in respect of these Bonds.
ww. Modification of Rights
The rights, privileges, terms and conditions attached to the Bonds may be varied, modified or abrogated in
accordance with Applicable Law and with the consent, in writing, of the Debenture Trustee and also the
consent those holders of the Bonds who hold at least three fourth of the outstanding amount of the Bonds or
with the sanction accorded pursuant to a resolution passed at a meeting of the Bondholders.
91xx. Notices
All notices required to be given by the Issuer or by the Trustee to the Bondholders shall be deemed to have
been given if sent by registered post/speed or through email or other electronic media to the of Bondholders
or as allowed under the applicable law.
yy. Joint-Holders
Notwithstanding anything in Section 45 of the Indian Contract Act, 1872, when any debenture issued under
the Act is payable to two or more persons jointly and either or any of them dies, the debenture shall be payable
to the survivor or survivors of those persons.
Notwithstanding anything in Section 45 of the Indian Contract Act, 1872, when two or more persons are joint
holders of any debenture issued under the Act, any one of those persons may give an effectual receipt for any interest
or divided payable in respect of such debenture unless notice to the contrary has been given to the Commissioner
by other holders.
zz. Disputes & Governing Law
The Bonds are governed by and shall be construed in accordance with the existing laws of India. Any dispute
arising thereof shall be subject to the jurisdiction of the competent courts of Chennai, Tamil Nadu India.
However, in relation to the Issue Proceeds Agreement the parties shall submit to the exclusive jurisdiction of
Courts and Tribunals in Mumbai.
aaa. Procedure for deciding and adjusting payment dates.
If the date of payment of coupon/redemption of principal does not fall on a Working Day, the payment of
coupon/principal shall be made in accordance with SEBI Master Circular dated October 15, 2025 bearing
reference SEBI/HO/DDHS/DDHS-PoD/P/CIR/2025/0000000137, as amended from time to time and detailed
in the Term Sheet on page 140 of this PPM .
If the coupon payment date falls on a Sunday or a holiday, the coupon payment shall be made on the next
Business day. The dates of the future payments would continue to be as per the schedule originally stipulated
in the Placement Memorandum/ Term Sheet in line with applicable guidelines/ regulations/ circulars as issued
by SEBI from time to time.
If the redemption/maturity date of a STRPP falls on a Sunday or a holiday, the redemption proceeds shall be
paid on the previous working day. In such case, along with the redemption proceeds, the coupon accrued on
such STRPP shall also be paid on the previous working day as per the cash flows provided under Annexure –
VI “Illustration of Bond Cash Flow” of Placement Memorandum.
If a leap year (i.e. February 29) falls during the tenor of the bonds, then the number of days shall be reckoned
as 366 days (actual/ actual day count convention) for the entire year, irrespective of whether the interest is
payable annually, half yearly, quarterly or monthly.
For the purpose of clarification, the payment of interest/redemption shall be made only as per the cash flows
provided under Annexure – VI “Illustration of Bond Cash Flow” of the Placement Memorandum.
In the event the Record Date falls on a day which is not a Business Day, the immediately preceding Business
Day will be considered as the Record Date. The interest/redemption payments shall be made only on the days
when the commercial banks are open for business in Chennai, Tamil Nadu.
bbb. Details of change in terms and conditions of municipal debt securities issued in past 5 years (i.e., Change
in coupon, maturity, call/put option etc.)
There has been no change in terms of municipal bonds previously issued by the Corporation.
ccc. Terms of payments and procedure and time schedule for allotment and issue certificates/demat credit
The allocation to the applicants and/or rejections of the applications shall be made in compliance with the
provisions prescribed by SEBI and NSE being electronic book provider (EBP) platform. However, in case of
92successful accepted applications the Deemed Date of Allotment would be the Pay-In Date itself.
ddd. Details of Escrow Payment Mechanism for the repayment of the Interest/Principal.
The Bonds are backed by a structured payment mechanism to ensure timely payment of interest and principal.
Please refer to Annexure I Structured Payment Mechanism on page no. A-1 of this PPM.
eee. Permission to use Issuer Details
The Online Bond Platform Providers registered with the stock exchanges (“OBPPs” only for offering NCDs
in the secondary markets), shall be permitted to use the Issuer’s name, logo, and relevant Issue details in
advertisements, or promotional and marketing materials for the purpose of marketing and promoting the NCDs
on their websites, mobile applications, or other digital platforms. It is the responsibility of Issuer to ensure
compliance with Applicable Laws and further ensure that the same does not constitute an offer to the public.
12. Disclosures in accordance with SEBI Master Circular for Debenture Trustees bearing reference
number SEBI/HO/DDHS-PoD-1/P/CIR/2025/117 dated August 13, 2025
Terms and Conditions of Debenture Trustee Agreement
i. Fees charged by Debenture Trustee
The Debenture Trustee has agreed for an acceptance fee amounting to Rs. 0.01 (plus the taxes) and annual
service charge of Rs. Nil (plus the applicable taxes) for the services as per the terms of the work order
bearing reference no. F.A.C.No.L&G-1/1725/2025 dated December 02, 2025.
ii. Terms of carrying out Due Diligence
a. As per the SEBI Debenture Trustee Master Circular, as amended and/ or supplemented from time to
time, the Debenture Trustee is required to exercise independent due diligence to ensure that the assets of
the Issuer are sufficient to discharge the interest and principal amount with respect to the debt securities
of the Issuer at all times. Accordingly, the Debenture Trustee shall exercise due diligence as per the
following process, for which the Issuer has consented to.
b. The Debenture Trustee, either through itself or its agents /advisors/consultants, shall carry out requisite
diligence to verify the status of encumbrance and valuation of the assets and whether all permissions or
consents (if any) as may be required to create the security as stipulated in the placement memorandum
and other applicable laws has been obtained. For the purpose of carrying out the due diligence as required
in terms of the Relevant Laws, the Debenture Trustee, either through itself or its agents
/advisors/consultants, shall have the power to examine the books of account of the Issuer and to have the
Issuer’s assets inspected by its officers and/or external auditors/valuers/consultants/lawyers/technical
experts/management consultants appointed by the Debenture Trustee.
c. The Issuer shall provide all assistance to the Debenture Trustee to enable verification from any authority
as may be relevant, where the assets and/or encumbrances in relation to the assets of the Issuer or any
third-party security provider are registered / disclosed.
d) Without prejudice to the aforesaid, the Issuer shall ensure that it provides and procures all information,
representations, confirmations, and disclosures as may be required at the sole discretion of the Debenture
Trustee to carry out the requisite diligence in connection with the issuance and allotment of the
Debentures, in accordance with the Relevant Laws.
In addition to the above terms of carrying out the due diligence, the Debenture Trustee Agreement
provides for, inter alia, the following terms and conditions:
• The Issuer undertakes to promptly furnish all and any information as may be required by the
Debenture Trustee in terms of the SEBI ILMDS Regulations and the Debenture Trust Deed on a
regular basis, including without limitation the documents, as may be applicable;
• The Debenture Trustee does not have the obligations of a borrower or a principal debtor or a guarantor
93as to the monies paid/invested by investors for the Bonds.
The Debenture Trustee shall have the power to independently appoint intermediaries, valuers, chartered
accountant firms, practicing company secretaries, consultants, lawyers and other entities in order to assist
in the diligence by the Debenture Trustee. All costs, charges, fees and expenses that are associated with
and incurred in relation to the diligence as well as preparation of the reports/certificates/documentation,
including all out-of-pocket expenses towards legal or inspection costs, travelling and other costs, shall
be solely borne by the Issuer.
The Debenture Trustee shall obtain any certificate as may be required from an empaneled agency as a
part of due diligence.
Pursuant to the Regulation 13 of the SEBI Debenture Trustee Regulations and other applicable rules and
regulations, the Issuer undertakes to comply with all regulations, guidelines of other regulatory
authorities in respect of allotment of debentures/bonds till redemption. The time limit within which the
Security for debentures/bonds shall be created or the agreement shall be executed in accordance with
provisions as prescribed by any regulatory authority as applicable.
The Debenture Trustee shall perform its duties and obligations with due care, diligence and in the best
interest of the Debenture holders, and exercise its rights and discretions in accordance with the prior
written instructions / directions from the Debenture Holders in accordance with the terms of the
Debenture Trust Deed, and shall further conduct itself and comply with the provisions of all applicable
law (including without limitation, the Debenture Trustee Regulations, SEBI ILMDS Regulations).
Without prejudice to the aforesaid, the Issuer shall ensure that it provides and procures all information,
representations, confirmations and disclosures as may be required in the sole discretion of the Debenture
Trustee to carry out the requisite diligence in connection with the issuance and allotment of the
Debentures, in accordance with the relevant laws/ Applicable Law.
Events of Default (including manner of voting/conditions of joining Inter Creditor Agreements)
a. Subject to the terms of the Debenture Trust Deed, the Debenture Trustee, at its discretion may, or if so
requested in writing by the holders of at least three-fourths of the outstanding amount of the Bonds or with
the sanction of a special resolution, passed at a meeting of the Debenture Holders, (subject to being
indemnified and/or secured by the Debenture Holders to its satisfaction), give notice to
the Issuer specifying that the Bonds and/or any particular options of Bonds, in whole but not in part are
and have become due and repayable on such date as may be specified in such notice inter alia if any of the
events listed below occurs. The description below is indicative and a complete list of events of default
including cross defaults, if any, and its consequences will be specified in the Debenture Trust Deed:
b. In accordance with the Chapter X: Breach of Covenants, Default and Remedies of master circular for
debenture trustees numbering SEBI/HO/DDHS-PoD-1/P/CIR/2025/117 dated August 13, 2025 for post
the occurrence of a “default”, the consent of the Debenture Holders for entering into an inter-creditor
agreement (the “ICA”)/ shall be sought by the debenture trustee after providing a notice to the investors in
the manner stipulated under applicable law. Further, the meeting of the Bond Holders shall be held within
the period stipulated under applicable law. In case(s) where majority of investors express their consent to
enter into the ICA, the debenture trustee shall enter into the ICA on behalf of the investors upon compliance
with the conditions as stipulated in the abovementioned circular. In case consents are not received for
signing the ICA, the debenture trustee shall take further action, if any, as per the decision taken in the
meeting of the investors. The consent of the majority of investors shall mean the approval of not less than
75% of the investors by value of the outstanding debt and 60% of the investors by number at the ISIN
level.
c. SEBI Master Circular for Debenture Trustees, defines ‘default’ as non-payment of interest or principal
amount in full on the pre-agreed date which shall be recognized at the first instance of delay in the servicing
of any interest or principal on debt.
d. It is hereby confirmed, in case of an occurrence of a “default”, the Debenture Trustee shall abide and
comply with the procedures mentioned in the abovementioned circular (SEBI/HO/DDHS-PoD-
1/P/CIR/2025/117) dated August 13, 2025 issued by SEBI.
94e. Process of Due Diligence to be carried out by the Debenture Trustee
Due Diligence will be carried out as per SEBI (Debenture Trustees) Regulations, 1993, SEBI ILMDS
Regulations, the SEBI Debenture Trustee Master Circular and circulars issued by SEBI from time to time.
f. Other Information
The Debenture Trustee confirms that they have undertaken the necessary due diligence in accordance with
Applicable Law, including the SEBI (Debenture Trustees) Regulations, 1993, read with the SEBI
Debenture Trustee Master Circular.
BEACON TRUSTEESHIP LIMITED HAS FURNISHED TO STOCK EXCHANGE A DUE DILIGENCE
CERTIFICATE DATED DECEMBER 17, 2025 AS PER THE FORMAT SPECIFIED IN THE SEBI
DEBENTURE TRUSTEE MASTER CIRCULAR WHICH READS AS FOLLOWS:
WE, THE DEBENTURE TRUSTEE(S) TO THE ABOVE-MENTIONED FORTHCOMING ISSUE STATE AS
FOLLOWS:
1) WE HAVE EXAMINED DOCUMENTS PERTAINING TO THE SAID ISSUE AND OTHER SUCH
RELEVANT DOCUMENTS, REPORTS AND CERTIFICATIONS.
2) ON THE BASIS OF SUCH EXAMINATION AND OF THE DISCUSSIONS WITH THE ISSUER,
ITS MEMBERS OF BOND ISSUE COMMITTEE AND OTHER OFFICERS, OTHER AGENCIES
AND OF INDEPENDENT VERIFICATION OF THE VARIOUS RELEVANT DOCUMENTS,
REPORTS AND CERTIFICATIONS.
WE CONFIRM THAT:
a) ALL DISCLOSURES MADE IN THE PRELIMINARY PLACEMENT MEMORANDUM WITH
RESPECT TO THE DEBT SECURITIES ARE TRUE, FAIR AND ADEQUATE TO ENABLE
THE INVESTORS TO MAKE A WELL-INFORMED DECISION AS TO THE INVESTMENT
IN THE PROPOSED ISSUE.
b) ISSUER HAS DISCLOSED ALL COVENANTS PROPOSED TO BE INCLUDED IN
DEBENTURE TRUST DEED (INCLUDING ANY SIDE LETTER, ACCELERATED PAYMENT
CLAUSE ETC.), IN THE PRELIMINARY PLACEMENT MEMORANDUM.
c) ISSUER HAS GIVEN AN UNDERTAKING THAT THE DEBENTURE TRUST DEED SHALL
BE EXECUTED BEFORE THE FILING OF LISTING APPLICATION.
.
95SECTION-X: FINANCIAL INFORMATION
A. Following details as per the financial statements for past 3 years in tabular format:
EXAMINATION REPORT ON FINANCIAL INFORMATION
To,
Greater Chennai Corporation,
Ripon Building,
16, EVR Periyar Salai,
Chennai - 600003
Dear Sirs,
1. We have examined the Financial Information comprising the Abridged Balance Sheet, Income and
Expenditure Statements and Cash Flow Statements for the year ended March 31, 2025, March 31, 2024 and
March 31, 2023 (collectively, the “Financial Information”) of Greater Chennai Corporation (the “Issuer”)
as annexed to this report for the purpose of inclusion in the Preliminary Placement Memorandum and the
Placement Memorandum to be filed by the Issuer with the Securities and Exchange Board of India (“SEBI”)
and the stock exchange(s) where the Debentures are proposed to be listed (“Stock Exchange”) for private
placement by the Issuer of upto 2,937 (Twenty Thousand Nine Hundred and Thirty Seven) rated, listed,
taxable, unsecured, redeemable, non-convertible green municipal bonds in the nature of debentures of face
value of ₹ 7,00,000/- (Rupees Seven Lakh Only) (“Green Bonds”/ “NCDs”/ “Debentures”), (Comprising of
7 (Seven) Separately Transferable and Redeemable Principal Parts (“STRPP”) (namely 1 STRPP A of a face
value of ₹ 1,00,000, 1 STRPP B of face value of ₹ 1,00,000, 1 STRPP C of face value of ₹ 1,00,000, 1 STRPP
D of face value of ₹ 1,00,000, 1 STRPP E of face value of ₹ 1,00,000, 1 STRPP F of face value of ₹ 1,00,000
and 1 STRPP G of face value of ₹ 1,00,000) for an amount of ₹100.03 Crores (“Base Issue Size”) with a
green shoe option of up to ₹105.56 Crores (“Green Shoe Option”) aggregating up to ₹ 205.59 crores (Rupees
Two Hundred Five Crores and Fifty Nine Lakhs Only) on a private placement basis (“Issue”) under Securities
and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015, as amended
from time to time.
All the accounts of Greater Chennai Corporation have been prepared by the Management of the Issuer and
audited by the Joint Director of Local Fund Audit as per the Tamil Nadu Urban Local Bodies Rules, 2023.
While the audit is conducted for books of accounts and financial statements of the funds, for the purpose of
the Issue, the combined Financial Information (which consolidates the financial statements derived from
audited financial statement of Municipal Fund, Capital Fund & Elementary Education Fund except
Earmarked Fund 2) comprising the Abridged Balance Sheet, Income and Expenditure Statements and Cash
Flow Statements for the year ended March 31, 2025, March 31, 2024 and March 31, 2023 (collectively, the
“Financial Information”) has been prepared by us in terms of the requirements of the proposed Issue and
prepared in accordance with:
a) Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities)
Regulations, 2015, as amended from time to time (“Regulations”);
b) National Municipal Accounts Manual;
c) The Tamil Nadu Urban Local Bodies Act, 1998 (“Act”) and the rules framed thereunder;
d) The guidance notes issued from time to time by the Institute of Chartered Accountants of India
(“ICAI”), as amended from time to time (the “Guidance Notes”).
2 Earmarked Fund is not considered for purpose of preparation of consolidated financial statements as
Earmarked Funds do not relate to the financials of the Corporation and are specific to some schemes. The
Commissioner of GCC is the executing authority for social welfare schemes within GCC’s jurisdiction which falls
under the earmarked funds account (such as Beti Bachao Beti Padhao, Dr. Muthulakshmi Reddy Magaperu
Uthavi Thittam, Moovalur Ramamirtham Ammaiyar Ninaivu Marriage Assistance Scheme etc.), MPLADS,
MLACDS etc. These funds are managed separately and maintained in a designated bank account, specifically for
the particular scheme’s intended purpose. No part of the earmarked funds can be utilized for general, revenue or
capital expenditure of GCC. The control and monitoring of these funds is handled independently to ensure the
implementation of the schemes.
96The Financial Information have been sourced from the audited financial statements of the Issuer audited by
Local Fund Audit Department in accordance with Financial Rules 16 to 20 Schedule V of the Chennai City
Municipal Corporation Act, 1919 as amended from time to time and Section 4 of the Tamil Nadu Local Fund
Audit Act, 2014 and Rule 4 of the Tamil Nadu Local Fund Audit Rules, 2016 pursuant to the Auditor’s
Reports issued by Local Fund Audit Department in accordance with Financial Rules 16 to 20 Schedule V of
the Chennai City Municipal Corporation Act, 1919 as amended from time to time dated 12.07.2025,
13.03.2025 and 06.06.2024 on the financial statements of the Issuer as on and for the financial years ended
March 31, 2025, March 31, 2024 and March 31, 2023 respectively.
Management Responsibility
2. The management of the Issuer is responsible for the preparation of the financial statements that gives a true
and fair view of the financial position and financial performance of the Issuer. This responsibility includes
the design, implementation, and maintenance of the internal control relevant to the preparation and
presentations of the financial statements that gives a true and fair view and are free from material mis-
statements, whether due to fraud or error.
Auditors Responsibility
3. We have examined such Financial Information taking into consideration:
a) The terms of reference and terms of our engagement agreed upon with you in accordance with our
engagement letter dated 08/10/2025 in connection with the proposed Issue of the Debentures by the
Issuer;
b) The Guidance Notes. We are required to comply with the ethical requirements of the code of ethics issued
by the ICAI;
c) Concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence
supporting the Financial Information; and
d) Our work was performed solely to assist you in meeting your responsibilities in relation to your
compliance with the Act, the Regulations and the Guidance Notes in connection with the proposed Issue
of Debentures.
e) Our responsibility is to consolidate the financial information of Municipal Fund, Capital Fund and
Elementary Education Fund of Greater Chennai Corporation in accordance with Audit Report and
Financial Statement issued by Local Fund Audit Department as per provisions of Financial Rules 16 to
20 Schedule V of the Chennai City Municipal Corporation Act, 1919 as amended from time to time and
Section 4 of the Tamil Nadu Local Fund Audit Act, 2014 and Rule 4 of the Tamil Nadu Local Fund
Audit Rules, 2016
f) Necessary groupings and regrouping have been made to prepare the combined Financial Information.
Opinion
4. Based on our examination and according to the above-mentioned regulations of National Municipal Accounts
Manual and the Regulations, we report that:
The Financial Information comprising the Abridged Balance Sheet, the Income and Expenditure Statements
and Cash Flow Statements for the financial years ended March 31, 2025, March 31, 2024, and March 31,
2023 (collectively, the “Financial Information”) is accurately extracted from the audited financial
statements of the Corporation for the financial years ended March 31, 2025, March 31, 2024 and March 31,
2023. Further these financial information has been extracted from the Audited Financial Statement and
Auditors report issued by Local Fund Audit Department in accordance with the provisions of Financial Rules
16 to 20 Schedule V of the Chennai City Municipal Corporation Act, 1919 as amended from time to time and
Section 4 of the Tamil Nadu Local Fund Audit Act, 2014 and Rule 4 of the Tamil Nadu Local Fund Audit
Rules, 2016.
5. This report should not in any way be construed as a reissuance or re-dating of any of the previous audit reports
issued by Local Fund Audit Department in accordance with Financial Rules 16 to 20 Schedule V of the
Chennai City Municipal Corporation Act, 1919 as amended from time to time and Section 4 of the Tamil
Nadu Local Fund Audit Act, 2014 and Rule 4 of the Tamil Nadu Local Fund Audit Rules, 2016, nor should
this report be construed as a new opinion on any of the financial statements referred to herein.
976. We have no responsibility to update our report for events and circumstances occurring after the date of the
report.
7. Our report is intended solely for use of the purpose set out in first paragraph and in connection with the
proposed issue of Green Bonds. Our report should not be used, referred to, or distributed for any other purpose
except with our prior consent in writing. We hereby provide our consent for sharing of our report with SEBI,
the stock exchanges or any other statutory/ regulatory authority, as may be required, and AK Capital Services
Limited (being the Merchant Bankers to the Issue).
For N. Raja & Associates
Chartered Accountants
(Firm’s Registration No. 003388S)
Authorised Signatory
Name: G. Velavan
Designation: Partner
Membership No.: 029915
UDIN: 25029915BMIYYB2592
Place: Chennai
Date: 17-12-2025
98CONSOLIDATED(ABRIDGED) BALANCE SHEET
(Rs. in Crore)
Particulars F.Y.2024-25 F.Y.2023-24 F.Y.2022-23
Liabilities
Reserves and Surplus
Fund Balance3 (3,567.53) (1503.01) (1,684.78)
Fund Control4 952.57 766.60 366.57
Reserves5 11,629.18 7,418.39 7,373.74
Total 9,014.22 6,681.98 6,055.53
Grants, Contributions for specific purposes
Grants, Contributions for specific purposes6 2,859.95 5,247.04 3,551.71
Total 2,859.95 5,247.04 3,551.71
Loans
Unsecured Loans7 1,633.83 1,788.77 2,501.38
Total 1,633.83 1,788.77 2,501.38
Current Liabilities and Provisions
Deposits Received8 357.30 293.33 622.01
Deposit works9 800.11 1,475.69 1,319.64
Other Liabilities 10 1,260.69 1,435.99 1,048.14
Total 2,418.10 3,205.02 2,989.79
Total Liabilities 15,926.10 16,922.81 15,098.41
Assets
Fixed Assets 19,769.47 18,073.93 17,403.76
Accumulated Depreciation (13,847.58) (12,671.02) (11,509.52)
Capital Work-in-Progress11 6,266.56 5,721.06 3,343.06
Total 12,188.45 11,123.97 9,237.30
Investments
Investment - General Fund 133.92 144.57 136.17
Total 133.92 144.57 136.17
Current Assets, Loans and Advances
Stock in Hand (Inventories) 0.92 1.31 1.09
Sundry Debtors (Receivables)12 3,295.23 4,616.01 3,907.56
Cash and Bank Balances13 (228.34) 498.94 1,178.09
Loans, advances and deposits 535.93 538.01 638.20
Total 3,603.74 5,654.27 5,724.94
Total Assets 15,926.10 16,922.81 15,098.41
3Fund Balance comprises of Municipal fund, Elementary Education fund and Excess of income over expenditure. Decline in FY 2024-25 is due to
transfer of deficit (excess of expenditure over income), adjustment entry passed for reversal of profession tax receivables pertaining to previous period,
and adjustment entry passed for closure of overdraft account.
4 There are three separate funds in GCC i.e. Revenue Fund, Capital Fund and Elementary Education Fund. The transfers between these funds happen
on regular basis depending upon the requirements of these funds. The fund control account is used for internal transfers/adjustments between the three
funds and there is no cash inflow and outflow.
5 The increase in FY 2024-25 has been on account of higher inter-account transfers from capital/grant contributions for specific purposes.
6 The increase during FY 2023-24 is attributable to enhanced capital grants from Government for capital projects. One of the major reasons for
decrease in FY 2024-25 is due to reduction in State Government share for the storm water drain project in the Kosasthalaiyar basin which is nearing
its completion this year.
7 Shown as Secured Loan in the Audited Financials Statement, has been regrouped here under Unsecured Loans as no securities have been provided
for respective loans. The decrease during FY 2023–24 is attributable to the closure of the SBI term loan, wherein GCC paid an excess repayment over
and above the regular repayments, to fully settle the loan. In addition, GCC made payments towards Ways and Means Advances to the Government of
Tamil Nadu in excess of the regular payments, resulting in a reduction in the closing loan balance.
8 Change on account of inter account transfer of retention money from Deposits Received to fund control account.
9 This account head represents expenditure incurred towards road cut related works, and the decrease during FY 2024-25 is due to payments made
during the year as well as adjustment entries passed against road cut bills for the period from FY 2019-20 to FY 2024-25.
10 Increase/Decrease is primarily due to change in advance collection of property tax pertaining to subsequent years.
11 The increase in capital work in progress during FY 2023–24 is primarily attributable to higher capital expenditure arising from various capital
works undertaken by GCC. Major schemes and projects contributing to this increase include the Infrastructure & Amenities Fund–funded Bridges
projects, projects under the Singara Chennai Scheme, the ADB-funded Kosasthalaiyar Basin Storm Water Drainage Project, and the KfW-funded
Kovalam Basin Storm Water Drain Project.
12 The decline in FY 2024-25 is due to the adjustment entry passed for reversal of profession tax receivables pertaining to previous period.
13 Decrease in cash and bank balance is on account of part pre-payment of term loan in FY 2023-24 and creation of bank payment vouchers for pending
bills which were paid in subsequent financial year. The negative balance during FY 2024–25 is attributable to creation of bank payment vouchers for
pending bills which were paid in subsequent financial year.
99CONSOLIDATED (ABRIDGED) INCOME & EXPENDITURE
(Rs. in Crore)
Particulars F.Y.2024-25 F.Y.2023-24 F.Y.2022-23
Income
Tax Revenue14 2,438.82 2,015.12 2,541.37
Assigned Revenues & Compensation15 1,347.98 1,313.55 858.70
Rental Income from Municipal Properties16 27.56 23.91 85.70
Fees & User Charges17 293.16 188.16 174.67
Sale & Hire Charges18 7.41 89.54 39.85
Revenue Grants, Contributions & Subsidies19 228.97 753.40 411.19
Income from Investments 9.40 3.22 7.50
Interest Earned 26.19 30.07 38.43
Other Income20 52.30 52.66 95.49
Total Income 4,431.79 4,469.63 4,252.90
Expenditure
Establishment Expenses 1,850.22 1,711.06 1,567.92
Administrative Expenses21 286.33 225.92 127.75
Operations & Maintenance22 1,807.48 1,351.05 1,340.93
Interest & Finance Expenses23 81.06 110.01 145.22
Programme Expenses24 3.14 3.35 21.27
Miscellaneous Expenses25 90.08 32.08 52.33
Depreciation 1,176.70 1,161.49 1,092.26
Other Expense - - 0.33
Total Expenditure 5,295.01 4,594.96 4,348.01
Income over Expenditure (863.22) (125.33) ( 95.11)
14 a) The sharp decline in tax revenue in FY 2023-24 is due to rectification entry passed under professional tax income
erroneously booked in previous years. This entry was passed in the "Profession Tax (Others)" account, where receivables
were recorded under the income expenditure head. This entry has been corrected for FY 23-24.
b) The increase in FY 2024-25 from FY 2023-24 is due to increase in property tax, profession tax, and revision of rates in
entertainment tax.
15 Increase in FY 2023-24 is on account of increase in collections from State Government towards assignment from tax
revenues (SFC Grants) as well as duty on transfer of property.
16 Decrease in FY 2023-24 on account of order passed by TRAI for decrease in track cable rent collected by Municipal
Corporations.
17 Major increase in FY 2024-25 is due to revision in building plan fee which increased the collection under this head and
increase in application fee from hoardings.
18 Increase in FY 2022-23 and FY 2023-24 is due to sale of land amounting to approx. Rs. 35 Crore and Rs. 85 Crore
respectively. The decrease during FY 2024-25 was on account of lower land sale transaction, with total proceeds of
approximately Rs.7 crore.
19 Increased in FY 23-24 due to receipt of onetime grant of Rs. 260 crores from State Government for achieving property tax
collection targets. Decrease in FY 24-25 due to non-receipt of Central Finance Commission (CFC) grant, and flood grant.
20 One of the key reasons for the higher income in FY 2022–23 was the recognition of project appropriation through book
adjustment entries, which did not involve any actual cash outflow or inflow. GCC has reduced the recording of such income,
as they were only adjustment entries, which led to a decrease in the subsequent years.
21 Increase in FY 2023-24 and FY 2024-25 is on account of increase in Electricity Charges – Streetlights from Tamil Nadu
Electricity Board.
22 The increase during FY 2024-25 is due to higher expenditure incurred on outsourced services for conservancy, school
maintenance, park maintenance, and similar municipal function.
23 Decrease in FY 2023-24 and FY 2024-25 is due to reduction in interest expenses on account of reduction of outstanding
loans.
24 The increase in programme expenditure during FY 2022–23 is attributable to the Corporation election expenses incurred
during the year, which are incurred once every five years.
25 Decrease in FY 2023-24 is due to the reduced compensation payments during the year. Increase in FY 2024-25 is due to
variations in compensation on account of death of workers at work site, incentives to property tax owners, and payment to
Chennai Metropolitan Water Supply and Sewerage Board for share in Central Finance Commission Grant.
100CONSOLIDATED (ABRIDGED) CASH FLOW STATEMENT (CONSOLIDATED)
(Rs. In Crores)
Particulars F.Y.2024-25 F.Y.2023-24 F.Y.2022-23
Cash flows from Operating Activities: (A)
Gross surplus/(deficit) over expenditure (863.22) (125.33) (95.11)
Add:
Depreciation26 1,176.56 1,161.49 1,092.25
Interest & finance expenses 81.06 110.01 145.22
Less:
Investment income 9.40 3.22 7.50
Interest income received 26.19 30.07 38.43
Adjusted income over expenditure before effecting changes in 358.81 1,112.88 1,096.43
current assets and current liabilities and extra-ordinary items.
Changes in current assets and current liabilities
(Increase)/decrease in Sundry debtors 1,320.78 (708.45) (719.29)
(Increase)/decrease in Stock in Hand 0.39 (0.21) 1.37
(Increase)/decrease in Prepaid Expenses - - -
(Increase)/decrease in other current assets 2.08 100.19 78.05
(Decrease)/increase in Deposits received 63.97 (328.68) 132.28
(Decrease)/increase in Deposits Work (675.58) 156.06 67.98
(Decrease)/increase in other current liabilities (175.30) 387.85 320.56
(Decrease)/increase in Provisions - - -
Net cash generated from/(used in) operating activities (A) 895.15 719.64 977.38
B. Cash flows from Investing Activities
(Purchase) of fixed assets & CWIP (2,241.04) (3,048.17) (2,877.38)
Increase/(Decrease) in Municipal Fund 3,195.44 751.77 2,049.49
Grant towards Capital fund received (2,387.09) 1,695.33 510.92
Sale/(Purchase) of Investments 10.65 (8.39) (20.04)
Add: -
Investment income received 9.40 3.22 7.50
Interest income received 26.19 30.07 38.43
Net cash generated from/ (used in) investing activities (B) (1,386.45) (576.17) (291.09)
C. Cash flows from Financing Activities
Add:
Loans from Banks/Others Received (Unsecured & Secured) 181.70 308.32 468.31
Loan Recovered - - -
Less:
Deposits Made - - -
Repayment of Loan (Unsecured & Secured) 336.62 1,020.93 608.01
Loans & Advances to Employees - - -
Loans & Advances to Others - - -
Interest & Finance Expenses 81.06 110.01 145.22
Net cash generated from/(used in) financing activities (C) (235.98) (822.62) (284.92)
Net increase/ (decrease) in cash and cash equivalents (A+B+C) (727.28) (679.15) 401.38
Cash and cash equivalents at beginning of the period 498.94 1,178.09 776.71
Cash and cash equivalents at end of the period (228.34) 498.94 1,178.09
Cash and cash equivalent at the end of the year comprises of the
following account balances at the end of the year:
Cash balances
Bank balances (228.34) 498.94 1,178.09
26 Depreciation for cash flow statement has been arrived from accumulated depreciation as per Balance Sheet.
101a) LINK TO THE WEB PAGE FOR ACCESSING FINANCIALS OF THE MUNICIPAL BODY.
The financial information regarding the Corporation can be obtained from the following link:
https://chennaicorporation.gov.in/gcc/department/finance/
b) COPY OF BUDGET DOCUMENTS FOR PREVIOUS THREE YEARS
The summary of budget of the Issuer for previous three financial years FY 2022-2023, FY 2023-2024 and
FY 2024-25 and for the current FY 2025-2026 are annexed herewith as Annexure VII.
For complete budget documents for previous three financial years (FY 2022-2023, FY 2023-2024, and FY
2024-25) and for the current FY 2025-2026 please refer to the link below:
Particulars Link
FY 2022-2023 https://chennaicorporation.gov.in/gcc/department/finance/
FY 2023-2024 https://chennaicorporation.gov.in/gcc/Budget_2023-2024/
FY 2024-2025 https://chennaicorporation.gov.in/gcc/Budget_2024-2025/
FY 2025-2026 https://chennaicorporation.gov.in/gcc/Budget_2025-2026/
c) FINANCIAL PARAMETERS
(Rs. in Crore)
Key Financial Figures FY 22-23 FY 23-24 FY 24-25
Revenue Income 4,252.90 4,469.63 4,431.81
Revenue expenditure (excluding interest) * 3,110.54 3,323.45 4,037.25
Operating revenue Surplus** 1,142.36 1,146.18 394.55
Interest expense 145.22 110.01 81.06
Principal repayment (outside sinking Fund) 608.01 1,020.93 336.63
Contribution to Sinking fund - - -
Revenue Surplus*** (95.12) (125.33) (863.21)
Capital Income 3,650.79 2,952.98 6,663.77
Capital Expense 3,154.29 3,506.80 6,527.86
Capital Surplus 496.50 (553.82) 135.92
Overall Surplus 401.38 (679.15) (727.29)
Deposits and Advances (net)**** 638.20 538.02 535.93
Initial Cash/Bank balance 776.71 1,178.09 498.95
Change in Cash/Bank balance 401.38 (679.15) (727.29)
Final Cash / Bank Balance 1,178.09 498.95 (228.34)
Loan repayment from sinking fund - - -
Initial Sinking fund Balance - - -
Change in sinking fund - - -
Final sinking fund balance - - -
Total Debt 2,501.38 1,788.77 1,633.83
Total Expenditure 7,502.31 8,101.76 11,822.87
Total Revenue 7,903.69 7,422.61 11095.58
Ratio of Total Expenditure/ Total Revenue 0.95 1.09 1.07
Cash Surplus / Total Revenue***** 0.19 0.06 0.04
Ratio of Debt Service / Total Revenue 0.10 0.15 0.04
*Depreciation is also excluded while calculating revenue expenditure (excluding interest)
**Operating Revenue surplus is calculated before deducting both interest expense and depreciation
***Revenue surplus is calculated after deducting both interest expense and depreciation
****Loans, advances and deposits given by the Corporation
*****Cash surplus is calculated by excluding Depreciation from Total Expenditure.
102II. Details of top 5 revenue sources for the previous three years
The details of the top 5 revenue sources for Financial Year 2022-2023, Financial Year 2023-2024 Financial
Year 2024-2025 are true and correct and accurately sourced and derived from the Audited Financial
Statements
(₹ In Crores)
ACTUAL
REVENUE RECEIPT TYPE
FY 22-23
Tax Revenue 2,541.37
Assigned Revenues & Compensation 858.70
Fees & User Charges 174.67
Revenue Grants, Contributions & Subsidies 411.19
Other Income 95.49
(₹ In Crores)
ACTUAL
REVENUE RECEIPT TYPE
FY 23-24
Tax Revenue 2,015.12
Assigned Revenues & Compensation 1,313.55
Fees & User Charges 188.16
Revenue Grants, Contributions & Subsidies 753.41
Sale & Hire Charges 89.54
(₹ In Crores)
ACTUAL
REVENUE RECEIPT TYPE
FY 24-25
Tax Revenue 2,438.82
Assigned Revenues & Compensation 1,347.98
Fees & User Charges 293.16
Revenue Grants, Contributions & Subsidies 228.97
Other Income 52.30
III. Details of property tax collection
As per the certificate from Independent Chartered Accountant for the Issue dated December 17, 2025, the details
of the property tax collection for Financial Year 2022-2023, Financial Year 2023-2024 and Financial Year 2024-
2025:
(Rs. in crore)
Overall Current
Particular Demand Raised Collections
Collection Collection
s
Arrears Current Total Arrears Current Total Ratio Ratio
2024-2025 787.85 1636.22 2424.07 513.08 1510.81 2023.89 83% 92%
2,293.9
2023-2024 680.46 1,613.53 439.97 1,315.98 1,755.95 77% 82%
9
2,181.4
2022-2023 674.27 1,507.19 385.63 1,187.21 1,572.84 72% 79%
6
IV. Status of reforms with respect to e-governance, cost recovery on water supply & Solid Waste
Management (SWM), property tax, double entry accounting and others, as specified by MoUD and
authorities concerned
i. Reforms on E-Governance
• GCC's official mobile app “Namma Chennai” offers civic services like certificate downloads, tax status updates,
and license renewals, with a recent update enabling citizens to report street issues (potholes, garbage removal,
faulty streetlights) for improved municipal responsiveness.
103• The Call Centre with the helpline number 1913 serves as a centralized communication hub for public inquiries,
municipal service coordination, and grievance redressal using in-house software and a Ticketing CRM system.
It handles inbound/outbound calls and social media complaints (Twitter, GCC website, app, newspapers).
• GCC uses E-Office, a Tamil Nadu government initiative, to streamline office procedures electronically through
the Electronic File Management System (EFMS), ensuring faster processing, better manpower utilization,
reduced delays, and improved governance.
• GCC digitalized tender process for all the projects initiated by them through E-tender portal, including the bid
documents sent to GCC from prospective bidders.
ii. Solid Waste Management
• GCC has door to door garbage collection system by deploying 5966 Battery Operated Vehicles, 15191
compactor bins and a total of 21722 workers. GCC has achieved 96 % door to door collection all over Chennai
city,
• GCC is handling the collection and transportation of 400 MT of Construction and Demolition Waste from Zone
9 to 15 to the Processing Facility at Perungudi Site. This ensures the critical aspect of supplying the minimum
guaranteed waste to the processing facility and this create a sustainable waste management system for Chennai
as per Construction and Demolition Waste Management Rules, 2016.
• GCC is handling collection of solid waste and transportation of the same to landfill sites / processing facilities
from Zones – 1, 2,3 & 7 for a period of 8 years.
iii. Property Tax
• GCC carried out a general revision of property tax and revised its property tax rates.
• GCC is conducting manual data mapping with agencies like TANGEDCO, CMWSSB, EPFO, and TNEB to
identify unregistered and under-assessed properties, aiming to improve tax compliance and reduce leakages.
This initiative seeks to enhance the database and increase tax demand.
• GIS initiative launched in June 2017 to link property data with spatial building information for improved tax
collection using drone surveys, satellite mapping, and field assessments.
• The GIS project identified 3,10,139 under-assessed properties and 3,03,621 untraceable buildings, leading to
field verifications and an additional annual revenue demand from Property and Establishment Taxes.
GIS data integration has further enhanced city-wide applications like in Namma Chennai, which access GIS
layers through APIs, promoting data-driven decision-making.
iv. Double Entry Accounting
The Greater Chennai Corporation (GCC) follows a dual accounting system. This approach ensures
comprehensive financial reporting, allowing the corporation to track both actual cash transactions and
outstanding financial obligations. For key qualifications/observations highlighted in the Audit Reports for the
preceding three financial years, please refer to “Audit Qualifications along with financial statements” on page
140 of the PPM. To streamline financial data collection and management, GCC utilizes an Enterprise Resource
Planning (ERP) system. The ERP system integrates various functions, such as revenue collection, expenditure
tracking, budgeting, and financial reporting, into a single digital platform. This system enhances efficiency,
minimizes errors, and provides real-time access to financial data, facilitating better decision-making and
compliance with regulatory requirements.
v. Other Reforms
• Chennai Mega Street Project: Chennai became the first city in India to adopt a Non-Motorised Transport
Policy prioritizing its pedestrians. The Greater Chennai Corporation transformed few Bus Route Roads each
year with pedestrian friendly infrastructure (~170km in total). The Chennai Mega Streets project has been taken
up under the World Bank’s Chennai City Partnership (CCP) programme. Total length of roads taken up under
SUSP is 11.6 Km.
• GCC Gender Related Reforms:
i. Gender Lab
104The aim of the project is to address the issue of access, facilitate knowledge sharing which included findings
from studies conducted on gender responsive and safety of women in public places for an amount of Rs. 4.03
crore.
ii. Safe & Smart Self-Defense to Empower Girls in GCC Schools
The project is aimed to provide coaching on gender equality and sports infrastructure development in 28 schools
for a sum of Rs 6.91 crore. The expected outcome is to build the mental and physical strength of 7625 students
(7th and 8th std.) in 159 schools.
V. DETAILS OF ISSUER’S OUTSTANDING BORROWING
a. Details of borrowings of the Issuer, as on the latest quarter end as on September 30, 2025
As on September 30, 2025 we have unsecured borrowings of approximately Rs. 1,766.39 Crores.
b. Details of Secured Loan Facilities:
NIL
c. Details of Unsecured Loan Facilities:
The details of unsecured loans outstanding as on September 30, 2025 is as given below:
(Rs. in Crores)
Lender’s Nature of Amount Principal Amount
Repayment Date/ Schedule
Name Facility Sanct ioned Outstanding
Term loan Quarterly instalments starting on
TUFIDCO 69.29 0.20
31.12.2014 and ending on 31.12.2025
Term loan Quarterly instalments starting on
TUFIDCO 34.05 1.39
31.03.2015 and ending on 31.03.2026
Term loan Quarterly instalments starting on
TUFIDCO 35.10 0.91
31.03.2015 and ending on 31.03.2026
Term loan Quarterly instalments starting on
TUFIDCO 196.98 40.34
30.06.2016 and ending on 30.09.2028
Term loan Quarterly instalments starting on
TUFIDCO 93.03 19.54
30.06.2016 and ending on 30.09.2028
Term loan Quarterly instalments starting on
TUFIDCO 150 5.90
31.03.2022 and ending on 31.03.2026
Term loan Quarterly instalments starting on
TUFIDCO 80 40
30.09.2025 and ending on 30.06.2032
Term loan Quarterly instalments starting on
TUFIDCO 280 203
30.03.2023 and ending on 31.12.2032
Term loan Quarterly instalments starting on
TNUIFSL 18.24 2.46
01.10.2013 and ending on 01.04.2026
Term loan Quarterly instalments starting on
TNUIFSL 22.5 7.37
01.11.2022 and ending on 01.11.2029
Term loan Quarterly instalments starting on
TNUIFSL 90 10.34
01.09.2025 and ending on 01.09.2030
Term loan Half Yearly instalments starting on
TNUIFSL 805.72 600.92
01.02.2017 and ending on 01.08.2035
Term loan Half Yearly instalments starting on
TNUIFSL 100 4.02
01.12.2025 and ending on 01.12.2030
GOTN Term loan 830 830 Terms and conditions yet to be finalised.
Total 2,804.91 1,766.39
Above loans have been grouped as Secured Loans in the Audited Financial Statements, however there is no
security provided for respective loans and hence categorized as Unsecured Loans.
105d. Details of Outstanding NCDs/Bonds:
Debenture/ Tenor/ Coupon Amount Date of Redemption Credit Secured/ Security
Bond Series Period of Allotment Date/ Rating Unsecured
Maturity Schedule
STRPP A 6 years 7.97%, 40.00Cro 21-05- 21-05-2031 AA+ Unsecured Refer note *
payable re 2025 below
Half yearly
STRPP B 7 years 7.97%, 40.00 21-05- 21-05-2032 AA+ Unsecured
payable Crore 2025
Half yearly
STRPP C 8 years 7.97%, 40.00 21-05- 21-05-2033 AA+ Unsecured
payable Crore 2025
Half yearly
STRPP D 9 years 7.97%, 40.00 21-05- 21-05-2034 AA+ Unsecured
payable Crore 2025
Half yearly
STRPP E 10 years 7.97%, 40.00Cro 21-05- 21-05-2035 AA+ Unsecured
payable re 2025
Half yearly
*Note: The Debentures are unsecured for the purpose of SEBI Municipal Debt Regulations. However, the following
security has been created:
a) First & exclusive charge over present and future receivables pertaining to Property Tax from Zone 5 and Zone 7;
b) First & exclusive charge over the Escrow Account and the account(s) where the Property Tax from Zone 5 and Zone
7 gets collected and/ or pooled by Greater Chennai Corporation in each case.
c) First & exclusive charge over the Interest Payment Account (including the DSRA Amount) and Sinking Fund Account
opened for the Issue, the funds lying in each such account and any investment(s) made from these account(s);
d) First & exclusive charge over the Project Sustainability Grant Fund (PSGF Amount) term deposit created for this
bond issue.
e) First and exclusive charge over the investments made in terms of term ‘Structured Payment Mechanism’ for the issue
(Permitted Investments).
e. List of Top 10 Debenture Holders
The list of top 10 (Ten) Debenture Holders as on September 30, 2025 is as follows:
S. No. Name of Debenture Holders Amount (Rs. In crore)
1 National Bank for Financing Infrastructure and Development 168.00
2 APEPDCL Pension and Gratuity Trust 17.80
3 Trustees GEB's C P Fund 12.80
4 A. K. Capital Services Ltd 1.40
Total 200.00
f. Details of Commercial Paper
As on September 30, 2025, the Issuer has not issued any commercial papers;
g. Details of Rest of Borrowings
NIL
h. Details of any outstanding borrowings and debt securities issued for consideration other than cash,
whether in whole or part, at a premium or discount, or in pursuance of an option;
The Issuer has not availed any other borrowings taken/ debt securities issued for consideration other than
cash, whether in whole or part, at a premium or discount, or in pursuance of an option.
106VI. Sufficient revenue generation and resources for timely servicing and redemption
The Green Bonds issued are proposed for servicing through a Structured Payment Mechanism. Under
the Structured Payment Mechanism all funds collected by the Issuer on account of Property Tax of Zone
3 and Zone 9 shall be transferred to a separate no-lien Escrow Account for debt servicing. In order to
ensure timely servicing and redemption, the Issuer shall establish 2 (Two) accounts solely for the purpose
of servicing the debt. The Interest Payment Account shall be established with a deposit such that at any
point of time the Interest Payment Account holds an amount equivalent to annual interest payments for
green bonds in the form of DSRA. Further, the monthly amounts shall be deposited in interest payment
account for half yearly payments of interest obligations. To ensure adequacy of funds for redemption of
the Green Bonds, a Sinking Fund Account shall be opened where amounts shall be deposited on monthly
basis for redemption of the principal amounts of the Debentures. Further, an Upfront FD equivalent to
7.5% of total green bond issue size shall be created to meet any shortfall for timely repayment of green
bond obligations. There is sufficient revenue generation/collection from Property Tax from Zone 3 and
Zone 9 for timely servicing and redemption. The total Collection from Property Tax of Zone 3 and Zone
9 during the last 3 (Three) Financial Years is approximately ₹418.67 Crores (Financial Year 2024-2025),
₹351.63 Crores (Financial Year 2023-2024) and ₹341.31 Crores (Financial Year 2022-2023).
VII. Issue Estimated Scenarios of Asset Liability Mis-matches
As there is sufficient tax collection, there does not seem to be any scenario of asset liability mismatch.
The Issuer has sufficient revenue from Property Tax of Zone 3 and Zone 9. With respect to the repayment
of green bonds, the Debentures are to be paid from the collection of property tax of Zone 3 and Zone 9
of the GCC. The current collections are sufficient to ensure the redemption of the Debentures. The
structured payment mechanism as provided in the Preliminary Placement Memorandum shall ensure that
the funds deposited over period will be sufficient to service the Debentures. Further tax collections are
estimated to remain sufficient; therefore, we do not foresee any scenario of Asset Liability mismatch in
future as well. Further, any shortfall towards payments to be made in respect of the Debentures will be
transferred in terms of the Transaction Documents.
107SECTION-XI: LEGAL AND OTHER INFORMATION
The Bond Issue Committee in its meeting held on December 17, 2025 has adopted a materiality policy for
disclosure of litigation in relation to the Issuer according to which other litigation involving the Issuer and the
members of the Bond Issue Committee which may have an adverse impact on the position of the Issuer, the
operations of the Issuer and the Projects which are being funded by the proceeds of the Debentures, have been
disclosed hereinbelow.
Except as stated in this section, there are no:(i) criminal proceedings; (ii) actions by statutory or regulatory
authorities; (iii) disciplinary action including penalty imposed by SEBI or stock exchanges against the Issuer or
the members of the Bond Issue Committee in the last five financial years including outstanding action; (iv) claims
relating to direct and indirect taxes; or (v) Material Litigation (as mentioned below), involving the Issuer or the
members of the Bond Issue Committee.
For the purpose of (v) above, the Issuer has considered and adopted a policy of materiality for identification of
material litigation in terms of the SEBI Municipal Regulations, as amended, for disclosure of all pending litigation
involving the Issuer and members of the Bond Issue Committee where:
a. the potential financial liability/monetary claim by or against Municipal Corporation or the members of the Bond
Issue Committee, in any such pending matter(s) is in excess of 0.03% of total Income as per the audited financial
statements of the Issuer for the FY 2024-25, i.e., Rs. 1.33 crores;
b. any such litigation wherein the monetary liability is not quantifiable which is and/or which may have a material
adverse effect from the perspective of the (i) operation of the Corporation, (ii) the financial position, income and
cash flows of our Corporation; (iii) the Project proposed to be funded out of the proceeds of the Issue; (iv) the
Issue; or the investor's decision to invest/continue to invest in the Bonds;
c. It is hereby clarified that Notices received from third parties (excluding statutory/regulatory/tax authorities or
notices threatening criminal action) shall, not be evaluated for materiality until such time that the Issuer or any
of the any of the members of the Bond Issue Committee of the Municipal Corporation is impleaded as defendants
in litigation proceedings before any judicial forum.
Further, the Issuer has a policy for identification of material outstanding dues to creditors (“Material Dues”) for
creditors where outstanding due to any one of them is in excess of 0.03% of the total income as per the audited
financial statements of the Issuer for the FY 2024-25, i.e., Rs. 1.33 crores.
A. CONTINGENT LIABILITIES OF THE ISSUER
Nil
B. LITIGATIONS INVOLVING THE ISSUER
LITIGATIONS AGAINST THE ISSUER
a. CRIMINAL LITIGATIONS
Nil
b. WILLFUL DEFAULTER
The Issuer has not been declared as a wilful defaulter.
c. WILFUL DEFAULTER STATUS OF BOND ISSUE COMMITTEE MEMBERS
None of the members of the Bond Issue Committee have been declared as wilful defaulters.
d. ACTIONS BY REGULATORY OR STATUTORY AUTHORITIES
108• Human Rights Commission
Sr. Name of Parties Case No. Authority Brief Facts of the Case Case
No. Status
1. Muntazir M. Jeddy, SHRC 2876 Tamil Nadu State A complaint was filed by Muntazir M. Jeddy before Pending
S/o Kazim Ali of 2010 Human Rights the Tamil Nadu State Human Rights Commission on
Jeddy Commission April 05, 2010 against the Tamil Nadu Pollution
Chennai Control Board, CMDA, Issuer, Police and Fire
Vs. Services authorities, and M/s Katyal Trading
Corporation, alleging illegal storage and mixing of
The Commissioner, hazardous printing chemicals by the said trader in the
Corporation of ground floor of a building located in a mixed
Chennai and Ors. residential zone at Thayar Sahib Street, Chennai,
while the complainant and his family had been
residing on the first floor for over 20 years. It was
alleged that toxic fumes and strong odours caused
serious health issues and mental distress to the family
and that despite repeated complaints and an earlier
Health Officer’s notice issued in January 2000
pointing out zoning violations, absence of TNPCB
consent and safety deficiencies, no effective action
was taken, which ultimately led to a major fire on
February 20,2001, confirmed by a fire certificate,
causing extensive property damage and forcing the
family to vacate the premises. Alleging continued
official inaction, suppression of information through
RTI replies, long-term health problems, loss of
property and deprivation of a safe residence, the
complainant sought cancellation of the unit’s license,
removal of hazardous materials, criminal action
against the trader, compensation, and action against
the responsible officials.
The said matter is currently pending.
2. M. Pavan Kumar SHRC 2646 Tamil Nadu State A complaint was filed by M. Pavan Kumar before the Pending
of 2022 Human Rights Tamil Nadu State Human Rights Commission stating
Vs. Commission that his wife, Geetu Singh, died by suicide on July 29
Chennai 2019 and was brought dead to KMC Hospital, but he
The Commissioner, has been unable to obtain her death certificate due to
Greater Chennai an incorrect Revenue Divisional Officer (“RDO”)
Corporation and report stating that the death occurred in the hospital,
District Collector, leading to refusal by the hospital and the Greater
Chennai Chennai Corporation to register the death. The
complainant further stated that the original cremation
receipt required for registration was taken by the
deceased’s family and lost, and that despite repeated
visits to various Corporation offices, the police station
and the RDO office, and even issuing a registered
request seeking correction of the RDO report, no
action was taken, causing prolonged delay and severe
mental agony. Taking cognizance of the complaint,
the State Human Rights Commission directed the
District Collector, Chennai, and the Commissioner,
Greater Chennai Corporation, to submit their reports
within six weeks, and posted the matter for further
consideration.
The said matter is currently pending.
109Sr. Name of Parties Case No. Authority Brief Facts of the Case Case
No. Status
3. Th. P.Kubendran SHRC 243 of Tamil Nadu State A petition was filed by Th. P.Kubendran in the State Pending
2018 Human Rights Human Rights Commission, Tamil Nadu under SHRC
Commission No. 243 of 2018 praying for an action to be taken against
Chennai Th.Kannan, Assistant Engineer, Zone 10, Greater
Vs. Chennai Corporation for not removing a religious idol
box near the Platform of JFA furniture company in the
Greater Chennai Corporation Area.
Th.Kannan, Assistant
Engineer
The said matter is currently pending.
4. Tmt. M. Christina SHRC 7326 Tamil Nadu State A petition was filed by Tmt. M. Christina in State Pending
of 2010 Human Rights Human Rights Commission, Tamil Nadu praying for an
Vs. Commission action to be taken against Th.Raju, Junior Engineer,
Chennai Zone 5 of Greater Chennai Corporation for alleged
Th.Raju, Junior misbehaving during the process of vacating the house of
Engineer, Greater the Respondent while drunk during the removal of
Chennai encroachments houses in the Poramboke lands.
Corporation
The said matter is currently pending.
• Environment Related Litigation
Sr. Name of Parties Case No. Authority Brief Facts of the Case Case
No. Status
1. Meenava Thanthai K.R. Application No 32 National Meenava Thanthai K.R. Selvaraj Kumar Pending
Selvaraj Kumar, Meenavar of 2023 Green (hereinafter referred to as “the Applicant”)
Nala Sangam, (Applicant) Tribunal filed an application under section 14 and 15 of
Southern the National Green Tribunal Act, 2010. The
Vs Zone, Applicant had approached the Hon’ble NGT
Chennai in larger interest of general public
Tamil Nadu State Coastal Zone complaining about Noise and Air Pollution
Management Authority & Ors which was caused by the units of M/s. Best
(Respondents) Dhall Mills. The applicant had made various
government authorities party to the suit
including Commissioner of Greater Chennai
Corporation for being responsible for issuing
license for setting of industries/companies. It
was claimed by the Applicant that various
clearance and licenses have not been obtained
for running the said building. It was therefore
prayed before the Hon’ble NGT that
Corporation should to initiate actions against
M/s. Best Dhall Mills for operation of unit
without obtaining consent from the Pollution
Control Board.
The said matter is currently pending before
the Hon’ble National Green Tribunal.
2. Meenava Thanthai K. R. Original National Application was filed regarding indiscriminate Pending
Selvaraj Kuma. Application No 36 Green encroachment into Kathivakkam
(Applicant) of Tribunal Thamarikulam. It was alleged that using
Vs 2022 (SZ) Southern revenue records there was massive and
Zone, uncontrolled encroachment by Real Estate/
State of Tamil Nadu Chennai Individuals, further there was dumping of solid
(Respondent) waste near that aera which was likely to affect
water body and nearly 10 sewage channels
were directly connected into the water body.
110Sr. Name of Parties Case No. Authority Brief Facts of the Case Case
No. Status
Since no action was taken by government
authorities applicant had sought relief in form
of direction to government authorities, one of
them being Greater Chennai Corporation to
inspect the area in question and submit factual
as well as action taken report. National Green
Tribunal has passed an order dated January 31,
2023 directing the Corporation to evict the
encroachers and restore the water body to its
original condition. Greater Chennai
Corporation through its Executive Engineer
Zone-I submitted its status report.
The said matter is currently pending before the
Hon’ble National Green Tribunal
3. I.H. Sekar (Applicant) Original National I.H Sekar (hereinafter referred as Applicant) Pending
vs Application Green filed an application under Section 18(1) read
The Secretary The State Of No.81of 2016 Tribunal with Section 14(1) of the National Green
Tamil Nadu and Ors Southern Tribunal Act, 2010 against the Respondents
(Respondents) Zone, due to failure of the Respondents in stopping
Chennai the illegal and unauthorized encroachment of
Injambakkam Beach which the Applicant
alleged was not only restricting general public
from enjoying seashore but was also in
violation of Costal Regulation Zone
Notification. It was therefore prayed before
Hon’ble National Green Tribunal to pass
directions to respondents to stop all such
activities from being conducting on the beach.
The said matter is currently pending before
the Hon’ble National Green Tribunal.
4. Tribunal Suo Moto based on Original National National Green Tribunal initiated Suo Motu Pending
the news item in The Time of Application No 40 Green proceeding wherein an order was passed on
India, Chennai edition dt. of Tribunal August 08, 2023, directing Water Resource
17.02.2020 “Sewage flows 2020 (SZ) Southern Department to look into the issue of desilting
into surplus channel in Zone, of Madurantakam Lake and furnish the reasons
Kovilambakkam”(Applicants) Chennai for emptying the lake at one stretch. A status
Vs report dated November 7, 2023 was filed on
behalf of Greater Chennai Corporation wherein
The District Collector, Chennai it was stated Kovilambakkam Lake was
District and Others outside jurisdiction limited of Greater Chennai
Corporation.
The said matter is currently pending before the
Hon’ble National Green Tribunal.
5. Suo Moto, Tribunal based on Original National The National Green Tribunal took suo motu Pending
the news in item in The Hindu Application No.71 Green cognizance of a news article published in The
dt: 13.12.2023 titled, of 2024(SZ) Tribunal Hindu dated December 13, 2023 titled,
“Residents complain about Southern “Residents complain about encroachments and
encroachments and waste Zone, waste pollution at rear bund of Red Hills Lake”
pollution at rear bund of Red Chennai wherein order was passed against various
Hills Lake” (Appellant) authorities to file its report. In compliance of
the said order a status report was filed on
Vs behalf of the Greater Chennai Corporation. It
was thereby submitted that Greater Chennai
111Sr. Name of Parties Case No. Authority Brief Facts of the Case Case
No. Status
Tamil Nadu Pollution Control Corporation was constructing storm water
Board & Ors. (Respondent) drains under integrated urban flood
management for Chennai kosathalaiyar basin
project and periodic inspection was being
carried out and if any sewer linkage was found
the same was being disconnected.
The said matter is currently pending before the
Hon’ble National Green Tribunal
6. Suo Motu, Tribunal based on Original National The National Green Tribunal took Suo motu Pending
the news item in The Times of Application No. Green cognizance of a news article published in The
India Newspaper, Chennai 99 of 2021(SZ) Tribunal Times of India Newspaper, Chennai Edition
Edition dt. 05.04.2021 Southern wherein it was alleged that people are
“Chennai, you are breathing Zone, experiencing unknown on account of large
micro plastic” Chennai scale plastic bags beings dumped either in
(Applicant(s) ground or on the side of road based on the
report published in the newspaper. Greater
Vs Chennai Corporation was directed to file report
regarding banning single plastic use in the
The Chief Secretary to area and also regarding implementation of
Government of Tamil Nadu, Rule 17, of Solid Waste Management Rules,
Chennai & Ors (Respondents) 2016. A status report was submitted on
September 18, 2021 before the Hon'ble
National Green Tribunal.
The said matter is currently pending before the
Hon’ble National Green Tribunal.
7. S. Kumaradasan (Applicant) Original National S Kumaradasan (hereinafter referred as Pending
Application No. Green Applicant) filed an original application
Vs 102 of Tribunal raising grievance against various authorities
2021 Southern for not doing de-silting in a regular manner
The Government of Tamil Zone, which was affecting the storage capacity of
Nadu Chennai the Velachery Lake. It was further alleged
that untreated sewage was also being let in
the lakewhich was affecting the quality of
water in the lake. Greater Chennai
Corporation was made party to the suit. The
court directed concerned authorities to file
status action report. In light of the above
order a status action report was filed by
Greater Chennai Corporation disclosing the
work done.
The said matter is currently pending before
the Hon’ble National Green Tribunal.
8. Suo Moto – Chennai’s Original Southern National Green Tribunal, Southern Zone, Pending
Sanitation Workers Live the Application No. Zone, Chennai, took Suo Motu cognizance under
Horrors of a broken Waste 1 30 of Chennai Sections 14 and 15 of the National Green
Disposal System 2021 (SZ Tribunal Act, 2010, based on a news report on
improper handling of Covid-19 biomedical
Vs. waste and unsafe conditions of sanitation
workers in Chennai, and registered the matter
The Chief Secretary to Govt. of in public interest against the State authorities,
Tamil Nadu and Ors. Greater Chennai Corporation, Tamil Nadu
Pollution Control Board and common
biomedical-waste treatment facilities, alleging
112Sr. Name of Parties Case No. Authority Brief Facts of the Case Case
No. Status
mixing and illegal dumping of Covid-19 waste
with municipal solid waste and lack of
adequate protective gear for sanitary workers.
While the authorities claimed compliance with
the Bio-Medical Waste Management Rules,
2016, Central Pollution Control Board
(“CPCB”) Covid-19 guidelines and the
Environment (Protection) Act, 1986, including
authorised collection, segregation,
incineration, supply of Personal Protective
Equipment, vaccination and penal action, the
court noted incidents of illegal dumping and
possible gaps in waste tracking, and
accordingly directed strict enforcement of
CPCB guidelines, scientific disposal of
biomedical waste, protection of sanitation
workers, action against the erring industry and
the establishment of a transparent mechanism
to monitor biomedical-waste generation and
disposal.
The said matter is currently pending before the
Hon’ble National Green Tribunal.
9. Suo-Moto, Tribunal, in Original National The Hon’ble National Green Tribunal, Pending
respect News item appearing Application No. Green Southern Zone, Chennai, took Suo Motu
in the Hindu Dated 216 of Tribunal, cognisance of a news article published in The
01.05.2024 titled “Greater 2024 Southern Hindu on May 01, 2024, highlighting the issue
Chennai Corporation [Earlier Zone, of construction debris dumping at 25 hotspots
identifies 25 hotspots where O.A. No 645 Chennai identified by the Greater Chennai Corporation
construction debris gets of 2024 (PB)] (GCC).
dumped”
The Greater Chennai Corporation vide a status
Vs report apprised the Hon’ble Tribunal on
The Commissioner Greater measures to clear construction and demolition
Chennai Corporation waste from 25 hotspots. Initiatives, inter alia,
include partnering with licensed vendors for
systematic waste collection, establishing
secondary collection centers, etc.
The said matter is currently pending before the
Hon’ble National Green Tribunal.
10. Suo Moto, Tribunal, based on Original National The National Green Tribunal, Southern Zone, Pending
the News item in The Hindu Application No 50 Green Chennai, took Suo Motu cognisance of a news
Newspaper, Chennai Edition dt. of 2024(SZ) Tribunal, article published in The Hindu newspaper on
04.02.2024, “Raising High Southern February 04, 2024. The article highlighted
Stink: T.N’s Bulk Waste Zone, issues related to bulk waste disposal in Tamil
Disposal Issues” Chennai Nadu, which was thereby causing an
environmental impact.
Vs
The Greater Chennai Corporation (GCC) filed
The Principal Secretary to Govt a status report dated March 11, 2024,
of Tamil Nadu, Dept. of highlighting, inter alia, the management of
Environment, Climate Change 1,853 bulk waste generators across 15 zones,
& Forests, Chennai and Ors. with 31 empanelled service providers. The
report also noted challenges in monitoring
compliance with waste management
regulations and emphasized the need for
continuous monitoring and improved
113Sr. Name of Parties Case No. Authority Brief Facts of the Case Case
No. Status
enforcement mechanisms to achieve optimal
waste management objectives.
The matter is currently pending before the
Hon’ble National Green Tribunal.
11. Suo Moto, Tribunal, based on Original National The Hon’ble National Green Tribunal, Pending
the News Item in Dinamalar Application No.51 Green Southern Zone, Chennai, took Suo Moto
Newspaper, Chennai Edition of 2024 Tribunal cognizance of the present application based
dt: 05.02.2024, “Beaches Southern on a news article published in the Dinamalar
becoming garbage islands pose Zone of newspaper on February 05, 2024, titled
a threat to ecosystems and Chennai "Beaches becoming garbage islands pose a
livelihoods”. threat to ecosystems and livelihoods." The
Vs tabloid sheds light on the pollution of beaches
in Chennai caused by waste from fish markets,
Water Resources Department particularly the Kasimedu Fish Market.
and Ors. The Greater Chennai Corporation (GCC) vide
its status report dated August 29, 2024
detailed, inter alia, its waste management
efforts. Furthermore, the GCC highlighted
jurisdictional constraints, noting that the
Kasimedu Fish Market falls under the
Chennai Port Trust Authority, limiting the
GCC's ability to install boom barriers in the
coastal area.
The said matter is currently pending before
the Hon’ble National Green Tribunal
12. Suo Moto, Tribunal, based on Original National The Hon’ble National Green Tribunal (NGT), Pending
the news item published in Application No. Green Southern Zone, Chennai, took suo motu
Dinamalar Tamil Newspaper, 110 of Tribunal cognisance of a case predicated on a
Chennai Edition dated 2021 (SZ) Southern newspaper report published in Dinamalar
09.04.2021 “Will the Zone, Tamil Newspaper, Chennai Edition dated
Mambalam Canal be Chennai April 09, 2021 “Will the Mambalam Canal be
cleaned?” cleaned?”, which highlighted issues such as
plastic waste accumulation and other
Vs environmental issues. The Hon’ble Tribunal
made a Joint Committee to ascertain the
The Principal Secretary to genuineness of the allegations.
Government, Public Works
Department and Ors. The Greater Chennai Corporation (GCC) vide
its status report mentioned that it has been
addressing environmental issues by, inter
alia, regularly cleaning the canal using a
robotic excavator that removes over 5 tons of
debris daily, placing 25 garbage bins at
various locations and conducting regular
sweeping and door-to-door garbage collection
with battery-operated vehicles etc.
The said matter is currently pending before
the Hon’ble National Green Tribunal
13. Hariharan Original National Hariharan (hereinafter referred to as Pending
Application No. Green “Applicant”) filed an application before the
Vs 135 of Tribunal, Hon’ble National Green Tribunal, Southern
The District Collector, 2023 Southern Zone, Chennai, against the Respondent. The
Tiruvallur & Ors. Zone, same was filed in relation to cleanliness of the
Chennai environment during the immersion of
114Sr. Name of Parties Case No. Authority Brief Facts of the Case Case
No. Status
Vinayagar idols on September 24th – 25th 2023
at four different locations of Greater Chennai
Corporation (GCC) i.e. Thiruvottiyur,
Kasimedu, Palavakkam and Pattinambakkam
beaches. The Applicant has sought directions
for respondents to create artificial ponds for
immersion of the idols in compliance with the
guidelines issued by the Central Pollution
Control Board.
A status report was filed on behalf of the
Greater Chennai Corporation, detailing the
types of waste collected as well as the quantity
of machinery and manpower deployed.
The said matter is currently pending before
the Hon’ble National Green Tribunal.
14. T.R. Dhamodara Perumal Original National Thiru T.R. Dhamodara Perumal (hereinafter Pending
Application No. Green referred to as “the Applicant”) filed an
Vs 154 of Tribunal application before the Hon’ble National
M/s Bafna Pharmaceuticals Ltd. 2023 Southern Green Tribunal (Southern Zone) against
& Ors. Zone, Bafna Pharmaceuticals Ltd. (“Respondent.
Chennai No. 1”) and various other departments of the
government at Chennai as Respondent. No. 1
is functioning in a residential area (earlier a
municipal area) without proper documents, as
Grater Chennai Corporation had not
sanctioned a trade license.
The Applicant sent letters to the Respondents
and relevant government entities, seeking
action against Respondent. No. 1. A response
revealed that the Respondent No. 1lacked
approval from the Commissioner of Greater
Chennai Corporation (GCC). Despite ongoing
communication, a reminder letter was sent,
highlighting that Respondent. No. 1 is
operating without a license, causing
respiratory issues, electrical disruptions, and
water quality decline due to pharmaceutical
waste. Respondent. No. 1 is located in a
residential area with over 500 families. Its
unauthorized operation violates the Tamil
Nadu Pollution Control Board Water Act
1974 and Air (Prevention and Control of
Pollution) Act, 1981.Status report was filed
by GCC which has, inter alia, affirmed that
the Trade License has not been issued.
The said matter is currently pending before
the Hon’ble National Green Tribunal
15. Suo Moto, Tribunal, in the Original National The Hon’ble National Green Tribunal, Pending
matter of “Chennai Rains Oil Application No. Green Southern Zone, Chennai took suo motu
Companies in Michaung 180 of Tribunal cognisance and addressed the impact of the
Ground” Report covered by 2023 Southern Michaung cyclone that struck on December 05,
on VIKATAN TV Chennai Zone, 2023, affecting the Greater Chennai
dated 06.12.2023 Chennai Corporation area as the cyclone caused severe
(Applicant) flooding, thereby impacting approximately
10,000 households in divisions 4, 6, and 7. Oil
115Sr. Name of Parties Case No. Authority Brief Facts of the Case Case
No. Status
Vs spills from CPCL, IOCL, and container
The District Collector Chennai terminals impacted around 5,500 households,
District and Ors. (Respondents) affecting the Ennore Creek via the
Buckingham Canal. The spills damaged
fishing boats, nets, and the local flora and
fauna, affecting the livelihoods of about 7,000
fishing families in Zone-01, Unit-01, Divisions
1 and 2. In response, the Greater Chennai
Corporation evacuated A.D. Colony residents
to relief centers, provided food and basic
amenities for four days, and distributed
essential supplies door-to-door. Medical
assistance was offered through 286 camps,
treating 19,776 people, with specialized
dermatological and veterinary camps treating
75 cattle.
The said matter is currently pending before the
Hon’ble National Green Tribunal.
16. Suo Moto, Tribunal based on Original National The Hon’ble National Green Tribunal, Pending
the news item published in The Application No. Green Southern Zone, Chennai filed a Suo Motu
Times of India and Dinamalar, 185 of Tribunal motion in the wake of recurrent flooding in
Chennai Edition dated 2023 Southern Chennai, particularly in 2003, 2015, and
06.12.2023, 07.12.2023 Zone, 2023. Citing the State's duty under the public
and 14.12.2023, “Illegal Chennai trust doctrine to protect natural resources, the
construction and encroachment Hon’ble National Green Tribunal expressed
of water bodies”. concerns over the degradation of water
bodies, rivers, and floodplains. The Chief
Versus Secretary of Tamil Nadu were directed to,
The Chief Secretary to inter alia, submit a comprehensive report
Government, and Ors. detailing the status of water bodies,
encroachments, land allotments, storage
capacities, restoration policies, buffer zone
delineations, flood mitigation projects, urban
planning measures, and technical solutions for
water management in Chennai and its
neighbouring districts.
The said matter is currently pending before
the Hon’ble National Green Tribunal.
17. Suo Moto, Tribunal, matter in Original National The Hon’ble National Green Tribunal, Pending
respect News item Appearing Application No. Green Southern Zone, Chennai, took Suo motu
in the Times of India dated 194 of Tribunal cognizance of a news article titled
24.02.2024 titled 2024 Southern “Buckingham Canal Remains Choked with
“Buckingham canal remains [Earlier O.A. Zone, Garbage, Sewage” published in The Times of
choked with garbage, No. 477 of 2024 Chennai India on February 24, 2024. The Greater
sewage”. 21 (PB)] Chennai Corporation (GCC) in its status
vs report stated that it has addressed the
The Commissioner Greater Buckingham Canal pollution. While the
Chennai Corporation Water Resources Department primarily
maintained the canal, the GCC managed solid
waste by deploying 15 enforcement teams,
collecting Rs. 1,39,000 in fines, and removing
2,192 metric tonnes of garbage. They used
robotic excavators and amphibian vehicles to
clear waste near the Chepauk MRTS Station.
To sustain efforts, the GCC plans regular
116Sr. Name of Parties Case No. Authority Brief Facts of the Case Case
No. Status
monitoring, public awareness campaigns
about dumping waste, and collaboration with
the Water Resources Department and
stakeholders to maintain cleanliness and
address systemic challenges.
The said matter is currently pending before
the Hon’ble National Green Tribunal.
18. Chennai K.K. Nagar Original National Chennai K.K. Nagar Residents Welfare Pending
Residents Welfare Application No. Green Association (hereinafter referred to as “the
Association 311 of Tribunal Applicant”) filed an application u/s 18(1) r/w
vs 2024 Southern sections 14 and 15 of the National Green
Zone, Tribunal Act, 2010 in the Hon’ble National
The Commissioner Greater Chennai Green Tribunal against the Commissioner,
Chennai Corporation & Ors. Greater Chennai Corporation (GCC) and
(Respondents) other wings/dept. of the Government
regarding severe environmental and public
health concerns related to the MGR Canal.
The Applicant, by way of the application, has
sought an estoppel against the GCC and other
Respondents to restrain them to discharge
sewage into storm water drains; clear
encroachments along the MGR Canal; and
ensure the canal's free flow into the Adyar
River.
The said matter is currently pending before
the Hon’ble National Green Tribunal.
19. Korattur Lake Protecting Original National The National Green Tribunal (NGT), Pending
People’s Movement Chennai Application Green Southern Zone, Chennai, heard Original
Versus No.125 of 2022 Tribunal Application No. 125 of 2022, filed by the
Greater Chennai Corporation (SZ) Southern Korattur Lake Protecting People’s
&Ors. Zone at Movement, seeking directions to prevent
Chennai pollution in TNHB Korattur Lake. The
applicants alleged that respondents, including
private companies and a government unit,
were discharging untreated effluents and solid
waste into the lake.
A previous case (O.A. No. 268 of 2016)
sought similar relief, leading to directives for
waste management improvement and the
formation of a review committee. Despite
prior orders, pollution continued, prompting
this new application. The Tribunal expressed
concern over non-compliance with previous
orders from the High Court and National
Green Tribunal. Authorities, including the
Greater Chennai Corporation and Pollution
Control Board, were directed to take notice
and respond. Notices were issued to all
respondents. The Hon'ble Tribunal vide its
order dated March 13, 2024 had directed GCC
to examine the footage of the CCTV cameras
surrounding the Korattur lake and file a
report. Greater Chennai Corporation through
its Zonal Officer Zone-VII submitted its status
report.
117Sr. Name of Parties Case No. Authority Brief Facts of the Case Case
No. Status
The said matter is currently pending before
the Hon’ble National Green Tribunal.
20. Suo Motu, Tribunal basis the Original National The National Green Tribunal (NGT), Pending
News item reported in The Application No. Green Southern Zone, Chennai, initiated a suo motu
Hindu Dt: 23.09.2013 299 of Tribunal, case based on a 2013 news report about trash
"Buckingham Canal turns 2013(SZ) Southern accumulation at Adyar Estuary. Multiple
Long Sewer”(Applicants(s)) Vs With Original Zone applicants filed petitions against government
The Principal Secretary, Application No. authorities over pollution in the Cooum and
Environmental & Forests, Govt. 164 of Adyar rivers. The Greater Chennai
of Tamil Nadu, Chennai & ors. 2014(SZ) Corporation (GCC) submitted a status report
(Respondent(s)) With Original dated October 10, 2023 detailing measures
Application No. under the river restoration projects, including
With 164 of 2015 constructing compound walls, installing trash
(SZ) booms, and removing significant waste.
P. Edwin Wilson, With Original Despite these efforts, the applicants sought
Purasaiwalkam, Chennai Application No. stricter environmental safeguards and
(Applicants(s)) Vs The State of 130 of 2016 (SZ) improved waste management.
Tamil Nadu, Rep. by its Chief
Secretary, Chennai & Ors. The said matter is currently pending before the
(Respondent(s)) Hon’ble National Green Tribunal.
With
Jawaharlal Shanmugam,
Thiruvanmiyur, Chennai
(Applicant(s)) Vs Tamil Nadu
Pollution Control Board & Ors.
(Respondent(s))
With
P. Muthumeena, Egmore, Chennai
(Applicant(s)) Vs The Secretary to
the Government, PWD,
Secretariat, Chennai & Ors.
(Respondent(s))
21. Suo Moto, Tribunal, based on Original National Nation Green Tribunal took Suo motu Pending
the news item published in The Application No. Green cognizance of the news qua the article
Times of India, Chennai 140 of Tribunal published in The Times of India, Chennai
Edition dated 09.04.2024 2024 Southern Edition dated April 09, 2024 under the
under the caption “Veerangal Zone, caption “Veerangal Odai becomes latest
Odai becomes latest target of Chennai target of land sharks”. after which an
land sharks” Vs The application was filed under Sections 14, 15,
Additional Chief Secretary 16, and 17, read with Section 18 of the
Water Resources Department, National Green Tribunal Act, 2010 wherein,
and Ors. the respondents were instructed to file their
replies along with supporting documents.
Subsequently, the Greater Chennai
Corporation (GCC) submitted a status report
addressing the environmental concerns
regarding Veerangal Odai, a water channel in
Chennai. Furthermore, the GCC averred that
it, inter alia, initiated the removal of silt and
floating materials to enhance water flow and
prevent flooding, with the removed silt
118Sr. Name of Parties Case No. Authority Brief Facts of the Case Case
No. Status
deposited at Perungudi Dumping Ground.
The report also explicated other
precautionary steps taken and to be taken to be
wary.
The said matter is currently pending before the
Hon’ble National Green Tribunal
22. Suo Motu, Tribunal basis the Original Appeal National The Hon’ble National Green Tribunal Pending
paper report published in No.54 of 2020 Green (NGT), Southern Zone, Chennai (hereinafter
Dinamalar-Newspaper Tribunal referred to as “the Applicant”), took suo
Chennai Supplementary dated Southern motu cognisance of a case based on a news
02.03.2020 “Ambattur Lake Zone of item published in Dinamalar Newspaper
getting polluted due to Chennai dated Maarch 02, 2020, Chennai
Sewage Water” Vs Supplementary “Ambattur Lake getting
The Secretary to Govt. of polluted due to Sewage Water”. The tabloid
Tamil Nadu Municipal highlighted the discharge of untreated
Administration & Water sewage which was being indiscriminately
Supply Department and Ors discharged into the Ambattur Lake causing
contamination which was affecting its
quality, inter alia, unauthorised
encroachments.
Whilst the matter was pending, a joint
committee was formed to carry inspection
and submit a report. Further, Mr. E. Kumar
filed an impleadment application praying to
be a party in the present matter.
The matter is currently pending before the
Hon’ble Tribunal.
23. Korattur People’s Welfare & Original In the The National Green Tribunal, Southern Zone, Pending
Awareness Trust Korattur Lake Application No. National Chennai, is addressing environmental
Protecting People’s Movement 268 of Green concerns related to Korattur and Ambattur
(Applicant) Vs 2016 Tribunal lakes through two applications filed by Mr.
Greater Chennai Corporation With Southern S. Sekaran on behalf of local organizations
and Ors. (Respondents) Original Zone, against the Greater Chennai Corporation and
Application No. Chennai others. The applicants seek action against
125 of pollution, encroachments, and waste disposal
2022 in these lakes. The Greater Chennai
Corporation (GCC) submitted a status report,
confirming the Public Works Department's
(PWD) responsibility for maintenance and
detailing measures taken, including
inspections, awareness programs, and CCTV
installations. The Tribunal directed the Tamil
Nadu Pollution Control Board to examine
industrial waste issues, while the Chennai
Metro Water Supply and Sewerage Board
(CMWSSB) manages sewage collection.
The said matter is currently pending before
the Hon’ble National Green Tribunal.
24. Suo moto, Tribunal, in the Original National The Hon’ble National Green Tribunal, Pending
matter of "Velechery lake full Application No. 2 Green Southern Zone Bench, Chennai took suo moto
due Monsoon" plea for of Tribunal cognisance of the matter following a news
preventing sewage waste get 2020 Southern report published in the Tamil daily newspaper
119Sr. Name of Parties Case No. Authority Brief Facts of the Case Case
No. Status
mixed In the lakenews Items Zone, Dinamalar, highlighting the Velechery lake’s
published in Tamil Daily Chennai pollution. Moreover, the Greater Chennai
Newspaper Corporation (GCC) along with its other
"Dhinamalar" Chennai City departments were ordained to assist the Joint
supplement. Vs Committee formed vide order dated January 10,
The Government of Tamil Nadu 2020 insofar as to form a committee for
& Ors. inspection of the concerned lake but inspection
couldn’t be effectuated.
Whilst the application was pending, Mr. K.M.
Thangaraj, President of the TNHB Colony
Residents Welfare Association, filed an
interlocutory application seeking impleadment
in the present matter thereby citing the direct
impact of the lake’s condition on local residents
and proving his bonafides as to when he tried to
shed light on the present subject matter.
The matter is currently pending before the
Hon’ble National Green Tribunal.
25. SUO MOTU, Tribunal, based Original National The Hon’ble National Green Tribunal (NGT), Pending
on the News Item in Dinamalar Application No. Green Southern Zone, Chennai (hereinafter referred
Tamil Newspaper dated: 20 of Tribunal to as “the Applicant”), took suo motu
27.01.202 2020 Southern cognisance of a case based on a news item
0, Zone, published in Dinamalar Tamil Newspaper
“Degeneration of Vandalur Chennai dated January 27, 2020, “Degeneration of
Lake due to unauthorized Vandalur Lake due to unauthorized
occupation and drainage occupation and drainage water” which
water” highlighted degeneration of Vandalur Lake
Vs due to unauthorised occupation and discharge
The Government of Tamil of drainage water. The Hon’ble Tribunal
Nadu, and Ors. constituted a joint committee to perform
inspection and file a report. It further directed
the Greater Chennai Corporation to cooperate
with Pollution Control Board.
The matter is currently pending before the
Hon’ble Tribunal.
26. SUO MOTO, Tribunal, based Original National The Hon’ble National Green Tribunal (NGT), Pending
on the news item published in Application No. Green Southern Zone, Chennai (hereinafter referred
Dinamalar Newspaper dated 32 of 2020 Tribunal to as “the Applicant”), took suo motu
15.07.2021, Chennai Edition Southern cognisance of a case predicated on a news
Vs Zone, item published in Dinamalar Newspaper
Chennai dated July 15, 2021, Chennai Edition which
The District Collector, shed light on the necessity of removal of
Kancheepuram District. garbage in and around 7H bus stand at
Mogappair and other locations.
The Greater Chennai Corporation (GCC) vide
its staus report mentioned that it had cleaned
the garbage from the said location and
attached photos to that effect. The GCC also
submitted that it was taking necessary steps to
maintain cleanliness as per the Hon’ble
Tribunal’s direction.
The matter is currently pending before the
120Sr. Name of Parties Case No. Authority Brief Facts of the Case Case
No. Status
Hon’ble Tribunal.
27. SUO MOTU, Tribunal, news Original National The Hon’ble National Green Tribunal (NGT), Pending
item published in The Times of Application No. Green Southern Zone, Chennai (hereinafter referred
India Chennai Edition Dated 51 of Tribunal to as “the Applicant”), took suo motu
7.3.2016 (Dumping building 2016 Southern cognisance of a case based on a news item
debris behind Pallikaranai Zone, published in The Times of India Chennai
Marsh land) Chennai Edition Dated March 07, 2016 (Dumping
Vs building debris behind Pallikaranai Marsh
The Principal Secretary to the land). The tabloid highlighted environmental
Government, Dept. of concerns qua water bodies.
Environment and Forests, The Greater Chennai Corporation (GCC)
Chennai & Ors. filed its counter affidavit and status report
which highlighted the precautionary steps
taken by it, being inter alia, deploying man
power, water tankers (firefighting systems),
making a dumping yard and had submitted
that it had found a permanent solution for the
problem of dumping garbage and fires
incidental thereto.
The matter is currently pending before the
Hon’ble Tribunal.
28. S P Surendranath Karthik Original National S P Surendranath Karthik (hereinafter Pending
(Applicants) Application No. Green referred to as the “Applicant”) filed an
Vs 276 of Tribunal application under Section 14 read with
2024 Southern Section 18 of the National Green Tribunal
The Member Secretary, Zone, Act against Chennai Metropolitan
Chennai Metropolitan Chennai Development Authority & Ors., for
Development Authority & establishment of separate space for Solid
Ors. (Respondents) Waste Management by way of segregation,
storage, decentralized processing of solid
waste in various approved layouts in and
around Chennai, Chengalpattu,
Kancheepuram, Tiruvallur Districts, etc.
The said matter is currently pending before
the Hon’ble National Green Tribunal.
29. Dr. MGR – Janaki College of Original National Dr. MGR – Janaki College of Arts and Pending
Arts and Science for Women Application 213 of Green Science for Women Alumni Association
Alumni Association 2024 Tribunal represented by its Secretary, Ms. Sarjana S
vs Southern (hereinafter referred to as the “Applicant”)
The Tamil Nadu Pollution Zone, filed an application under Section 14, 15 read
Control Board & Ors. Chennai with Section 18 (1) of the National Green
(Respondents) Tribunal Act against the Tamil Nadu Pollution
Control Board & Ors., for the closure of the
dairy farm that is being operated illegally by
the Respondents on the Applicant’s premises
and for the removal of the pipeline laid by the
Respondents to discharge waste into the Adya
river, leading to violation of the Water
(Prevention and Control of Pollution) Act,
1981.
The said matter is currently pending before
the Hon’ble National Green Tribunal
121Sr. Name of Parties Case No. Authority Brief Facts of the Case Case
No. Status
30. Tribunal Suo Moto based on Original National National Green Tribunal (hereinafter Pending
the news item in The Time of Application No Green referred to as “the Applicant”) initiated Suo
India, Chennai edition dt. 153 of Tribunal Motu proceeding wherein an order was
30.07.2020 titled “Raw sewage, 2020 (SZ) Southern passed on August 18, 2020, directing the Joint
encroachments continue to Zone, Committee to take water samples from all the
threaten lakes” (Applicants) Chennai water body and trace out the source of
Vs contamination. The committee was directed to
The Chief Secretary to Govt. submit the report to Tribunal.
of Tamil Nadu & Ors.
(Respondents) The said matter is currently pending before the
Hon’ble National Green Tribunal.
31. Tribunal on its own motion Original National National Green Tribunal, Southern Zone, Pending
Suo Moto based on the news Application No. Green Chennai, took suo motu cognizance in
item published in 'The Times 116 of Tribunal Original Application No. 116 of 2025 based
of India', dated 28.05.2025, 2025 (SZ) Southern on a Times of India news report dated May 28,
titled “Residents blame metro Zone, 2025 regarding pollution of a portion of
water for polluted lake Chennai Velachery Lake near Erikkarai bus stand,
officials cite encroachments" which was alleged to have become polluted
with algae, sewage and filth and turned into a
Vs. mosquito-breeding site due to sewage
pipelines and inadequate cleaning by civic
The Commissioner, authorities. The matter was initially registered
Greater Chennai Corporation by the Principal Bench, New Delhi as O.A.
No. 298 of 2025 (PB) and later transferred to
the Southern Zone and renumbered as O.A.
No. 116 of 2025 (SZ), with the Chennai
Metropolitan Water Supply and Sewerage
Board and other authorities impleaded as
respondents and directed to file status reports.
In compliance, the Greater Chennai
Corporation filed a report stating that periodic
removal of water hyacinth and floating waste
was carried out using amphibious machines,
health workers were deployed, larvicidal oil
was sprayed at identified points, regular hand-
fogging and auto-fogging were undertaken in
and around the lake, and the area was kept
under continuous vigilance to control
mosquito breeding.
The said matter is currently pending before the
Hon’ble National Green Tribunal
122Sr. Name of Parties Case No. Authority Brief Facts of the Case Case
No. Status
32 S.P. Surendranath Karthik OA No. 61/2020 National An application was filed by S.P. Surendranath Pending
(SZ) with OA No. Green under Section 14(1) of the National Green
Vs. 54/2020 (SZ) Tribunal Tribunal Act, 2010, in O.A. No. 61 of 2020
Southern against the Secretary, Indian Railway Welfare
The Secretary, Indian Railway Zone, Organisation and others, seeking protection of
Welfare Organisation, and Ors Chennai Ambattur Lake from pollution caused by
alleged illegal dumping of sewage and
With
garbage. The applicant alleged that the Indian
Railway Welfare Organisation was
Tribunal on its own motion Suo
discharging sewage into the lake in violation
Moto Based on the New Item in
of the Solid Waste Management Rules, 2016,
Dinamalar Newspaper
and sought a permanent injunction to restrain
dt.02.03.2020, Chennai
such dumping. The Hon’ble NGT had already
Supplementary, “Ambattur
taken suo motu cognizance on the same issue
Lake getting polluted due to
in O.A. No. 54 of 2020 (SZ) based on a
sewage water”
newspaper report dated March 03, 2020, and
by order dated March 19, 2020 constituted a
Vs.
joint committee to inspect the site and submit
The secretary to Government of a detailed report on the allegations.
Tamil Nadu, Public Works Subsequently, a status report dated October
Department, Chennai and Ors 09, 2023 was filed by the Greater Chennai
Corporation detailing the remedial and
revamping measures undertaken in the
concerned area.
The said matter is currently pending before
the Hon’ble National Green Tribunal
33. Bharathi OA No. 166 of National An application was filed by Bharathi under Pending
2025 Green Sections 14 and 15 read with Section 18(1) of
Vs. Tribunal the National Green Tribunal Act, 2010, in
Southern O.A. No. 166 of 2025 against the Tamil Nadu
The Tamilnadu Coastal Zone Zone, Coastal Zone Management Authority and
Management Authority and Ors Chennai others, alleging illegal dumping of
construction waste and debris by the second
respondent Corporation at Foreshore Estate
Beach, Chennai. The applicant contended that
as per the approved Coastal Zone
Management Plan, the area is classified as
CRZ-IA and identified as a turtle nesting
ground, and that such dumping violates the
CRZ Notification, 2011, causes coastal
pollution and endangers marine life,
particularly turtles, while the first respondent
failed to prevent the illegal activity.
Accordingly, the applicant sought directions
to the first respondent to restore the affected
area and to prosecute the second respondent
for violations of the CRZ Notification, 2011.
The said matter is currently pending before
the Hon’ble National Green Tribunal
34. Tribunal on its own motion- Original National J. Kumaragurubaran, Commissioner of the Pending
SUO-MOTO Based on the Application No. Green Greater Chennai Corporation, filed a status
News item in The Times of 43 of 2025 (SZ) Tribunal report before the Hon’ble National Green
India, Chennai edition dated Southern Tribunal explaining the closure of Micro
Compost Centres (“MCCs”) and Material
Recovery Facility Centres (“MRFs”) in
123Sr. Name of Parties Case No. Authority Brief Facts of the Case Case
No. Status
03.3.2025, “500 tonnes of waste Zone, Chennai, stating that out of 190 MCCs and
to end in landfills; Chennai 137 MRFs operated across 15 zones, several
facilities faced sustained public objections
Vs. due to foul odour, public health and
environmental concerns, and their location in
The Commissioner, Greater residential areas and burial grounds. It was
Chennai Corporation submitted that, pursuant to due evaluation and
in accordance with Council Resolution No. 70
dated February 27, 2025, and keeping in view
cultural and religious sensitivities, 168 MCCs
and 88 MRFs were closed, while 22 MCCs
and 49 MRFs continue to operate, and that
although this caused a temporary reduction in
waste-processing capacity, alternative
arrangements such as windrow composting
facilities, plastic baling centres and Bio-CNG
plants were proposed under an integrated
waste-management plan. The Respondent
Corporation submitted that the closures were
undertaken in the interest of public health,
environmental protection and cultural
integrity, and sought the approval and
guidance of the Hon’ble Tribunal.
The said matter is currently pending before
the Hon’ble National Green Tribunal.
35. Tribunal on its own motion Original National A. S. Murugan, Superintending Engineer, Pending
SUO-MOTU based on the Application No. Green Solid Waste Management Department,
news item published in ‘The 144 of 2025 (SZ) Tribunal Greater Chennai Corporation, filed a Status
Times of India’, dated Southern Report stating that Chennai generates about
19.07.2025, titled “Dirty loos, Zone, 5,790 tonnes per day of municipal solid waste,
Garbage mountains pull down Chennai with door-to-door collection covering around
Rank; GCC blames people for 93% in the month of April of households,
poor feedback” source segregation at 36%, and enforcement
of penalties under the Solid Waste
Vs. Management Rules, 2016, supported by
continuous public awareness programmes.
The Commissioner, Greater The Report explained that waste is processed
Chennai Corporation through decentralised facilities such as micro-
composting centres, Bio-CNG plants,
windrow composting units and MRF, with
residual waste disposed at Kodungaiyur and
Perungudi dumping yards, and that several
MCCs and MRF were closed pursuant to
Council Resolution No. 70 dated February 27,
2025 due to public health concerns, public
objections and cultural sensitivities, including
locations in burial grounds. It further outlined
future plans for integrated waste processing
facilities at Kodungaiyur and Perungudi,
expansion of Bio-CNG, composting and
automated MRF facilities, continued bio-
mining of legacy waste, and measures to
improve cleanliness in residential areas,
markets, water bodies and public toilets, and
accordingly submitted that sustained efforts
are being made for environmentally
124Sr. Name of Parties Case No. Authority Brief Facts of the Case Case
No. Status
compliant waste management and sought
appropriate orders from the Hon’ble National
Green Tribunal.
The said matter is currently pending before
the Hon’ble National Green Tribunal.
36. Tribunal on its own motion- Original National J. Kumaragurubaran, IAS, Commissioner, Pending
SUO- MOTO Based on the Application No. Green Greater Chennai Corporation, filed a Status
News item in The New Indian 71 of 2025 (SZ) Tribunal Report concerning the 10-MT capacity
Express, Chennai edition dated Southern incinerator plant at MGR Salai Road, Zone-2
02.04.2025, “Titled GCC’s Zone, (Manali), stating that the plant has been
waste incinerator in Manali Chennai operational since 2019 with consent from the
working illegally for last five Tamil Nadu Pollution Control Board and
years” processes about 10 MT of dry waste per day,
thereby reducing landfill burden. It was
Vs. submitted that fly ash generated is converted
into bricks, treated sludge is used as manure,
The Commissioner Greater emissions are controlled in accordance with
Chennai Corporation TNPCB norms, and the plant remained
operational during the COVID-19 period for
effective waste management. The
Corporation further stated that remedial
works are proposed through an open tender
and that the plant will resume operation only
after renewal of TNPCB consent and full
compliance with environmental regulations
and accordingly sought appropriate orders
from the Hon’ble National Green Tribunal.
The said matter is currently pending before
the Hon’ble National Green Tribunal
37. Tribunal on its own motion Suo- Original National The National Green Tribunal took Suo Motu Pending
Moto based on the Hindu News Application No. Green cognizance under section 14, 15, 16 and 17
Paper Chennai Edition dt: 79 of 2025 (SZ) Tribunal read with Section 18 of the National Green
20.04.2025 titled, “Tackling Southern Tribunal Act, 2010. The Applicant has made
wastes head on: A Chennai Zone, various government authorities party to the
point of view”. (Applicant) Chennai suit including Commissioner of Greater
Vs. Chennai Corporation (GCC), thereafter,
The Principal Secretary to requesting to file a compliance report. The
Government of Tamil Nadu, GCC filed the Status report outlining the
Dept of Environment, Climate proactive measures being implemented by the
Change & Forests, Chennai and GCC in line with national environmental
Ors. (Respondents) policy and sustainable waste management.
The said matter is currently pending before
the Hon’ble National Green Tribunal.
38. K. Jeganathan Kumarasamy Original National An application was filed by K. Jeganathan, Pending
Application Green owner of plots in Surya Avenue, Tropical
No. 90 of 2024 Tribunal Enclave, Pallikaranai, Chennai, dated August
Southern 26, 2025 against the State of Tamil Nadu and
Vs. Zone, others, alleging violations arising from an
Chennai organic solid waste management facility
operated by the Greater Chennai Corporation
and the NGO Hand in Hand on adjoining land.
The applicant alleged that the facility
damaged his compound wall, allowed open
125Sr. Name of Parties Case No. Authority Brief Facts of the Case Case
No. Status
State of Tamil Nadu Through accumulation of organic waste leading to
its Chief Secretary and Ors. mosquito and insect breeding, caused sewage
and mixed-water runoff with foul odour into
his property during rains, contaminated
groundwater, and violated the Solid Waste
Management Rules, 2016 and his property
rights. Despite repeated complaints, including
a public grievance dated 02.08.2023 to the
TNPCB and the NGT, the issues allegedly
persisted. The Hon’ble National Green
Tribunal admitted the application, issued
notice to the respondents, suo motu impleaded
the Greater Chennai Corporation as a
necessary party, and directed it to file a report
on the follow-up action taken pursuant to the
TNPCB communication dated December 06,
2024, as recommended by the Joint
Committee.
The said matter is currently pending before
the Hon’ble National Green Tribunal.
39. Vibrant women welfare Original National An application was filed before the National Pending
association Rep. by its Application No. Green Green Tribunal, Southern Zone, Chennai
President, Abhis Gym Club, 245 of 2025 Tribunal dated November 18, 2025, challenging the
Southern alleged illegal establishment of a ready-mix
Zone, concrete (“RMC”) plant near the Buckingham
Chennai Canal at Sholinganallur, Chennai, wherein the
Vs. petitioner alleged that in October 2025
residents noticed construction activity on
Tamil Nadu Housing Board land in Survey
No. 236 on the canal banks and learnt that the
Greater Chennai Corporation
Greater Chennai Corporation was setting up
(GCC), represented by its
an RMC plant. It was alleged that the site falls
Commissioner and Ors.
within Coastal Regulation Zone – II (“CRZ”)
as per the approved Coastal Zone
Management Plan, where new industries are
prohibited under Clause 3(i) of the CRZ
Notification, 2011, and that no CRZ clearance
had been obtained, apart from violations of
TNPCB “Guidelines for Ready Mix Concrete
Plants” which prohibit such plants within 250
metres of residential areas and dense human
habitation, resulting in dust, noise, pollution,
heavy vehicle movement, damaged roads and
safety risks to residents. Despite a detailed
representation dated November 03, 2025 to
the GCC and TNPCB pointing out violations
of CRZ norms, environmental laws and
groundwater regulations, no action was taken.
In response, the Greater Chennai Corporation
submitted that the RMC plant was proposed to
support an Integrated Storm Water Drain
project in the Kovalam Basin funded by KfW,
for which land was temporarily allotted by
TNHB to the contractor, M/s V.S.
Constructions India Pvt. Ltd., but stated that
the contractor has been directed to stop
126Sr. Name of Parties Case No. Authority Brief Facts of the Case Case
No. Status
erection of the plant until obtaining the
necessary No Objection Certificate from the
TNPCB, specifically in view of the present
NGT proceedings.
The said matter is currently pending before
the Hon’ble National Green Tribunal.
40. News item titled Uthandi Original National The National Green Tribunal took Suo Moto Pending
residents raise concerns over Application No. Green cognizance under Sections 14 and 15 of the
sewage pollution through new 211 of 2025 Tribunal National Green Tribunal Act, 2010 based on a
flood escape channel Southern newspaper article titled “Uthandi residents
Zone, raise concerns over sewage pollution through
Vs. Chennai new flood escape channel” published in The
Hindu dated August 28, 2025. The Hon’ble
Greater Chennai Corporation Tribunal impleaded various government
authorities as respondents, including the
Greater Chennai Corporation, for being
responsible for planning, execution and
regulation of the said flood escape channel
project. It was noted by the Hon’ble Tribunal
that the newspaper article alleged that the
proposed channel may convey sewage-mixed
water into the sea instead of only floodwater
and that adequate environmental safeguards
and public consultation may not have been
undertaken. It was further observed that the
allegations disclosed prima facie violations of
the provisions of the Water (Prevention and
Control of Pollution) Act, 1974 and the
Environment (Protection) Act, 1986. The
above respondents are directed to file their
response/reply by way of affidavit before the
Southern Zonal Bench of the Hon’ble
National Green Tribunal at least one week
prior to the next date of hearing. In the event
any respondent files the reply directly without
routing the same through his learned
counsel/advocate, such respondent shall
remain virtually present on the date of hearing
to assist the Hon’ble Tribunal
The said matter is currently pending before
the Hon’ble National Green Tribunal.
41. S.P. Surendranath Karthik Original National An application was filed by S.P. Karthik Pending
Application No. Green (hereinafter referred to as “Applicant”) under
Vs. 276 of 2024 Tribunal Section 14 r/w 18 of the NGT Act, 2010 vide
Southern OA No. 276/2024 dated December 01, 2024,
The Member Secretary, Zone, against the Member Secretary, Chennai
Chennai Metropolitan Chennai Metropolitan Development Authority
Development Authority (CMDA) (hereinafter referred to as
(CMDA) and Ors “Respondents”), the Applicant had
approached the Hon’ble Tribunal for praying
various relief with respect to the
establishment improper solid waste
management in various approved residential
layouts in and around Chennai, Chengalpattu,
127Sr. Name of Parties Case No. Authority Brief Facts of the Case Case
No. Status
Kancheepuram and Tiruvallur Districts and to
implead an various other party in the said
matter who are responsible for the proper
waste management. A status report was filed
Greater Chennai Corporation, stating the
measures taken by the corporation, laying
down the existing waste management
infrastructure, details about the waste-to-
energy project, future plan and environmental
commitment.
The said matter is currently pending before
the Honourable National Green Tribunal
42. Suo-Moto Application – News Original National The National Green Tribunal took a Suo-Moto Pending
item Published in the Times of Application No. Green cognizance based on the News item published
India Chennai Edition Dated 83/2014 (SZ) with Tribunal by the Times of India Chennai Edition with
07.03.2016 (Dumping building Original Southern respect to “Dumping Building Debris behind
Debris behind Pallikaranai Application no 51 Zone, Pallikaranai Marsh Land”. The Greater
Marsh Land) (Applicant) V. of 2016 (SZ) & Chennai Chennai Corporation filed its Status report
The Commissioner, Greater I.A No.92 of 2021 with respect to the said land and stated that the
Chennai Corporation. land was in possession of GCC and the said
(Respondent) land is being used for dumping and processing
of waste and it is critical part of the Solid
with Waste Management System of the GCC. And
later a Counter affidavit was also filed on
V.Meganathan. (Applicant) V. behalf of GCC outlining the precautionary
Chief Secretary to Government, measures taken by GCC.
Government of Tamil Nadu,
Secretariat and others. The said matter is currently pending before the
(Respondent) Hon’ble National Green Tribunal.
43. Ramaniyam Towers Residents Original National An Application was filed under Section 14 Pending
Association Application No. Green and 15 read with 18(1) of the National Green
55 of 2025 Tribunal Tribunal Act, 2010, dated April 09, 2025,
Vs Southern before the National Green Tribunal, Southern
Zone, Zone, Chennai, vide Original Application No.
Greater Chennai Corporation Chennai 55 of 2025, by the Applicant, Ramaniyam
and Ors. Towers Residents Association, against the
Corporation and Ors. The said application
stated that the Highway Department,
Government of Tamil Nadu, is constructing a
new Highway to connect Greenway Road
with Durgabai Deshmukh Road through
Tamil Nadu Music College which passes
through CRZ areas in the Adyar River. The
applicant submitted that the construction
project has not secured clearances under CRZ
Notification 2011, the project area is protected
under CRZ I A of CRZ Notification 2011, will
prejudicially impact green cover and cause
sustained pollution in a calm, peaceful
residential locality. The Applicant therefore
prayed before the Hon’ble Court to pass an
interim order of Injunction from continuing
the construction and any other orders as it
deems fit in the interest of the case.
128Sr. Name of Parties Case No. Authority Brief Facts of the Case Case
No. Status
The said matter is currently pending before
the Hon’ble National Green Tribunal.
44 Tribunal Suo Moto based on Original National National Green Tribunal took Suo Moto Pending
the News Item in Dinamalar Application No. Green cognizance of report published in newspaper
Newspaper Chennai Edition 51 of Tribunal wherein it was alleged that Kasimedu, a
“Beaches becoming garbage 2024 (SZ) Southern prominent fishing area looked like garage
island pose a threat to Zone at island as various types of plastic was being
ecosystems and livelihoods” Chennai dumped in the costal aera which was causing
significant destruction of costal and
Vs environmental and marine life. The court in its
order dated August 30, 2024 held that Greater
Water Resource Department Chennai Corporation was responsible for solid
Rep. by its Secretary, Chennai & waste management and hence it had to give its
Ors reply stating whether they are removing waste
from fish market or they are employed any
other facilities for removal of garbage from
fish market. Greater Chennai Corporation was
asked to file report in regards to same.
The said matter is currently pending before
the Hon’ble National Green Tribunal.
iii. DISCIPLINARY ACTIONS INCLUDING PENALTY IMPOSED BY SEBI OR STOCK
EXCHANGE(S)DURING THE PAST 5 (FIVE) FINANCIAL YEARS INCLUDING OUTSTANDING
ACTION
Nil
iv. DIRECT AND INDIRECT TAX
DIRECT TAX
Nature Number of Amount Involved
Cases (Rs. In Crores)
Income Tax
TDS* 465 5.80
Notes: *It includes TDS demand of Rs. 5.80 crores has been derived from the Demand Outstanding Report issued
by the Income Tax Department as at 31 March 2025 but not accounted in the books of accounts of Greater Chennai
Corporation. The Income Tax Department may levy additional interest on the said outstanding TDS demand for
the period from 1 April 2025 to 30 September 2025. The quantum of such additional interest, if any, cannot be
determined as at the date of issuance of this certificate.
INDIRECT TAX
• Property Tax
Nature Number of Cases Amount Involved
(Rs. in Crores)
Property Tax* - Cases have been filed against the Issuer by the 197 118.49
residents/ entities residing/ operating in Greater Chennai
Corporation on jurisdiction accusing Issuer of charging
huge amount of property tax.
* To the extent quantifiable excluding interest and penalty thereon.
129• Indirect Tax related Litigation
Sr. Name of the Parties Case Authority Brief Facts of the Case Amount Present Status
No Number Involved
(Rs. in Crore)
1. Tvl. Corporation W.P No. High Court, The Writ Petition was filed before 0.275 Pending
of Madras DC 37544 of Madras Madras High Court by Department of
Health & Solid 2024 Public Health, Department of Solid
Waste Mgmt Waste Management and Department of
(Petitioner) Mechanical Engineering of Greater
Vs. Chennai Corporation (hereinafter
The Assistant collectively referred as Petitioner). The
Commissioner Petitioner in its petition submitted that
(ST) Respondent had issued an urgent notice
(Respondent) for non-payment of GST arrears dated
October 28, 2024 and upon enquiry it
found out that Respondent had passed
impugned order in GSTIN:
33CHEC02465B1DD/2020-21 and
consequential order under section 73 and
summary of the Order in Form GST DRC-
07 dated July 19 for financial year 2020-
21 and levied tax for alleged availment of
ITC which amounted to Rs. 27,45,098.
The main ground for contention of
impugned order was that Chennai City
Urban Health Mission (CCUHM) was an
independent body registered under The
Tamil Nadu Societies and Registration
act and had obtained registration for TDS
and it did not come under the purview of
Greater Chennai Corporation
It was therefore prayed before Hon'ble
Madras High Court to pass a writ of
certiorari or any other appropriate writ to
call for records on the file of respondent
and quash the same on the ground of
same being illegal and without
jurisdiction.
The matter is currently pending before
the Hon’ble Madras High Court.
2. Tvl. Corporation of W.P No. High Court, The Respondent issued an Urgent Notice 22.68 Pending
Madras DC Health 36011 of Madras – Non - Payment of GST Arrears dated
& Solid Waste 2024 28.10.2024 (hereinafter referred to as
Mgmt “Notice”) to the Petitioner. When an
Vs. enquiry was sought, it came to light that
The Assistant orders were passed in
Commissioner (ST) GSTIN:33CHEC02465B1DD/2020-21,
Summary Order in Form GST DRX – 07
bearing reference no. ZD330824059698S
and a consequential order u/s 73 all dated
8.8.2024 (hereinafter referred to as
“Impugned Orders”) which were not in
favour of the Petitioner as it levied TDS,
interest and penalty based on the alleged
difference between the balance sheet and
Form GSTR – 07.
To contest the Impugned Orders, the
130Petitioner filed the present Petition on
the following grounds against the
Respondent:-
a) The Petitioner is only one of the
departments of the Department of
Greater Chennai Corporation.
Pertinently, the Regional Deputy
Commissioner Offices (RDC), each
zone and various other departments of
Greater Chennai Corporation have
separate registrations for deducting tax
at source.
b) Respondent erred in calculating the
taxes as the Heads of Account in the
combined balance sheet related to
Greater Chennai Corporation and not
specifically related to the Petitioner.
c) Expenses/payments not only relate to
the supply of taxable goods or services
or both but also include salaries to the
employees, advance payment for
emergency procurement from the
Tamil Nadu Government’s
Departments etc. Pertinently, the value
of supplies/services was below Rs. 2.5
Lakh, hence, not required to deduct
TDS as per Section of the GST Act.
d) Wrongly levied tax on the Account
Head bearing Code 230-701-207
(Covid – 19 Cash Assistance to D.A.P)
as it was exempted from GST.
Additionally, the Respondent indulged
in Double Addition for the Account
Heads (Health Stores) being only for
the purpose of Inventory Material
Indent and not for purchases.
e) All the departments have different
registration for deduction/ remitting of
tax at source, but the Notice was issued
only to the Petitioner, whereas the same
should have been issued to the
Accounts Central Cell (Centralised as
well) for all the departments who has
control of the receipts and expenditure.
The Petitioner, inter alia, has prayed for
the call of records, stay, quashing of the
Impugned Orders.
The matter is currently pending before the
Hon’ble Madras High Court.
3. Tvl. Corporation of W.P No. High Court, The Respondent passed an order dated 9.63 Pending
Madras DC Health 36003 of Madras 4.07.2024 bearing no.
& Solid Waste 2024 GSTIN:33CHEC02465B1DD/2019-20
Mgmt (hereinafter referred to as “Impugned
131Vs. Order”) against the Petitioners. The
The Assistant salient features of the Impugned Order
Commissioner (ST) are as follows:-
a) The Applicant, being a local authority,
is registered as a tax deductor u/s 51 of
the Tamil Nadu GST Act 2017 r/w
section 51 of the CGST Act 2017
bearing registration no.
GSTIN:33CHEC02465B1DD,
hence, it was liable to deduct tax at the
rate of 1% from the payment made or
credited to the supplier of taxable
goods or both where the value of
supply exceeds Rs. 2.5L.
b) Upon a careful scrutiny of the balance
sheet and the GSTR – 07 form filed by
Greater Chennai Corporation (GCC)
and the Applicant, it came to light that
the turnover qua the tax and/or TDS
liability of the Applicant was not in
commensuration with the overall
balance sheet as well as income and
expenditure statement of GCC.
c) There was a stark difference with
respect to the TDS deducted and paid
in the GSTR – 07 filed.
d) Moreover, notices were issued but the
Applicant did not pay heed to the same
as it failed to file any objection thereto,
if any.
e) In the wake of the proceedings which
had transpired, the Respondents
directed the Applicant to pay the
Amount Involved including interest.
The matter is currently pending before the
Hon’ble Madras High Court.
v. OTHER MATTERS BASED ON MATERIALITY POLICY OF THE ISSUER:
Civil Matters
S. No. Name of the Case Authority Brief Facts of the Case
Parties Number
1. Laqshya Media OP No. Arbitral Laqshya Media Limited (hereinafter referred to as the "Claimant") had filed
Limited 190 to192 Tribunal a petition before the Sole Arbitrator, at Chennai against the Greater Chennai
Vs of 2022 (“Tribunal’) Corporation (the "Respondent," herein referred to as "GCC"),
The GCC awarded the Claimant work for construction and maintenance of
The Commissioner, Modern Bus Shelters in Chennai Corporation area on Build Operate and
Corporation of Transfer (BOT) basis and executed the Concession agreement (herein
Chennai referred to as CA) for Packages A on December 10,2010 (for package of 65
BQS), Package B (for 84 BQS) and Package C (for package of 88 BQS) on
April 29,2014.
132S. No. Name of the Case Authority Brief Facts of the Case
Parties Number
The GCC had asked the Claimant for payment towards the taxes of the
government and Licensing fees. The GCC in consonance with the CA, is to
collect government fee, as well as licensing or application fees from the
Claimant.
Prior to GST coming into force in 2017 the service taxes were 18% & the
advertisement taxes were 2% but post commencement CGST is 9% and
SGST is 9% as of 2019. The fee /tax and G.O.M’s got revised and the
License fee was thus demanded by the GCC from the Claimant.
Thus, as per the Respondent the Claimant was liable to pay Rs.3,76,32,000/-
along with proportionate interest towards the advertisement fee and a sum
of Rs. 2,43,00,880/- along with proportionate interest, towards the
concession fee.
Consequently, the Claimant filed an Application under Order XIV Rule 8
of Original Side Rules read with Section 9 of the Arbitration and
Conciliation Act, praying for injunction restraining the GCC from hindering
the advertisement business pertaining to construction of and maintenance of
bus shelters with respect to Package a, b and c.
And demanding full waiver of the Concessionaire Fee even though in
consonance with the CA, they’re bound to pay the government tax /
concession fee and the advertisement License /application fee.
However, the Claimant had sought relief to waive the Concessionaire fee
that the GCC demanded in consonance with the Concessionaire Agreement.
As of date the proceedings are still pending
2. National EP High Court National Buildings Construction Corporation Ltd. (herein referred to as the
Buildings No.125 of "Claimant") had filed a petition before the Hon’ble Madras High Court
Construction of 2016 Judicature against the Corporation of Chennai (herein referred to as "Respondent") for
Corporation Ltd. at Madras execution of Arbitral Award dated March 31,2012 passed against the
Respondent by the Arbitral Tribunal whereby the Respondent had to pay a
Vs sum of Rs.4,40,24,946 with further interest @10% per annum which was
M/s Corporation of payable from the date of the Arbitral Award being passed, till the date of
Chennai realization.
The net amount due as on April 30,2016 was Rs.6,20,01,821 that were to be
paid by the Respondent.
The petition was heard on September 1, 2016 before the Hon’ble Madras
High Court where the Registrar issued notice to the Respondents in four
weeks' time, as well as private notice and were asked to be present before
the Hon’ble Madras High Court on September 29, 2016 either in person or
through Counsel.
The matter is pending.
133S. No. Name of the Case Authority Brief Facts of the Case
Parties Number
3. Seermigu Smart Arbitral Before the Seermigu Smart North Chennai Private Limited. (hereinafter referred to as
North Chennai Proceedings Hon’ble the “Claimant”) initiated the arbitral proceedings in view of refusal on the
Private Limited. No. 157 & Arbitral part of the Greater Chennai Corporation (herein after referred to as “GCC”),
158 of 2022 Tribunal, to settle the invoices raised, amounting to Rs. 41,28,59,115/- for contractual
Vs. Chennai obligations performed by the Claimant in consonance with the Concession
Agreement.
The Greater
Chennai The Claimant alleges that the GCC has withheld amount in excess of Rs. 41
Corporation crores.
represented by the The GCC has (through its Superintending Officer) filed an affidavit
Commissioner submitting that it has rendered payments to the Claimant to the tune of
Rs.15,12,38,153/- pertaining to the works carried out by the Claimant. And
as the Claimant, after having read and being well versed with the facts of the
agreement had executed it with the GCC, the Claimant is not entitled to any
of the reliefs prayed for and sought in their application.
The matter is pending.
3. M/s. Westart OP. In The The Petitioner, M/s Westart Communications India Private Limited, has
Communications (Com High Court filed the present petition under Section 11 of the Arbitration and
India Pvt Ltd m Div) of Conciliation Act, 1996, seeking appointment of an Arbitrator in terms of
No. Judicature Article 28 of the Concession Agreement dated 03.01.2020 entered into with
Vs. 287 of at Madras the Respondent, Greater Chennai Corporation.
2024
Greater Chennai It is submitted that pursuant to a tender for the establishment and operation
Corporation of garden and tender coconut waste management facilities at five locations
in Chennai under a PPP (DBFOT) model, a Concession Agreement was
executed between the parties. The Petitioner made substantial investments
and commenced operations at all sites; however, the Respondent failed to
issue Completion Certificates and Commercial Operation Dates and
breached its obligation to supply the minimum guaranteed quantity of
waste.
The Petitioner alleges continued breaches by the Respondent, including
non-supply of waste, delayed and non-payment of invoices, wrongful
deduction of electricity charges, improper closure of sites, and incorrect
interpretation of contractual provisions relating to weighment of waste.
Despite repeated representations and invocation of the dispute resolution
mechanism under the Agreement, no amicable resolution was reached.
The Petitioner thereafter invoked the arbitration clause and appointed its
nominee Arbitrator, but the Respondent failed to appoint its nominee within
the stipulated period. As disputes subsist and consensus on the appointment
of an Arbitrator has failed, the Petitioner has approached this Hon’ble Court
under Section 11(6) of the Act seeking the appointment of an Arbitrator to
adjudicate the disputes arising under the Concession Agreement.
The matter is pending.
C. LITIGATIONS BY THE ISSUER
i. CRIMINAL LITIGATIONS
Nil
134ii. TAXATION MATTERS
Nil
iii. OTHER MATTERS BASED ON MATERIALITY POLICY OF THE ISSUER
Nil
D. LITIGATIONS INVOLVING THE MEMBERS OF THE BOND ISSUE COMMITTEE
LITIGATIONS AGAINST THE MEMBERS OF THE BOND ISSUE COMMITTEE
Except as disclosed above, there are no cases pending against the members of the Bond Issue Committee which may
have an adverse impact on the position of the Issuer, the operations of the Issuer and the Projects which are being funded
by the proceeds of the Debentures.
LITIGATIONS BY THE MEMBERS OF THE BOND ISSUE COMMITTEE
Except as disclosed above, there are no cases pending by the members of the Bond Issue Committee which may have
an adverse impact on the position of the Issuer, the operations of the Issuer and the Projects which are being funded by
the proceeds of the Debentures.
E. OUTSTANDING DUES TO CREDITORS
Based on Materiality Policy of the Issuer, as on December 17, 2025, GCC had a total 5 material creditors as on
September 30, 2025. Further the Issuer does not categorize its creditors as SSU/MSME and the creditors also do not
submit their SSU/MSME registrations and hence the dues to SSU/MSME are not disclosed in this Preliminary
Placement Memorandum. Details of outstanding dues to creditors is given below:
Particulars Outstanding Dues (Rs. In Crore)
Total Outstanding dues to Material Creditors 14.80
Total Outstanding dues creditors other than Material Creditors 35.52
Grand Total 50.32
For complete details about the outstanding dues to the Material Creditors of Issuer, please see website at the following
link: https://chennaicorporation.gov.in/gcc/pdf/List_of_Material_Creditors.pdf
F. MATERIAL DEVELOPMENTS SINCE DATE OF THE LAST AUDITED BALANCE SHEET
As per the certificate of the Independent Chartered Accountant for the Issue dated December 17, 2025 the Issuer has
not undergone any material development since date of the last audited balance sheet except routine transfer of officials
of the Issuer.
Additionally, the Issuer has disclosed their unaudited half yearly financial statements as on 30th September 2025 on
the National Stock Exchange of India Limited as a part of the compliance requirements under the SEBI Continuous
Disclosures, which may be accessed through the following link:
https://nsearchives.nseindia.com/content/debt/WDM/GCC1234_14112025204705_HalfYearly_Unaudited_Financia
l_Statement_Sep_30.PDF
G. MATERIAL AGREEMENTS AND CONTRACTS:
Except for the agreements entered into by the Issuer in the normal course of business, the details of the Material
Agreements Contracts are as provided in the section titled “Material Contracts and Documents” on page no. 160 of this
Preliminary Placement Memorandum.
135H. ANY MATERIAL EVENT/ DEVELOPMENT OR CHANGE HAVING IMPLICATIONS ON THE
FINANCIALS/CREDIT QUALITY (E.G. ANY MATERIAL REGULATORY PROCEEDINGS AGAINST
THE ISSUER, RESULTING IN MATERIAL LIABILITIES, RESTRUCTURING EVENT, ETC,) AT THE
TIME OF THE ISSUE WHICH MAY AFFECT THE ISSUE OR THE INVESTORS’ DECISION TO
INVEST/ CONTINUE TO INVEST IN THE MUNICIPAL DEBT SECURITIES.
The Issuer hereby confirms that, except as disclosed in this Preliminary Placement Memorandum, there has been no
material event, development or change having implications on the financial condition or credit quality of the Issuer
which may affect the issue of the Bonds or an investors’ decision to invest or continue to invest in the Bonds to be
issued by the Issuer.
I. DETAILS OF NON-PAYMENT OF STATUTORY DUES
As per the certificate of the Independent Chartered Accountant for the Issue dated May 20, 2025, the details of non-
payment of statutory dues is given below:
Particulars Amount
(₹ In Crore)
Government Dues Payable - Library Cess 283.78
Tamil Nadu Manual Worker General Welfare Fund 3.03
TDS * 11.72
GST 17.62
Total 316.15
*The above table contains the statutory dues of the Issuer outstanding as on 30th September 2025 and the
outstanding TDS demand of Rs. 5.80 Crore as on March 20, 2025(being the latest records obtained by the
issuer) which was raised by the Income Tax Department but not accounted in the books of accounts of Greater
Chennai Corporation.
J. DETAILS OF ALL DEFAULT/S AND/OR DELAY IN PAYMENTS OF INTEREST AND
PRINCIPAL OF ANY KIND OF TERM LOANS, DEBT SECURITIES AND OTHER
FINANCIAL INSTRUMENT ISSUED BY THE ISSUER, IN THE PAST 3 YEARS.
As confirmed by Independent Chartered Accountant vide certificate dated December 17, 2025, there are
no delay or defaults in the payment of interest or principal by the Issuer in the past three years.
K. DISCIPLINARY ACTION, IF ANY, TAKEN BY SEBI OR ANY FINANCIAL SECTOR
REGULATORY AUTHORITY AGAINST THE ISSUER, MERCHANT BANKER,
DEBENTURE TRUSTEE ETC., DURING THE LAST 5 (FIVE) YEARS
i. Against the Issuer
Nil
ii. Against the Debenture Trustee
Regulator Securities Exchange Board of India (SEBI)
Order No. & Date Order/AN/RG/2023-24/30183
Dated: March 27, 2024
Findings Violation with respect to Reg. 59 of SEBI LODR Regulations and Reg. 15(r) &
(s), 16 of SEBI Debenture Trustee Regulations.
Penalty INR 3,00,000/-
Current Status The order was passed on March 27, 2024. We have paid the applicable penalty
under protest on May 10, 2024.
Regulator Securities Exchange Board of India (SEBI)
Order No. & Date Order/BM/RK/2024-25/31013-31014; Dated: November 28, 2024
Findings Violation of Clause 3 (b) of Schedule IV of the AIF Regulations regarding the
Code of Conduct for the trustee of the Regulations and Clause 13.2.2 (ii) of
136Master Circular dated July 31, 2023, read with Regulation 20(1) and Regulation
20(2) of AIF Regulations.
Penalty INR 5,00,000/-
Current Status The order was passed on November 28, 2024. The Company has filed an appeal
vide Appeal no. 0036/2025 on January 10, 2025 under section 15T of SEBI Act,
1992, against the said Order before the Hon’ble Securities Appellate Tribunal
(“SAT”). The Appeal has been admitted by Hon’ble SAT and is pending for
decision.
II. For Ongoing proceedings:
NIL
III. Operational actions such as advisory letter / administrative warning / deficiency letter.
The Trustee, in its capacity as a debenture trustee, has received communications dated October 24, 2019, May
31, 2022, September 5, 2022, September 8, 2023, October 26, 2023, September 2, 2024, & November 14, 2024,
from SEBI in the nature of advisory letter, administrative warning and / or deficiency letter. The company has
taken the necessary corrective actions to remedy the said deficiencies / non-compliances and reported the same
to SEBI from time to time.
iii. Against the Merchant Banker
Nil
iv. Against Co-Arranger
S. No. Name of SEBI/ Details of disciplinary action similar to any enforcement
Agency Regulatory action/adjustment taken by SEBI/Regulatory Authority
Authority
1. Tipsons SEBI 1. SEBI has issued an Adjudication Order dated 22.04.2024 in the
Consultancy matter of UGRO Capital Limited under Section 15HB of SEBI Act,
Services 1992 and imposed penalty an amount of Rs. 3,00,000/- (Rupees Three
Limited Lakh Only) and the same was paid to the SEBI and the matter is settled
and closed.
2. SEBI has issued Summary Settlement order dated 14.06.2024 in the
matter of Nido Home Finance Limited under Section 15HB of the
SEBI Act, 1992 and imposed penalty an amount of Rs. 7,18,750/-
(Rupees Seven Lakh Eighteen Thousand Seven Hundred Fifty Only)
and the same was paid to the SEBI and the matter is settled and closed.
v. Against the Credit Rating Agencies
S. No. Name of SEBI/ Details of disciplinary action similar to any enforcement
Agency Regulatory action/adjustment taken by SEBI/Regulatory Authority
Authority
1. Acuite SEBI Penalty of Rs. 5,00,000 imposed vide SEBI’s Adjudication Order
Ratings and No.Order/AN/PR/2024- 25/31018 dated November 29, 2024 under
Research Section 15-I of the SEBI Act, 1992 for the alleged violation of
Limited. Regulation 27 (1) of the SEBI (Credit Rating Agencies) Regulations,
1999 by rating of securities issued by the borrower of SIDBI (promoter)
of Acuite (credit rating agency). Acuite has filed an appeal
before the Securities Appellate Tribunal (SAT) against the said order
and the matter is sub judice
vi. Against the Registrar
Nil
137SECTION-XII: GOVERNMENT APPROVALS
The Issuer is a municipal corporation incorporated under the CCMC Act and have received the necessary
consents, licenses, permissions and approvals from the Government and various governmental agencies required
for its operations and except as mentioned below, no further approvals are required for carrying on our present
operations.
It must be distinctly understood that, in granting these approvals, the Government of India does not take any
responsibility for our financial soundness or for the correctness of any of the statements made or opinions
expressed in this behalf. Unless otherwise stated, these approvals are all valid as of the date of this Preliminary
Placement Memorandum.
A. Investment approvals, letter of intent or industrial license from GoI, RBI, etc., as applicable and
declaration of the Central Government, Reserve Bank of India or any regulatory authority about the
non-responsibility for financial soundness or correctness of the statements:
As the Issuer is a municipal corporation, no such investment approvals, letter of intent or industrial license
from GoI, RBI, etc. are required to be obtained by the Issuer.
B. All Government and other approvals which are material and necessary for carrying on the business
and operations of the issuer and material subsidiaries:
There are no specific approvals which are material and necessary for carrying on the business of the Issuer.
The Issuer has required registrations as listed below:
Sl. Description Registration Number Authority Date of issue Date of
No. Expiry
1. Permanent Account AADLG6057C Income Tax June 24, 1919* One Time
Number (“PAN”) Department, Registration
Government of
India
2. GST Registration 33CHEG22714G1D1 Government of Period of Validity One Time
Certificate(“GST”) India From: Registration
July 01, 2025 and
Date of Issue:
July 01, 2025
3. Tax deduction Account CHEG22714G Income Tax May 08, 2025 One Time
Number (“TAN”) Department, Registration
Government of
India
*Date mentioned on the PAN Card
The Issuer does not have any subsidiary.
The details of the approvals obtained/ required to be obtained by the Issuer for undertaking the proposed
Projects are set out in paragraph G “Details and status of the regulatory approval (if required)” of Section
Objects of the Issue “Details and status of the regulatory approval” on page no. 63 of this Preliminary
Placement Memorandum.
138SECTION-XIII: UNDERTAKINGS BY THE ISSUER
139SECTION-XIV: TERM SHEET
SUMMARY OF OFFER
1. Primary business of the Issuer:
The Greater Chennai Corporation has been constituted under Article 243Q(1)(c) of the Constitution of
India, 1949 and established under Section 4 of the Chennai City Municipal Corporations Act, 1919
(“CCMC Act”), then applicable act in Chennai vide Notification dated June 24, 1919. The CCMC Act
has been repealed vide Section 200 of the Tamil Nadu Urban Local Bodies Act, 1998 (“TNULB Act”).
Size of the Issue:
Proposed issue by Greater Chennai Corporation (“Issuer”/ “Corporation”/ “GCC”) of upto 2,937 (Two
Thousand Nine Hundred and Thirty-Seven) rated, listed, taxable, unsecured, redeemable, non-
convertible and non-cumulative green municipal bonds in the nature of debentures of face value of ₹
7,00,000/- (Rupees Seven Lakhs Only) (“Green Bonds”/ “NCDs”/ “Debentures”) comprising of 7
(seven) Separately Transferable and Redeemable Principal Parts (“STRPPs”) of face value of Rs.
1,00,000/- each namely STRPP A, STRPP B, STRPP C, STRPP D, STRPP E, STRPP F and STRPP G
for cash, for the base issue size of ₹ 100.03 crores (Rupees One Hundred Crores and Three Lakhs Only)
(“Base Issue Size”) with green shoe option of up to ₹ 105.56 crores (Rupees One Hundred and Five
Crores and Fifty-Six Lakhs Only) (“Green Shoe Option”) for an amount aggregating up to ₹205.59
Crores (Rupees Two Hundred and Five Crores and Fifty-Nine Lakhs Only) (“Issue”) under Securities
And Exchange Board Of India (Issue And Listing Of Municipal Debt Securities) Regulations, 2015, as
amended from time to time.
2. Object of the Issue:
The proceeds of the Issue are to be deployed in the below mentioned projects and the total project cost
is provided herein below:
(Rs. in Crores)
Object Total Amount to be
Project Cost funded from the
proceeds of the
Issue
Disposal of Legacy Waste and Reclamation of land at 648.38 205.59
Kodungaiyur Dumping Site through Bio-mining.
Total 648.38 205.59
3. Audit Qualifications along with the financial statements.
The auditors have expressed qualified opinions for the financial statements for the financial years F.Y.
2024-2025, F.Y. 2023-2024, and defective opinion for the financial statements for the financial year F.Y.
2022-2023.
The key qualifications/observations highlighted in the Audit Reports for the preceding three financial
years are as follows:
As per Auditor’s Report dated July 12, 2025 for F.Y. 2024-2025
• The annual accounts of the Greater Chennai Corporation is prepared by using ERP Software
(Enterprise Resource Planning). However, the Balance Sheet in respect of Municipal Fund, Capital
Fund, and Ear Marked Fund was not prepared in ERP software, instead prepared through computer
—Excel format.
• As per the bank summary report maintained at the ACC (Accounts Central Cell) in the year 2024-25,
monthly income and expenditure summary was not prepared for a total of 196 bank accounts viz.
Revenue Fund - 47 accounts; Capital Fund - 41 accounts; Elementary Education Fund - 01 account;
Earmarked Fund — 107 Closing balance of the bank is to be certified by Bank manager and to be
furnished to audit. Necessary Administrative action may be taken for rectification of the above defects.
140• In the advance register (ACC) only expenditures are recorded. This register has not been certified by
any authority. Thus, all the advance registers under the advance head has to be maintained. Although
it was insisted during 2023 — 24 audit, still not maintained.
• Registers in respect of investment and investment securities were not properly closed. The registers
and records to be closed properly and produced to audit for verification of closing balance as per Trial
Balance.
• Grant Allocation Register in which the details of grant received administrative sanction obtained to be
entered and closed properly. The same may be produced to audit for verification of closing balance as
per Trial Balance.
• A sum of rupees 30878.14 lakhs is kept in account code (3S0300100) as library cess in the revenue
fund and steps should be taken to remit it to the District Local Library authority under intimation to
audit.
• Grants have been received from the Central and State Governments for various projects to be
undertaken in the Greater Chennai Corporation and the projects are being implemented. The details
of expenditure incurred and not capitalised; and the details of expenditure not incurred/not capitalised,
submitted for audit are attached herewith. In that, the grants received under the following account
heads amounting to Rs.2455,19,89,228.5/- are pending and not spent. If the work under these schemes
has been completed, appropriate steps should be taken to assetize the property.
• Accrual based accounts were introduced in the Chennai Corporation from 01.04.82. But only property
tax calculations and interest payment calculations for loans are maintained in this system. Other
income and expenditure are followed on the basis of cash accounting.
• A separate account is being maintained only for Project expenditures incurred based on government
grants and loans received from other financial institutions. For these utilization certificates is being
counter signed by Local Fund Audit. Separate accounts are to be maintained for other project expenses
also that do not require utilization certificate.
As per the Auditor’s Report dated March 13, 2025 for F.Y. 2023-24:
• On verification it was found that in some heads, expenditure was made more than the balance which
resulted on debit balance in Trial balance.
• In advance register (ACC) only expenditures alone are recorded. This register has not been certified
by the appropriate authority. Thus, all the advance registers under the advance head has to be
maintained in the below said format and produced to audit.
• Registers for investments and securities were not properly closed or submitted for audit.
• Chennai Corporation – Administrative report for the year 2023-24 not sent to the government. As per
Section 39 of the Chennai Corporation Act, 1919, an administrative report to be prepared for each
financial year in the Chennai Corporation, approved by the Commissioner and the Council, and the
report to be sent to government in the first week of April of the following financial year.
• Greater Chennai Corporation – Audit for the year 2023- 24 – Payment of daily collections of Amma
Unavagam to the Corporation account through M/s. Radiant, the agent of Karur Vysya Bank –
Council’s ratification to be obtained.
• Accrual based accounts were introduced in the Chennai Corporation from 01.04.82. But only property
tax calculations and interest payment calculations for loans are maintained in this system. Other income
and expenditure are followed on the basis of cash accounting.
• Greater Chennai Corporation – ACC – Audit for the year 2023 – 24 - Bank Reconciliation Statement -
The difference found in the Credit in Bank head between Bank statement and cash book was not
reconciled –Defect In Greater Chennai Corporation, all monthly closing balances in active bank
accounts as per the cash books should be reconciled with the bank accounts at the end of the month and
year.
As per the Auditor’s Report dated June 6, 2024 for F.Y. 2022-23:
• The details of excess and short amounts shown in reconciliation statements with respect to the closing
balances of annual accounts and corresponding bank accounts were not provided to the audit. The
closing balances of the bank accounts have been reconciled after deducting a number of amounts from
the annual accounts. Necessary details were not furnished to the audit to ensure their correctness.
➢ Cases where demand has not been settled. No Demand was raised for the following items
➢ Demand for land and building rent
➢ Advertisement Tax (129-A)
➢ Annual Charge for Cable TV Wire taken through Transmission Pole
141➢ Entertainment Tax
• Account Code No.311170000 (Demolition) in Revenue Fund and Earmarked Fund Head has a
cumulative amount of Rs.60.83 lakh as on 31.03.2023. But the annual amount spent on demolition is
not debited in Account Code 311170000. Therefore, the amount spent so far for demolition should be
noted and the amount should be debited to the Demolition Fund Head and the balance amount should
be credited under the respective receipt head and adjusted.
• During the audit of accounts for the year 2022-23, it was found that the advances issued under the
following heads of account in the advance account are still pending for a long time. The following cases
should be examined, and action should be taken to recover the amount without any arrears and be
adjusted.
- Advance – Corporation Election Expenses
- Advance- Member of Parliament Election Expenses
- Advance – Member of Assembly Election Expenses
• The Corporation of Chennai was mandated to contribute a percentage of its General Fund Receipts to
the Chennai Metropolitan Development Authority (CMDA) as per various Government Orders (G.O.s).
After paying ₹1.45 crore by 1994, the Corporation sought exemption, citing CMDA’s grants from
MIDA. However, the Government rejected the request in 2000 and directed the Corporation to clear
all pending dues without arrears. Hence subject to the final decision of the government, necessary
administrative action is to be taken to remit arrears of contribution of Rs. 15493.12 Lakhs mentioned
to CMDA.
• Accrual based accounts were introduced in Chennai Corporation from 01.04.82. But only property tax
calculation and loan interest payment calculation are maintained in this method. Other income and
expenses are followed on cash basis of accounting. Chennai Corporation is yet to bring all accounting
activities under standard accounts like other Municipal Corporations. Hence the receivables as on 31st
March are not calculated under the head "Income receivables". Similarly expenses payable as on 31st
March have not been calculated under the head ""Expenses payable"". Therefore, appropriate
administrative action should be taken by Chennai Corporation to bring all calculation activities under
standard.
• As on 31-03-2023, the amount received by GCC under the heads - Refunds is (payable) Rs.23548.26
No record has been maintained to monitor them till they are returned. These are returned only on the
basis of challans. Register should be maintained, and item wise details should be entered and reconciled
with the closing balance of the annual accounts and submitted for audit.
For details on all Audit Observations, please refer to the Audit Report- Part I issued by the Local Fund
Audit Department for the F.Y. 2024-25, F.Y. 2023-24 and F.Y. 2022-23 annexed as Annexure V of this
Preliminary Placement Memorandum.
4. Summary table of pending litigation
a) Matters related to Direct and Indirect Taxes against the Issuer
Nature Number of Amount Involved
Cases (Rs. In Crores)
Income Tax
TDS* 465 5.80
Indirect Tax
Property Tax** - Cases have been filed against the Issuer 197 118.49
by the residents/entities residing/operating in Greater
Chennai Corporation jurisdiction accusing Issuer of
charging huge amount of property tax.
GST 3 32.58
Notes: *It includes TDS demand of Rs. 5.80 crores has been derived from the Demand Outstanding
Report issued by the Income Tax Department as at 31 March 2025 but not accounted in the books of
accounts of Greater Chennai Corporation. The Income Tax Department may levy additional interest on
142the said outstanding TDS demand for the period from 1 April 2025 to 30 September 2025. The quantum
of such additional interest, if any, cannot be determined as at the date of issuance of this certificate.
**To the extent quantifiable excluding the interest and penalty thereon.
a. Criminal Litigations involving the Issuer and the members of Bond Issue Committee
There are no pending criminal litigations involving the Issuer or members of the Bond Issue
Committee.
b. Actions by Regulatory and Statutory Authorities
The details of all the actions by Regulatory and Statutory Authorities have been disclosed in the
“Section-IX- Legal and Other Information” on Page No. 108 of the PPM.
c. Other Civil Litigation
The details of all the individual civil litigations above the materiality threshold have been disclosed in
the “Section-IX- Legal and Other Information” on Page No. 108 of the PPM.
For the details of litigation proceedings, please refer the Section titled Litigation and Other Information
on page no. 108 of this Preliminary Placement Memorandum.
5. Risk Factors
For Risk Factor please refer to section titled Risk Factors beginning on page no. 23 of this Preliminary
Placement Memorandum.
6. Summary of Contingent Liabilities
Nil
7. Summary of Related Party Transactions
The Issuer is a Municipal Corporation and has no related party transactions.
8. Escrow payment mechanism for the repayment of the interest/principal.
Please refer to the row titled ‘Structured Payment Mechanism’ under Summary of Term Sheet of Section
XIV (Term Sheet) on page no.149 of this Preliminary Placement Memorandum.
143SUMMARY OF TERM SHEET
Security Name “____% Greater Chennai Corporation Green Bonds 2036”
Issuer Greater Chennai Corporation (GCC)
Type of Instrument Rated, Listed, Taxable, Unsecured, Redeemable, Non-Cumulative and Non-
Convertible Green Bonds in the nature of Debenture (hereinafter referred to as
"Bonds”/ “Green Bonds”/ “Municipal Bonds”/ “Debentures”/ “NCDs”)
Seniority Senior (to clarify, the claims of the NCD Holders shall be superior to the claims
of any unsecured creditors, subject to applicable statutory and/or regulatory
requirements)
Mode of Issue Private Placement by Greater Chennai Corporation of upto 2937 (two thousand
nine hundred and thirty seven) Rated, Listed, Unsecured, Taxable, Redeemable,
Non-Convertible Green Municipal Bonds of face value of Rs 7,00,000 each,
comprising of 7 (seven) separately transferable and redeemable principal parts
(“STRPP”) namely 1 STRPP A of face value of Rs 1,00,000, 1 STRPP B of face
value of Rs 1,00,000, 1 STRPP C of face value of Rs 1,00,000, 1 STRPP D of
face value of Rs 1,00,000, 1 STRPP E of face value of Rs 1,00,000, 1 STRPP F
of face value of Rs 1,00,000 and 1 STRPP G of face value of Rs 1,00,000, for an
amount of ₹100.03 crore (Rupees One Hundred Crores and Three Lakhs) (“Base
Issue Size”) with a green shoe option of up to ₹ 105.56 crore (Rupees One
Hundred Five Crores and Fifty Six Lakhs) (“Green Shoe Option”) aggregating up
to Rs 205.59 Crore (Rupees Two Hundred Five Crores and Fifty Nine Lakhs)
(“Total Issue Size”) under Securities and Exchange Board of India (Issue and
Listing of Municipal Debt Securities) Regulations, 2015, as amended from time
to time.
Eligible Investors All QIBs and any non-QIB Investors specifically mapped by the Issuer on the
NSE – EBP Platform, are eligible to bid / invest / apply for this Issue. All Investors
are required to comply with the relevant regulations/ guidelines applicable to
them for investing in this Issue.
Listing (including name of The NCDs are proposed to be listed on National Stock Exchange of India Limited
Stock Exchange(s) where it will (NSE). The NCDs shall be listed within 3 (three) Working Days from the Issue
be listed and timeline for listing) Closing Date.
In case of delay in listing beyond 3 trading days from the issue closing date, the
Issuer shall pay to the Debenture holder’s penal interest of @ 1% per annum over
and above the coupon rate for the period of delay from the date of allotment to
the date of listing.
Rating of the Instrument CARE ratings has vide its letter dated December 16, 2025, assigned a rating of
Provisional CARE AA+/Stable and has issued a rating rationale dated December
17, 2025. Acuite Ratings and Research has vide its letter dated December 12,
2025, assigned a rating of Provisional Acuite AA+/Stable and has issued a rating
rationale dated December 12, 2025.
Base Issue Size INR 100.03 Crores
Option to retain over Up to INR 105.56 Crores
Subscription
Total Issue Size Up to INR 205.59 Crores (including green shoe option)
Objects of the Issue The issue proceeds will be utilized for funding the capital expenditure to be
incurred towards Reclamation of Kodungaiyur Dumping Ground through
Biomining
Details of the utilization of the The proceeds of the Issue shall be utilized for the Project. The details of the
Proceeds Project along with the details/ status of any prior requisite approvals required, if
any, for such Project have been detailed in the Section titled “Objects of the Issue”
of the PPM.
Coupon Rate To be finalized subsequent to bidding on electronic bidding platform of Stock
exchange
Taxable/Tax free Taxable
Step Up/Step Down Not Applicable
Coupon Payment Frequency Semi-Annual
144Coupon payment dates The dates on which interest/coupon on the NCDs shall fall due for payment as per
the cash flow
Coupon Type Fixed
Coupon Reset Process Not Applicable
(including rates, spread,
effective date, interest rate cap
and floor etc.)
Day Count Basis Actual/Actual
Interest on Application Money The Pay-in Date shall be the Deemed Date of Allotment; hence interest on
application money shall not be applicable.
Tenor Total tenor of the bonds shall be from 4 years to 10 years comprising of:
STRPPs Tenor As %age of Amount
(in years) issue size (in Crores)
A 4 14.2857% 29.37
B 5 14.2857% 29.37
C 6 14.2857% 29.37
D 7 14.2857% 29.37
E 8 14.2857% 29.37
F 9 14.2857% 29.37
G 10 14.2857% 29.37
Total 100% 205.59
Redemption Date/ Maturity The redemption dates/ maturity dates (“Redemption Date(s)”/ “Maturity
Date Date(s)”) for each of the STRPPs are as follows:
STRPP A - at the end of the 4th anniversary of the Deemed Date of Allotment for
STRPP A;
STRPP B – at the end of the 5th anniversary of the Deemed Date of Allotment for
STRPP B;
STRPP C - at the end of the 6th anniversary of the Deemed Date of Allotment for
STRPP C;
STRPP D – at the end of the 7th anniversary of the Deemed Date of Allotment
for STRPP D;
STRPP E - at the end of the 8th anniversary of the Deemed Date of Allotment for
STRPP E;
STRPP F - at the end of the 9th anniversary of the Deemed Date of Allotment for
STRPP F;
STRPP G - at the end of the 10th anniversary of the Deemed Date of Allotment
for STRPP G;
Redemption Amount Principal repayment to happen annually, from the expiry of 4 (Four) years from
the Deemed Date of Allotment, in 7 (Seven) annual installments of:
• STRPP A – 4 years – on redemption of 2937 STRPP A for aggregate
principal amount of Rs 29,37,00,000 to be repaid at the end of 4 years
from the Deemed Date of Allotment
• STRPP B – 5 years - on redemption of 2937 STRPP B for aggregate
principal amount of Rs 29,37,00,000 to be repaid at the end of 5 years
from the Deemed Date of Allotment
• STRPP C – 6 years - on redemption of 2937 STRPP C for aggregate
principal amount of Rs 29,37,00,000 to be repaid at the end of 6 years
from the Deemed Date of Allotment
• STRPP D – 7 years - on redemption of 2937 STRPP D for aggregate
principal amount of Rs 29,37,00,000 to be repaid at the end of 7 years
from the Deemed Date of Allotment
• STRPP E – 8 years - on redemption of 2937 STRPP E for aggregate
principal amount of Rs 29,37,00,000 to be repaid at the end of 8 years
from the Deemed Date of Allotment
• STRPP F – 9 years - on redemption of 2937 STRPP F for aggregate
principal amount of Rs 29,37,00,000 to be repaid at the end of 9 years
from the Deemed Date of Allotment
145• STRPP G – 10 years - on redemption of 2937 STRPP G for aggregate
principal amount of Rs 29,37,00,000 to be repaid at the end of 10 years
from the Deemed Date of Allotment
Each STRPP will be redeemed at face value on the respective Redemption
Dates.
Together with the principal amount as set out hereinabove, the Issuer shall also
be required to make payment of accrued Coupon and all other costs, charges
and expenses which are due and payable in terms of the Transaction
Documents.
Redemption Premium Not applicable
/Discount
Issue Price Face value of Rs. 7,00,000 (Rupees Seven Lakhs only) per NCD comprising of 7
(Seven) STRPPs (i.e. 1 STRPP A, 1 STRPP B, 1 STRPP C, 1 STRPP D, 1 STRPP
E, 1 STRPP F, 1 STRPP G) with face value of each STRPP being Rs. 1,00,000
(Rupees One Lakh).
Discount at which security is Not applicable
issued and the effective yield as
a result of such discount
Put Option Date Not applicable
Call Option Date Not applicable
Put Option Price Not applicable
Call Option Price Not applicable
Put Notification Time Not applicable
Call Notification Time Not applicable
Face Value Each NCD shall have a Face value of Rs. 7,00,000 (Rupees Seven Lakhs only)
comprising of 7 (Seven) STRPPs having different ISINs (i.e. 1 STRPP A, 1
STRPP B, 1 STRPP C, 1 STRPP D, 1 STRPP E, 1 STRPP F, 1 STRPP G) with
face value of Rs. 1,00,000 (Rupees One Lakh) per STRPP.
Minimum Application for 2(Two) NCDs of face value Rs. 7,00,000 each aggregating to Rs. 14,00,000 (i.e.
Municipal Debt Securities and 2 NCD comprising of 2 STRPP A, 2 STRPP B, 2 STRPP C, 2 STRPP D, 2 STRPP
in multiples thereof E, 2 STRPP F and 2 STRPP G of face value of Rs. 1,00,000 (Rupees One Lakh)
each) and in multiple of 1 (One) NCD thereafter.
Trading Lot 1 (one) STRPP of face value of ₹ 1,00,000/- (Rupees One Lakh).
Issue Timing 1. Issue Opening Date: [●]
2. Issue Closing Date: [●]
3. Pay-in Date: [●]
4. Deemed Date of Allotment: [●]
Issuance / Trading Mode of the Dematerialized form only
instrument
Trading mode of the STRPPs will be traded in dematerialized form only
Instrument
Settlement mode of the Through the Clearing Corporation of NSE
Instrument
Depository National Securities Depository Limited (NSDL) and Central Depository Services
(India) Limited (CDSL)
Business/ Working Day Business day/ Working Day means all days on which commercial banks in
Convention Chennai are open for business.
In respect of the time period between the Issue Closing Date and the listing of
Bonds on the Stock Exchange and with respect to the record date, working
day shall mean all trading days of the Stock Exchange for Bonds, excluding
Saturdays, Sundays and bank holidays, as specified by SEBI.
If the date of payment of coupon/redemption of principal does not fall on a
146Working Day, then the payment of coupon/principal shall be made in
accordance with SEBI Mater Circular dated October 15, 2025 bearing
reference SEBI/HO/DDHS/PoD/P/CIR/2025/0000000137, as amended from
time to time.
If the coupon payment date falls on a Sunday or a holiday, the payment shall
be made by the Issuer on the immediately succeeding Working Day, which
becomes the coupon payment date for that coupon. However, the future
coupon payment date(s) would be as per the schedule originally stipulated in
the Placement Memorandum. In other words, the subsequent coupon payment
date(s) would not be changed merely because the payment date in respect of
one particular coupon payment has been postponed earlier because of it
having fallen on a non- Working Day.
If redemption/maturity date of the STRPP falls on a Sunday or a holiday, the
redemption amount shall be paid by the Issuer on the immediately preceding
Working Day. In such case, along with the redemption proceeds, the coupon
accrued on such STRPP shall also be paid on the previous working day as per
the cash flows provided under Annexure-VI “Illustration of Bond Cash
Flow” of the Placement Memorandum.
If a leap year (i.e. February 29) falls during the tenor of the bonds, then the
number of days shall be reckoned as 366 days (actual/ actual day count
convention) for the entire year, irrespective of whether the interest/ dividend
is payable annually, half yearly, quarterly or monthly.
For the purpose of clarification, the payment of interest/redemption shall be
made only as per the cash flows provided under Annexure-VI “Illustration of
Bond Cash Flow” of the Placement Memorandum.
Payment of coupon/interest will be subject to the deduction of tax as per Income
Tax Act, 1961 (if applicable) or any statutory modification or re-enactment
thereof for the time being in force.
Record Date The record date for payment of coupon/interest in connection with the NCDs
or repayment of principal in connection therewith shall be 15 (fifteen) Calendar
Days prior to the date on which coupon/interest payment is due and payable,
and/or in case of redemption, the relevant Redemption Date/ Maturity Date for
each relevant STRPP or such other date as may be determined by the Bond
Issue Committee / authorised officer(s) of the Bond Issue Committee of the
Corporation (as permitted under applicable law) thereof from time to time in
accordance with the applicable law.
In case the record date falls on a day when the Stock Exchange is having a
trading holiday, the immediate preceding trading day or a date notified by the
Bond Issue Committee of the Corporation to the Stock Exchange will be
deemed as the record date.
In case of Redemption Date/ Maturity Date of any STRPPs, the trading in the
respective STRPP shall remain suspended between the record date and the
Maturity Date/Redemption Date.
Cash Collateral (Upfront The Issuer shall, 1 (One) day prior to the Pay-in Date, create upfront Fixed
Fixed Deposit) Deposit in terms of the Transaction Documents for an amount equivalent to 7.5%
of the total bond issue size (“Upfront FD”)
The Upfront FD shall be utilized in accordance with the Interest Payment
Mechanism and Principal Repayment (Sinking Fund) mechanism defined in
the structured payment mechanism below. Further, in case of occurrence of
147payment default or event of default, the upfront FD shall be utilized for meeting
all the outstanding interest and principal obligations to the bond holders.
The Debenture Trustee (on behalf of bond holders) shall have First & Exclusive
charge over the Upfront FD created for this bond issue.
In the case of utilization of Upfront FD, it shall be recouped by the Issuer within
a period of 90 days from the date of utilization. This arrangement will continue
till the bond is paid in full to the Bond holders.
The Issuer hereby agrees and undertakes that it shall, at all times maintain the
Upfront FD and the same shall always be lien marked to the debenture trustee
in terms of the Transaction Documents.
Security (where applicable) The Debentures are Unsecured in nature.
(Including description, type of
security, type of charge, likely The value of assets being offered may be less than one hundred per cent of the
date of creation of security, amounts payable towards the principal amount of the NCDs together with all the
minimum security cover, interest/coupon due and payable on the NCDs, as well as costs, charges, all fees,
revaluation, replacement of remuneration of Debenture Trustee and expenses payable in respect thereof.
security).
However, under the Structured Payment Mechanism stated in the Term Sheet, the
Debenture Trustee on behalf of the Debenture holders shall have a charge over
the following:
a) First & exclusive charge over present and future receivables pertaining to
Property Tax from Zone 3 and Zone 9;
b) First & exclusive charge over the Escrow Account and the account(s) where
the Property Tax from Zone 3 and Zone 9 gets collected and/ or pooled by
Greater Chennai Corporation.
c) First & exclusive charge over the Interest Payment Account (including the
DSRA Amount) and Sinking Fund Account being opened for the Issue, the
funds lying in each such account and any investment(s) made from these
account(s);
d) First & exclusive charge over the Upfront FD created for this bond issue.
e) First and exclusive charge over the investments made in terms of term
‘Structured Payment Mechanism’ for the issue (Permitted Investments)
Security Creation Timelines
(a) Security shall be created prior to making the listing application for the NCDs
with the Stock Exchange(s).
(b) Unless otherwise agreed to by the Debenture Trustee, in the event the above
stipulated Security is not created and/or perfected within the timelines as
mentioned above or any extended timeline as may be approved by the
Debenture Trustee in writing, the NCDs shall carry additional interest, over
and above the Coupon Rate, at the rate of 2.0% (two percent) per annum, if
any, on the NCDs, computed from the date falling after the expiry of the time
period provided above, till creation and perfection of the relevant Security
and/or till the execution of the relevant Security Documents.
Required DSRA Amount For ensuring maintenance of the Required DSRA Amount, the Interest
148Payment Account shall be funded 1 (One) day prior to the Pay-In Date with
an amount equal to the 2 (two) succeeding coupon payments (i.e. one year
interest obligation) required to be paid by the Issuer in respect of the
Debentures ("Required DSRA Amount”). The amounts lying in, or credited
into, the Interest Payment Account from time to time towards maintenance of
the Required DSRA Amount, shall be hereinafter referred to as the “DSRA
Amount”. In the event of any utilization from the DSRA Amount, the Issuer
shall be obliged to replenish the same as per the Interest Payment Mechanism
below.
Further, as the interest liability would progressively come down after the peak,
the Issuer would be permitted to take out the excess DSRA progressively under
intimation to the Debenture Trustee, subject to: (i) no unresolved breach of any
covenant or event of default, (ii) no shortfall in any of the Interest Payment
Account (including the Required DSRA Amount) or Upfront FD or the Sinking
Fund Account.
Structured Payment 1. The Issuer shall open the following accounts for servicing the Coupon and
Mechanism principal amount of the Debentures for the exclusive benefit of the Debenture
Holders:
(i) Escrow Account
(ii) Interest Payment Account
(iii) Sinking Fund Account
2. The Issuer shall set up the separate no-lien Escrow Account and the funds
lying in account(s) in which the Property Tax from Zone 3 and Zone 9 gets
collected and/ or pooled by the Issuer shall be transferred to the Escrow
Account for debt servicing on daily basis. Debenture Holders/ Debenture
Trustee on behalf of Debenture Holders shall have first and exclusive
charge over the Escrow Account and the account(s) where Property Tax
from zone 3 and 9 gets collected and/ or pooled by the Issuer.
3. The Interest Payment Account is an account from which the interest
payments on the Debentures will be serviced and the Required DSRA
Amount (as hereinafter defined) will also be maintained as per the
requirements of the SEBI circular in relation to ‘Continuous disclosures
and compliances by listed entities under SEBI (Issue and Listing of
Municipal Debt Securities) Regulations, 2015’ dated November 13, 2019,
bearing reference no. SEBI/HO/DDHS/CIR/P/134/2019.
4. The Sinking Fund Account is an account from which the principal
redemptions of the STRPPs/NCDs will be made.
5. The funds lying in the Escrow Account shall be used in the following
priority:
(i) The funds should be first utilized to fund any shortfall in required DSRA
amount (in case of utilization of the DSRA amount), Upfront FD Amount
(in case of utilization of the Upfront FD amount), Interest payment account
and the sinking fund account as per the interest payment and sinking fund
mechanism defined below;
(ii) Thereafter, the funds should be then utilized to accumulate the Minimum
Balance in Escrow Account. The Minimum Balance to be maintained in any
149monthly period expiring on the Transfer Date (Transfer date here means last
date of any monthly period) shall be the amount to be transferred to the
Interest Payment Account and Sinking Fund Account on the Transfer Date;
(iii) The Minimum Balance shall not be used for any purpose other than
transfer to the Interest Payment Account and Sinking Fund Account;
(iv) The surplus funds, if any, after first accumulating the Minimum Balance
can thereafter be transferred to the general fund account(s), after a one-time
written instruction providing for such transfer is given by the Debenture
Trustee for such monthly period provided however that, in case of a shortfall
in any of the Interest Payment Account (including towards maintenance of
the Required DSRA Amount), Upfront FD Amount (in case of utilization of
the Upfront FD amount) or Sinking Fund Account, no transfer to the general
fund account(s) shall be effected and the surplus funds shall first be utilised
towards funding the relevant account in which there is a shortfall.
On a monthly basis, on each Transfer Date, the Minimum Balance maintained
as indicated above shall be transferred to the Interest Payment Account and
Sinking Fund Account. The Issuer, can transfer the Minimum Balance
maintained in Escrow Account to the Interest Payment Account and the
Sinking Fund Account on any day prior to the Transfer Date.
It is hereby clarified that, notwithstanding the appropriation of any amount
from the Escrow Account to fund the shortfall in Interest Payment Account
(including the required DSRA amount), Upfront FD Amount and Sinking
Fund Account, the obligation of the Issuer to fund the Interest Payment
Account and Sinking Fund Account to the extent of the Minimum Balance no
later than the monthly Transfer Date shall continue until the Final Settlement
Date.
6. The following amounts will be required to be transferred to the Interest
Payment Account and the Sinking Fund Account from the Escrow Account
as mentioned above each year (Each year here means each period of 12
months from the Deemed Date of Allotment until the Maturity Date and is
also referred to as ‘12-month block’) on first priority basis:
(i) Interest payment Account (IPA) – Half-yearly interest amount shall be divided
into five equal parts and each part shall be transferred to IPA every month for
5 months. Accordingly, 20% of the half yearly coupon payment (along with
any further interest payable (by whatsoever name called) as per the terms of
the issuance and any shortfall in earlier contribution) shall be transferred to
IPA each month as follows:-
(a) 1st half year - from 1st to 5th Month
(b) 2nd half year - from 6th to 10th Month
(ii) Sinking Fund Account (SFA) – Total issue size of the Debentures (Rs 205.59
Crore) shall be divided into 10 parts and each part (Rs. 20.559 Crore) shall
be transferred to SFA in each of the 1st to 10th year.
Further, this one part (Rs 20.559 Crore) to be transferred to SFA in each of the
ten years shall be sub-divided into 10 sub-parts and each sub-part (Rs. 2.0559
Crore) (along with any shortfall in earlier contribution) shall be transferred to
150SFA each month for first 10 months. Accordingly, 10% of total issue size shall
be transferred each year for the 10 years out of which 1% of total issue size
each month for first 10 months of each year.
Any shortfall in the funds available in the Escrow Account to complete the
aforesaid transfers to the above account(s) shall be made good by the Issuer
by transfer from other account(s) of the Issuer.
7. The funds lying in the above-mentioned account(s) shall be utilised in the
following manner:
a. The funds lying in the Interest Payment Account (apart from the DSRA
Amount) will be first utilized for meeting the Coupon payment to the
Debenture Holders. In the event that the balance in the Interest Payment
Account (apart from the DSRA Amount) is not sufficient for this purpose,
the Upfront FD amount & DSRA Amount can be utilized as per the
timelines of Interest payment mechanism detailed hereunder, for meeting
such shortfall in the Interest Payment Account for making the Coupon
payment to the Debenture Holders.
b. The DSRA Amount lying in the Interest Payment Account, can be used to
meet (i) any shortfall in the Interest Payment Account for the Coupon
payment to be made on any Coupon Payment Date; and thereafter (ii) can
be used to meet any shortfall at the time of redemption of the STRPP (up
to the excess DSRA amount) on the respective Redemption Date.
However, the DSRA Amount cannot be utilized for any other purpose,
including (i) to meet any shortfall in contribution to Sinking Fund Account
except the utilization of excess DSRA amount at the time of Redemption;
and (ii) to meet any shortfall in the amounts to be transferred to the Interest
Payment Account except at the time of actual payment of Coupon on the
Debentures.
c. Any surplus amounts available in the Interest Payment Account after
making the Coupon payment to Debenture Holders (which is over and
above the Required DSRA Amount) should be used to make good any
shortfall in contribution to Sinking Fund Account to the extent required
for redemption of the STRPPs on the Redemption Dates.
d. The funds lying in the Sinking Fund Account can be used to redeem the
Debentures.
e. The Upfront FD can be used (i) to meet any shortfall in the Sinking Fund
Account prior to the end of each 12 month block and (ii) to meet any
shortfall in the Interest Payment Account for the Coupon payment to be
made on any Coupon Payment Date.
f. Any funds lying in the above account(s) can be used for making Permitted
Investments. However, the funds (including investment(s)) shall not,
without the approval of the Debenture Trustees, be utilised for any purpose
other than as mentioned in paragraph (a) to (e) above.
8. Any surplus funds lying in the above account(s) after the Debentures have
been redeemed in full and all dues to the Debenture Holders have been
151paid can be transferred to the Escrow Account on the written instructions
of the Debenture Trustee (acting on the instructions of the Issuer). The
Debenture Trustee, on behalf of the Debenture Holders shall have a first
ranking charge over the Escrow Account and the account(s) where the
‘Property Tax from Zone 3 and Zone 9 are being collected/pooled by the
Issuer, the Interest Payment Account (including the DSRA Amount),
Sinking Fund Account and Upfront FD and any permitted investment(s)
made from these account(s) for the exclusive benefit of the Debenture
Holders(s).
9. The Debenture Trustee, on behalf of the Debenture Holder(s), shall have a
first & exclusive charge on the Escrow Account, Interest Payment Account
(including the DSRA Amount), Sinking Fund Account, Upfront FD and
any Permitted Investment(s) made from these account(s) for the exclusive
benefit of the Debenture Holders(s). The amount deposited in the Interest
Payment Account (including the DSRA Amount), Sinking Fund Account
and Upfront FD shall be used solely for meeting the dues to the Debenture
Holders. Any surplus in the above account(s) after the Debentures have
been redeemed in full and all the dues to the Debenture Holders have been
paid can be transferred to the Escrow Account after obtaining written
consent of the Debenture Trustee. No amount can be withdrawn from these
account(s) without the prior approval of Debenture Trustee.
PERMITTED INVESTMENT
10. The Upfront FD and funds lying credited in the Escrow Account (to the
extent of the minimum balance), Interest Payment Account (including the
DSRA Amount) can be kept in fixed deposits with any scheduled
commercial bank with a dual rating of AA+ or above. However, the
conditions of the fixed deposits shall not restrict premature withdrawal from
the fixed deposit. The lien shall be created in favour of Debenture Trustee
on all the investments made in terms hereof. The Issuer shall ensure that
funds lying in the escrow accounts shall be invested in accordance with the
SEBI ILMDS Regulations and SEBI circulars issued thereunder and The
Tamil Nadu Urban Local Bodies Act, 1998 and Tamil Nadu Urban Local
Bodies Rules, 2023 to the extent applicable.
11. The funds lying to the credit of Sinking Fund Account can be deposited in
such instruments which may be permitted both in terms of the SEBI
Circulars and The Tamil Nadu Urban Local Bodies Act, 1998 and Tamil
Nadu Urban Local Bodies Rules, 2023. The lien shall be created in favour
of Debenture Trustee on all the investments made in terms hereof.
12. Any actual interest income earned and received on the Permitted
Investment(s) shall be utilisable by the Issuer, in accordance with the terms
set out in the Transaction Documents, only: (a) with the prior approval of
the Debenture Trustee; and (b) if there is no shortfall in any of the Interest
Payment Account (including the Required DSRA Amount) or the Sinking
Fund Account or Upfront FD amount.
13. The Escrow Account, Interest Payment Account (including the Required
DSRA Amount), Sinking Fund Account or Upfront FD shall be maintained
with a scheduled commercial bank rated at least AA+ by two rating
152agencies throughout the tenor of the Debentures (“Bank”). In case, at any
point of time, the rating of senior debt of the Bank falls below AA+ by any
rating agency the Issuer shall, with the written consent of Debenture
Trustee, move the funds to any other bank satisfying the rating criteria.
14. The Bank shall share statement(s) of these account(s) with Debenture
Trustee and the Issuer for such period as may be specified by the Debenture
Trustee but not greater than 12 (Twelve) months in any case till such time
as the Debentures are redeemed. The Issuer shall share copies of all such
reports with the Rating Agencies. The Issuer and Debenture Trustee shall
keep the Rating Agencies informed in case of change in the Bank.
Interest Payment Mechanism
The Debenture Trustee shall check the amount lying to the credit of Interest
Payment Account (which is over and above the Required DSRA Amount) at
25 (Twenty-Five) days prior to the Coupon Payment Date (T-25 days).
In case of any shortfall in the amount required to make payment of Coupon
on the Coupon Payment Date in the Interest Payment Account (calculated on
the basis of the amounts available in addition to the Required DSRA Amount),
the Debenture Trustee shall intimate the Issuer of the shortfall and the Issuer
shall make good the short fall in the Interest Payment Account prior to the
date falling 15 (Fifteen) days prior to the Coupon Payment Date (T- 15 days).
Further, the amounts lying or credited in the escrow account shall flow into
the interest payment account for funding the shortfall and shall not be
transferred by the Issuer to the general fund account(s) till the time the
shortfall is funded.
In case of shortfall in the amount required to make payment of Coupon on the
Coupon Payment Date in the Interest Payment Account (calculated on the
basis of the amounts available in addition to the Required DSRA Amount) at
14 (Fourteen) days prior to the Coupon Payment Date (T-14 days), the
Debenture Trustee shall trigger the payment mechanism and shall instruct the
Bank to utilise the Upfront FD Amount to the extent of the shortfall in the
amount required to make payment of the Coupon on the Coupon Payment
Date on or prior to the date falling 10 (ten) days prior to the Interest Payment
Date (T-10 days).
Further, immediately after the Upfront FD Amount utilization, the amounts
lying or credited in the escrow account shall flow for the Upfront FD
replenishment and shall not be transferred by the Issuer to the general fund
account(s) till the time the required Upfront FD Amount is replenished.
In case of shortfall in the amount required to make payment of Coupon on the
Coupon Payment Date in the Interest Payment Account (calculated on the
basis of the amounts available in addition to the Required DSRA Amount) at
9 (Nine) days prior to the Coupon Payment Date (T-9 days), the Debenture
Trustee shall trigger the payment mechanism and shall instruct the Bank to
utilise the DSRA Amount to the extent of the shortfall in the amount required
to make payment of the Coupon on the Coupon Payment Date on or prior to
the date falling 8 (Eight) days prior to the Interest Payment Date (T-8 days).
153The Coupon shall be paid by the Issuer on the Coupon Payment Date (T).
In case the DSRA Amount (or part thereof) is utilized to fund the shortfall in
the amount required to make payment of the Coupon in respect of any Coupon
Payment Date, immediately after the Debenture Trustee has instructed the
Bank to utilise the DSRA Amount as above and in any event prior to 7 (Seven)
days prior to the relevant Coupon Payment Date (T-7), the Debenture Trustee
would issue a final notice in writing to the Issuer. On the issuance of such
notice, the Issuer shall make good the DSRA Amount Shortfall within next
15 (Fifteen) days (T+8).
Further, immediately after the DSRA utilization, the amounts lying or credited
in the escrow account shall flow into the interest payment account for DSRA
replenishment and shall not be transferred by the Issuer to the general fund
account(s) till the time the required DSRA amount is replenished.
Further, In the event of any utilization from the Upfront FD Amount, the
Debenture Trustee would issue a notice in writing to the Issuer to replenish
the same within a period of 90 days from the date of utilization. This
arrangement shall continue till the bonds are paid in full to the Bond holders.
It is hereby clarified that, notwithstanding the appropriation of any amount
from the Escrow Account to fund the shortfall in interest payment account
(including the required DSRA amount) and Upfront FD Amount, the
obligation of the Issuer to fund the interest payment account and sinking fund
account to the extent of the minimum balance no later than the monthly
Transfer Date shall continue until the Final Settlement Date.
Further, such notice(s) would continue to get served if required, as per the
same timelines for subsequent and future servicing. If any over dues on
account of past servicings from the DSRA Amount or Upfront FD continues
to remain and the Required DSRA Amount or Upfront FD continues to remain
un-replenished, then such overdue amount would be added in the subsequent
notice.
In any of the milestone days mentioned in the T-Structure above (except the
coupon payment dates) happens not to be a Business Day, the immediately
preceding Business Day would be the deemed date for execution of the
relevant action.
Principal Repayment (Sinking Fund) Mechanism
The Debenture Trustee shall check the balance in the Sinking Fund Account
prior to the end of each 12-month block and in case of any Sinking Fund
mismatch it shall be replenished as per the following mechanism:-
The Debenture Trustee shall check the amount lying to the credit of Sinking
Fund Account at 45 (Forty-Five) days prior to the end of each 12-month
block. In case of any Sinking Fund mismatch, the Debenture Trustee shall
intimate Issuer of the shortfall and Issuer shall make good the Sinking Fund
mismatch 15 (Fifteen) days prior to the end of each 12-month block (T-15
days).
154Further, in case of shortfall on T-45 days, the amounts lying or credited in the
escrow account shall flow into the sinking fund account for funding the
shortfall and shall not be transferred by the Issuer to the general fund
account(s) till the time the shortfall is funded. In case of shortfall still persists
in in the Sinking Fund Account at 14 (Fourteen) days prior to the end of each
12 month block (T-14 days), the Debenture Trustee shall trigger the payment
mechanism and shall instruct the Escrow Bank to utilise the Upfront FD
Amount to the extent of the shortfall in the Sinking Fund Account on or prior
to the date falling 10 (ten) days prior to the end of each 12 Month Block (T-
10 days).
Further, immediately after the Upfront FD Amount utilization, the amounts
lying or credited in the escrow account shall flow for the Upfront FD
replenishment and shall not be transferred by the Issuer to the general fund
account(s) till the time the required Upfront FD Amount is replenished. In
case of shortfall still persists in the Sinking Fund Account at 9 (Nine) days
prior to the end of each 12-month block (T-9 days), the Debenture Trustee
shall issue a final notice to the issuer. On the issuance of such notice, the issuer
shall remit the funds to fund the shortfall into the Sinking Fund Account prior
to the end of each 12 Month Block (T).
Further, in the event of any utilization from the Upfront FD Amount, the
Debenture Trustee would issue a notice in writing to the Issuer to replenish
the same within a period of 90 days from the date of utilization. This
arrangement shall continue till the bonds are paid in full to the Bond holders.
It is hereby clarified that, notwithstanding the appropriation of any amount
from the Escrow Account to fund the shortfall in sinking fund account and
Upfront FD Amount, the obligation of the Issuer to fund the interest payment
account and sinking fund account to the extent of the minimum balance no
later than the monthly Transfer Date shall continue until the Final Settlement
Date.
The redemption shall be made by the Issuer on the relevant Redemption
Dates.
The Debenture Trustee shall keep the Rating Agencies informed of any shortfall
in the Interest Payment Account (including in the Required DSRA Amount),
Sinking Fund Account & Upfront FD.
In any of the milestone days mentioned in the T-Structure above happens to not
be a Business Day, the immediately preceding Business Day would be the
deemed date for execution of the relevant action.
Financial Covenants A. The Issuer shall, at all times till the Debentures are outstanding, ensure that
the total amounts collected in the Escrow Account in any financial year
shall be at least 2 (Two) times of the Annual Payments Amount. For the
purpose of this term sheet, the term ‘Annual Payments’ shall, in respect of
any financial year, mean the aggregate of: (a) the Coupon payable in such
year (in relation to the present bond issue and any further borrowings); (b)
the portion of principal amount of the Debentures which are required to be
deposited by the Issuer into the Sinking Fund Account in such financial
year (in relation to the present bond issue and any further borrowings); and
(c) Principal Repayment amount (in relation to the further borrowings
155where sinking fund is not created), in terms hereof.
B. Debt Service Coverage Ratio (DSCR) shall mean the ratio of operating
surplus to total debt servicing, which shall not be less than 1.50 times of
operating surplus calculated as on 31st March for each financial year
(starting from 31st March 2026 till the time bonds are outstanding) as
below
DSCR = operating surplus / total debt service
i. Operating surplus calculated as the below:
Operating Surplus = Total Income — Adjusted Expenditure
a. Total income = Total income of the corporation as per the audited Income
and Expenditure statement.
b. Adjusted Expenditure = Total expenditure as per the audited Income and
Expenditure statement - Depreciation - Finance charges - Provisions and
Write offs - other non-cash expenditures
ii. Total debt service = interest payment of loans and bonds + transfers made to
the sinking fund account towards principal repayment / redemption +
principal repayment / redemption (Excluding those made out of the sinking
fund account).
So long as the Eligibility Conditions are met, the Issuer shall be entitled to raise
further financial indebtedness based on its cash flows including the cash flows
through the Escrow Account, provided that it is clarified that nothing in this
provision should be construed to permit the creation of any encumbrance over
the security without the express prior written consent of the debenture trustee.
For the purpose of this term sheet, the term ‘Eligibility Conditions’ shall mean
the following conditions: (a) the Annual Payments Ratio is maintained by the
Issuer; (b) the Minimum DSCR of 1.50 times is maintained by the Issuer
(starting from 31st March 2026); (c) there is no shortfall in the contribution to
the Escrow Account, the Interest Payment Account (including towards
maintenance of the Required DSRA Amount), the Sinking Fund Account and
Upfront FD Amount which has not been made good by the Issuer in terms of
the Transaction Documents; (d) no Event of Default has occurred.
C. Other financial covenants as defined in the Transaction Documents
Affirmative, Informative and As indicated in Annexure VIII and more specifically set out in Debenture Trust
Negative Covenants Deed
Transaction Documents The documents executed in relation to, or which are relevant to the Issue including
:
1. Placement Memorandum along with all annexures
2. Debenture Trustee Agreement
3. Escrow Agreement
4. Debenture Trust Deed
5. Deed of Hypothecation
6. Issue Agreement
7. Tripartite Agreements with NSDL and CDSL
also, any other agreement or document designated as such by the Debenture
Trustee (acting on the instructions of the Majority Debenture Holders).
Conditions Precedent to The subscription from investors shall be accepted for allocation and allotment
Disbursement by the Issuer subject to the following and in compliance to SEBI Guidelines
156in this regard:
1. Certified copies of the Government Orders (in English) certified by the
Corporation
2. Certified copies of constitutional documents of the Issuer
3. Council resolution for the Issue
4. Execution of transaction documents that are to be executed before pay-in
5. Provisional rating letter
6. In principle approval from the stock exchanges
7. Depository arrangements with NSDL and CDSL and RTA
8. Creation of DSRA
9. Creation of Upfront FD
10. Other conditions precedent set out in the Debenture Trust Deed and as
specified in the SEBI ILMDS Regulations.
Condition Subsequent to The Issuer shall ensure that the following documents are executed/ activities
Disbursement are completed within the relevant timelines set out in the Transaction
Documents:
1. Copies of all corporate actions allotting the bonds
2. Creation of security within stipulated timelines
3. Within 3 trading days from the Issue Closing Date, obtaining the final listing
approval from the Stock Exchange and listing the Bonds on the wholesale
debt market segment of the relevant Designated Stock Exchange.
4. Credit of bonds in the demat accounts of the Bond Holders
5. Other conditions subsequent set out in the Debenture Trust Deed and as
specified in the SEBI ILMDS Regulations.
Event of Default The following shall constitute an Event of Default under the Transaction
Documents:
1. Any payments due in respect of the Bonds have not been paid on the
relevant Due Date;
2. The Issuer breaches any representation or warranty provided by the Issuer
in terms of the Transaction Documents or fails to duly perform any other
obligation arising from the Bonds and such breach or failure which
continues for more than 30 (Thirty) days after the Issuer has received a
notice thereof from the Debenture Trustee;
3. The Issuer commits a breach of any Financial Covenants as provided above;
4. Any change in the constitution of the Issuer which results in change in status
of the Issuer;
5. Failure of the Issuer to replenish the Required DSRA Amount, Upfront FD
Amount and to fund the shortfall in Interest Payment Account and Sinking
Fund Account as per the timelines set out under the Transaction Documents;
6. The credit rating assigned to the Debentures by the Rating Agencies falls
below the rating assigned by them at the time of the Issuance of the
debentures;
7. Failure of the Issuer to list the Debentures on NSE within a period of 3
(Three) working days from the Issue Closing date;
8. Failure of the Issuer to deposit the amounts into Payment Accounts in terms
of the Transaction Documents;
9. Failure of the Issuer to create and/or perfect the Security in the manner and
within the time period prescribed therefor;
10. It is or becomes unlawful for the Issuer to perform any of its obligations
under the Transaction Documents or if the Transaction Documents or any
157part thereof ceases, for any reason whatsoever, to be valid and binding or in
full force and effect;
11. If the Issuer repudiates the Debenture Trust Deed or any of the other
Transaction Documents, to which it is a party;
12. If any regulatory or statutory approval, permit, license or other certificate
required by the Issuer under Applicable Law, is withdrawn or not granted
or not renewed;
13. Any step is taken by Government Authority or agency or any other
competent authority, with a view to the seizure, compulsory acquisition,
expropriation or nationalization of all or (in the opinion of the Debenture
Trustee) a material part of the assets of the Issuer;
14. Execution of distress being enforced or levied by against whole or
substantial part of the assets of the Issuer and any order relating thereto is
not discharged or stayed within a period of 30 (thirty) days from the date of
enforcement or levy;
15. If the Issuer fails to make payment of any Financial Indebtedness when due
or otherwise commits any breach of the provisions of any agreement
entered into in respect of any Financial Indebtedness availed of by it (in
respect of which breach either no cure period is available or where a cure
period is available fails to cure such breach within the available cure
period);
16. The Issuer has admitted in writing that the Issuer is unable to pay its debts
as they fall due and/ or the Issuer stops, suspends or threatens to stop
payment of all or any of its Financial Indebtedness or proposes or makes an
arrangement for the deferral, re-scheduling or other re-adjustment of all or
any of its Financial Indebtedness or proposes or makes a general assignment
or an arrangement or composition with or for the benefit of the relevant
creditors in respect of any of such Financial Indebtedness or a moratorium
is agreed or declared in respect of or affecting all or any parts of the
Financial Indebtedness of the Issuer;
17. In the event that any legal proceedings or governmental proceedings are
initiated against the Issuer or claims are made against the Issuer, which, in
the opinion of the Debenture Trustee, may impair the Issuer’s ability to
perform its obligations undertaken in terms of the Transaction Documents;
18. Any information given by the Issuer is misleading or incorrect in any
respect;
19. The occurrence of any event which constitutes a Material Adverse Change;
20. If in the opinion of the Debenture Trustee, the Security is in jeopardy;
21. If the Issuer voluntarily creates or attempts to create any encumbrance on
the Hypothecated Property or any part thereof, other than as expressly
permitted under the Transaction Documents;
22. If the Security (or any part thereof) becomes unenforceable, illegal or
invalid or any restriction, imposition, attachment or any similar event has
been levied on the Hypothecated Property; and
24. If the Issuer ceases without the consent of the Debenture Holder(s), or
threatens to cease to carry on its business or gives notice of its intention to
do so.
25. Other events as may be set out in the Debenture Trust Deed.
Provisions related to As stated under Event of Defaults above and as per the Debenture Trust Deed to
Cross Default Clause be executed in accordance with applicable law
Creation of Recovery Expense The Issuer will transfer the required amount towards recovery expense fund in
Fund the manner as specified by SEBI in Chapter IV of the Master Circular no.
158SEBI/HO/DDHS-PoD-1/P/CIR/2025/117 dated August 13, 2025 as amended
from time to time with the Stock Exchange and will inform the Debenture Trustee
regarding transfer of amount toward such fund.
Default Interest a) All monies due in respect of the Bonds shall, in case the same be not paid
on the respective due dates, carry further interest at the rate of 2% per
annum, which shall be paid over and above the Coupon Rate for the period
during which such default continues;
b) In case of delay in execution of the Debenture Trust Deed and security
documents, the Issuer will refund the subscription amount with the agreed rate
of interest or will pay penal interest of at least 2% p.a. (Two percent per
annum), which shall be paid over and above the Coupon Rate for the period
during which such default continues.
c) In case of a delay by the Issuer in listing the Debentures beyond 3 working
days from the Issue Closing date, the Issuer shall make payment to the
Debenture Holders of penal interest calculated on the face value of the
Debentures at the rate of 1 % p.a. (one percent per annum) for the period of
delay between the Deemed Date of Allotment and the date of listing as
specified in Chapter VII of the SEBI Master Circular.
d) Other provisions as set out in the Transaction Documents
Manner of Bidding Closed Bidding
Manner of Allotment Uniform yield allotment
Settlement Cycle The process of pay-in of funds by investors and pay-out to Issuer will be done on
T+[●] day, where T is the Issue Closing Date.
Role and Responsibilities of As per SEBI (Debenture Trustees) Regulations, 1993, SEBI (Issue and Listing of
Debenture Trustee Municipal Debt Securities) Regulations, 2015, the Debenture Trust Deed, SEBI
Master Circular for Debenture Trustees.
Governing Law and The Debentures and the Transaction Documents (other than the Issue Proceeds
Jurisdiction Agreement) shall be governed by and construed in accordance with the laws of
India and the parties submit to the exclusive jurisdiction of courts and tribunals in
Chennai. The Issue Proceeds Agreement shall be governed by and construed in
accordance with the laws of India and the parties submit to the exclusive
jurisdiction of courts and tribunals in Mumbai.
159SECTION XV: MATERIAL CONTRACTS AND DOCUMENTS FOR INSPECTION
The contracts referred to herein below (not being contracts entered into in the ordinary course of the business
carried out by the Issuer) which are or may be deemed to be material, have been entered into by the Issuer. Copies
of these contracts together with the copies of the documents may be inspected at the Head Office of the Issuer
between 10.00 a.m. and 2.00 p.m. on any working day until the Issue Closing Date.
A. Material Contracts
1. Copy of Tripartite Agreement dated March 19, 2025 between CDSL, the Issuer and the Registrar to the
Issue.
2. Copy of Tripartite Agreement dated March 19, 2025 between NSDL, the Issuer and the Registrar to the
Issue.
3. Debenture Trustee Agreement dated December 17, 2025 between the Issuer and the Debenture Trustee;
4. Issue Agreement dated December 17, 2025 between the Issuer and the Merchant Banker/Arranger to the
Issue.
5. Registrar Agreement dated December 17, 2025 between the Issuer and the Registrar to the Issue.
6. Debenture Trust Deed dated [●] between the Issuer and the Debenture Trustee.
7. Escrow Agreement dated [●] between the Issuer, the Debenture Trustee and the Banker to the Issue.
8. Issue Proceeds Agreement dated [●] between the Issuer, the Merchant Banker/Arranger, Registrar and the
Banker to the Issue.
9. Deed of Hypothecation dated [●] executed by the Issuer in favour of Debenture Trustee.
B. Material Documents
1. Copy of Tamil Nadu Urban Local Bodies Act, 1998, as amended and Tamil Nadu Urban Local Bodies
Rules, 2023
2. Copy of the Chennai City Municipal Corporation Act, 1919.
3. Council Resolution No. 877/2025 dated July 30, 2025 for approval for the issuance of municipal Green
Bonds.
4. Standing Committee (Taxation & Finance) Resolution dated July 28, 2025, approving issuance of Green
Bonds and formation of the Bond Issue Committee.
5. Municipal Administration and Water Supply (MC1) Department, Government of Tamil Nadu vide its order
no. 404, dated November 14, 2025 had approved the bond issuance by Issuer for issuing Taxable Green
Bonds in the nature of debenture under Section 66 of Tamil Nadu Urban Local Bodies Act, 1998.
6. Copy of Order of the Municipal Commissioner dated December 17, 2025 certifying the list of members of
the Bond Issue Committee.
7. Copy of the resolution of the Bond Issue Committee dated December 17, 2025 approving the issuance of
Green Bonds.
8. Copy of the resolution of Bond Issue Committee dated December 17, 2025appointing the Chief Accounts
Officer (Budget) as Compliance Officer and Officer In-Charge of dealing with Investor Grievances.
9. Copy of the resolution of the Bond Issue Committee dated December 17, 2025 approving the Objects of
the Issue
10. Copy of the resolution of the Bond Issue Committee dated December 17, 2025 approving the Materiality
Policy and Term Sheet.
11. Copy of the resolution of the Bond Issue Committee dated December 08, 2025 approving the Green Bond
Framework.
12. Copy of Third Party Review Report on the Green Bond Framework dated December 15, 2025.
13. Consents and appointment letters of the Merchant Banker / Arrangers / Transactions advisor, Debenture
Trustee, Rating Agencies, Registrar to the Issue, Legal Advisor, Third Party Reviewer, Co-Arrangers,
Independent Chartered Accountant for the Issue, Bond Issue Committee Members, Municipal
160Commissioner, Escrow Bank and Banker to the Issue to include their names in the Preliminary Placement
Memorandum.
14. Examination report dated December 17, 2025 issued by the Independent Chartered Accountant for the
Issue.
15. Statement of tax benefits dated December 17, 2025 issued by the Independent Chartered Accountant for
the Issue.
16. Certificates dated December 17, 2025 issued by Professor and Director, Centre for Environmental Studies,
Anna University .
17. Rating letter dated December 12, 2025 and rating rationale dated December 12, 2025 issued by Acuité
Ratings, rating letter dated December 16, 2025 and rating rationale dated December 17, 2025, issued by
CARE.
18. Copy of the resolution of the Bond Issue Committee dated December 17, 2025 approving the Preliminary
Placement Memorandum.
19. Notification no. D.O. No. K-14012/01/2022-AMRUT-IIB dated April 07, 2025 in relation to AMRUT
Incentive issued by Ministry of Housing and Urban Affairs.
20. Due diligence certificate dated December 17, 2025 filed by the Merchant Banker with SEBI in relation to
the Preliminary Placement Memorandum.
21. Due Diligence Certificate dated December 17, 2025 from the Trustee in relation to the Issue.
22. In-principle approval received from National Stock Exchange of India Limited having reference no. [•]
dated [•], 2025
161SECTION-XVI: DECLARATION
162163A - 1
ANNEXURE I
Structured Payment
MechanismA - 2
STRUCTURED PAYMENT MECHANISM
1. The Issuer shall open the following accounts for servicing the Coupon and principal amount of the Debentures
for the exclusive benefit of the Debenture Holders:
(i) Escrow Account
(ii) Interest Payment Account
(iii) Sinking Fund Account
2. The Issuer shall set up the separate no-lien Escrow Account and the funds lying in account(s) in which the
Property Tax from Zone 3 and Zone 9 gets collected and/ or pooled by the Issuer shall be transferred to the
Escrow Account for debt servicing on daily basis. Debenture Holders/ Debenture Trustee on behalf of
Debenture Holders shall have first and exclusive charge over the Escrow Account and the account(s) where
Property Tax from zone 3 and 9 gets collected and/ or pooled by the Issuer.
3. The Interest Payment Account is an account from which the interest payments on the Debentures will be
serviced and the Required DSRA Amount (as hereinafter defined) will also be maintained as per the
requirements of the SEBI circular in relation to ‘Continuous disclosures and compliances by listed entities
under SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015’ dated November 13, 2019,
bearing reference no. SEBI/HO/DDHS/CIR/P/134/2019.
4. The Sinking Fund Account is an account from which the principal redemptions of the STRPPs/NCDs will be
made.
5. The funds lying in the Escrow Account shall be used in the following priority:
(i) The funds should be first utilized to fund any shortfall in required DSRA amount (in case of utilization of
the DSRA amount), Upfront FD Amount (in case of utilization of the Upfront FD amount), Interest payment
account and the sinking fund account as per the interest payment and sinking fund mechanism defined below;
(ii) Thereafter, the funds should be then utilized to accumulate the Minimum Balance in Escrow Account.
The Minimum Balance to be maintained in any monthly period expiring on the Transfer Date (Transfer date
here means last date of any monthly period) shall be the amount to be transferred to the Interest Payment
Account and Sinking Fund Account on the Transfer Date;
(iii) The Minimum Balance shall not be used for any purpose other than transfer to the Interest Payment
Account and Sinking Fund Account;
(iv) The surplus funds, if any, after first accumulating the Minimum Balance can thereafter be transferred to
the general fund account(s), after a one-time written instruction providing for such transfer is given by the
Debenture Trustee for such monthly period provided however that, in case of a shortfall in any of the Interest
Payment Account (including towards maintenance of the Required DSRA Amount), Upfront FD Amount (in
case of utilization of the Upfront FD amount) or Sinking Fund Account, no transfer to the general fund
account(s) shall be effected and the surplus funds shall first be utilised towards funding the relevant account
in which there is a shortfall.
On a monthly basis, on each Transfer Date, the Minimum Balance maintained as indicated above shall be
transferred to the Interest Payment Account and Sinking Fund Account. The Issuer, can transfer the Minimum
Balance maintained in Escrow Account to the Interest Payment Account and the Sinking Fund Account on any
day prior to the Transfer Date.
It is hereby clarified that, notwithstanding the appropriation of any amount from the Escrow Account to fund the
shortfall in Interest Payment Account (including the required DSRA amount), Upfront FD Amount and Sinking
Fund Account, the obligation of the Issuer to fund the Interest Payment Account and Sinking Fund Account to
the extent of the Minimum Balance no later than the monthly Transfer Date shall continue until the Final
Settlement Date.A - 3
6. The following amounts will be required to be transferred to the Interest Payment Account and the Sinking
Fund Account from the Escrow Account as mentioned above each year (Each year here means each period of
12 months from the Deemed Date of Allotment until the Maturity Date and is also referred to as ‘12-month
block’) on first priority basis:
(i) Interest payment Account (IPA) – Half-yearly interest amount shall be divided into five equal parts and each
part shall be transferred to IPA every month for 5 months. Accordingly, 20% of the half yearly coupon payment
(along with any further interest payable (by whatsoever name called) as per the terms of the issuance and any
shortfall in earlier contribution) shall be transferred to IPA each month as follows:-
(a) 1st half year - from 1st to 5th Month
(b) 2nd half year - from 6th to 10th Month
(ii) Sinking Fund Account (SFA) – Total issue size of the Debentures (Rs 205.59 Crore) shall be divided into
10 parts and each part (Rs. 20.559 Crore) shall be transferred to SFA in each of the 1st to 10th year.
Further, this one part (Rs 20.559 Crore) to be transferred to SFA in each of the ten years shall be sub-divided into
10 sub-parts and each sub-part (Rs. 2.0559 Crore) (along with any shortfall in earlier contribution) shall be
transferred to SFA each month for first 10 months. Accordingly, 10% of total issue size shall be transferred each
year for the 10 years out of which 1% of total issue size each month for first 10 months of each year.
Any shortfall in the funds available in the Escrow Account to complete the aforesaid transfers to the above
account(s) shall be made good by the Issuer by transfer from other account(s) of the Issuer.
7. The funds lying in the above-mentioned account(s) shall be utilised in the following manner:
a. The funds lying in the Interest Payment Account (apart from the DSRA Amount) will be first utilized
for meeting the Coupon payment to the Debenture Holders. In the event that the balance in the Interest
Payment Account (apart from the DSRA Amount) is not sufficient for this purpose, the Upfront FD
amount & DSRA Amount can be utilized as per the timelines of Interest payment mechanism detailed
hereunder, for meeting such shortfall in the Interest Payment Account for making the Coupon payment
to the Debenture Holders.
b. The DSRA Amount lying in the Interest Payment Account, can be used to meet (i) any shortfall in the
Interest Payment Account for the Coupon payment to be made on any Coupon Payment Date; and
thereafter (ii) can be used to meet any shortfall at the time of redemption of the STRPP (up to the excess
DSRA amount) on the respective Redemption Date. However, the DSRA Amount cannot be utilized
for any other purpose, including (i) to meet any shortfall in contribution to Sinking Fund Account except
the utilization of excess DSRA amount at the time of Redemption; and (ii) to meet any shortfall in the
amounts to be transferred to the Interest Payment Account except at the time of actual payment of
Coupon on the Debentures.
c. Any surplus amounts available in the Interest Payment Account after making the Coupon payment to
Debenture Holders (which is over and above the Required DSRA Amount) should be used to make
good any shortfall in contribution to Sinking Fund Account to the extent required for redemption of the
STRPPs on the Redemption Dates.
d. The funds lying in the Sinking Fund Account can be used to redeem the Debentures.
e. The Upfront FD can be used (i) to meet any shortfall in the Sinking Fund Account prior to the end of
each 12 month block and (ii) to meet any shortfall in the Interest Payment Account for the Coupon
payment to be made on any Coupon Payment Date.
f. Any funds lying in the above account(s) can be used for making Permitted Investments. However, the
funds (including investment(s)) shall not, without the approval of the Debenture Trustees, be utilised for
any purpose other than as mentioned in paragraph (a) to (e) above.A - 4
8. Any surplus funds lying in the above account(s) after the Debentures have been redeemed in full and all dues
to the Debenture Holders have been paid can be transferred to the Escrow Account on the written instructions
of the Debenture Trustee (acting on the instructions of the Issuer). The Debenture Trustee, on behalf of the
Debenture Holders shall have a first ranking charge over the Escrow Account and the account(s) where the
‘Property Tax from Zone 3 and Zone 9 are being collected/pooled by the Issuer, the Interest Payment Account
(including the DSRA Amount), Sinking Fund Account and Upfront FD and any permitted investment(s) made
from these account(s) for the exclusive benefit of the Debenture Holders(s).
9. The Debenture Trustee, on behalf of the Debenture Holder(s), shall have a first & exclusive charge on the
Escrow Account, Interest Payment Account (including the DSRA Amount), Sinking Fund Account, Upfront
FD and any Permitted Investment(s) made from these account(s) for the exclusive benefit of the Debenture
Holders(s). The amount deposited in the Interest Payment Account (including the DSRA Amount), Sinking
Fund Account and Upfront FD shall be used solely for meeting the dues to the Debenture Holders. Any surplus
in the above account(s) after the Debentures have been redeemed in full and all the dues to the Debenture
Holders have been paid can be transferred to the Escrow Account after obtaining written consent of the
Debenture Trustee. No amount can be withdrawn from these account(s) without the prior approval of
Debenture Trustee.
PERMITTED INVESTMENT
10. The Upfront FD and funds lying credited in the Escrow Account (to the extent of the minimum balance),
Interest Payment Account (including the DSRA Amount) can be kept in fixed deposits with any scheduled
commercial bank with a dual rating of AA+ or above. However, the conditions of the fixed deposits shall not
restrict premature withdrawal from the fixed deposit. The lien shall be created in favour of Debenture Trustee
on all the investments made in terms hereof. The Issuer shall ensure that funds lying in the escrow accounts
shall be invested in accordance with the SEBI ILMDS Regulations and SEBI circulars issued thereunder and
The Tamil Nadu Urban Local Bodies Act, 1998 and Tamil Nadu Urban Local Bodies Rules, 2023 to the extent
applicable.
11. The funds lying to the credit of Sinking Fund Account can be deposited in such instruments which may be
permitted both in terms of the SEBI Circulars and The Tamil Nadu Urban Local Bodies Act, 1998 and Tamil
Nadu Urban Local Bodies Rules, 2023. The lien shall be created in favour of Debenture Trustee on all the
investments made in terms hereof.
12. Any actual interest income earned and received on the Permitted Investment(s) shall be utilisable by the Issuer,
in accordance with the terms set out in the Transaction Documents, only: (a) with the prior approval of the
Debenture Trustee; and (b) if there is no shortfall in any of the Interest Payment Account (including the
Required DSRA Amount) or the Sinking Fund Account or Upfront FD amount.
13. The Escrow Account, Interest Payment Account (including the Required DSRA Amount), Sinking Fund
Account or Upfront FD shall be maintained with a scheduled commercial bank rated at least AA+ by two
rating agencies throughout the tenor of the Debentures (“Bank”). In case, at any point of time, the rating of
senior debt of the Bank falls below AA+ by any rating agency the Issuer shall, with the written consent of
Debenture Trustee, move the funds to any other bank satisfying the rating criteria.
14. The Bank shall share statement(s) of these account(s) with Debenture Trustee and the Issuer for such period
as may be specified by the Debenture Trustee but not greater than 12 (Twelve) months in any case till such
time as the Debentures are redeemed. The Issuer shall share copies of all such reports with the Rating Agencies.
The Issuer and Debenture Trustee shall keep the Rating Agencies informed in case of change in the Bank.
Interest Payment Mechanism
The Debenture Trustee shall check the amount lying to the credit of Interest Payment Account (which is over and
above the Required DSRA Amount) at 25 (Twenty-Five) days prior to the Coupon Payment Date (T-25 days).
In case of any shortfall in the amount required to make payment of Coupon on the Coupon Payment Date in the
Interest Payment Account (calculated on the basis of the amounts available in addition to the Required DSRA
Amount), the Debenture Trustee shall intimate the Issuer of the shortfall and the Issuer shall make good the shortA - 5
fall in the Interest Payment Account prior to the date falling 15 (Fifteen) days prior to the Coupon Payment Date
(T- 15 days).
Further, the amounts lying or credited in the escrow account shall flow into the interest payment account for
funding the shortfall and shall not be transferred by the Issuer to the general fund account(s) till the time the
shortfall is funded.
In case of shortfall in the amount required to make payment of Coupon on the Coupon Payment Date in the
Interest Payment Account (calculated on the basis of the amounts available in addition to the Required DSRA
Amount) at 14 (Fourteen) days prior to the Coupon Payment Date (T-14 days), the Debenture Trustee shall trigger
the payment mechanism and shall instruct the Bank to utilise the Upfront FD Amount to the extent of the shortfall
in the amount required to make payment of the Coupon on the Coupon Payment Date on or prior to the date
falling 10 (ten) days prior to the Interest Payment Date (T-10 days).
Further, immediately after the Upfront FD Amount utilization, the amounts lying or credited in the escrow
account shall flow for the Upfront FD replenishment and shall not be transferred by the Issuer to the general fund
account(s) till the time the required Upfront FD Amount is replenished.
In case of shortfall in the amount required to make payment of Coupon on the Coupon Payment Date in the
Interest Payment Account (calculated on the basis of the amounts available in addition to the Required DSRA
Amount) at 9 (Nine) days prior to the Coupon Payment Date (T-9 days), the Debenture Trustee shall trigger the
payment mechanism and shall instruct the Bank to utilise the DSRA Amount to the extent of the shortfall in the
amount required to make payment of the Coupon on the Coupon Payment Date on or prior to the date falling 8
(Eight) days prior to the Interest Payment Date (T-8 days). The Coupon shall be paid by the Issuer on the Coupon
Payment Date (T).
In case the DSRA Amount (or part thereof) is utilized to fund the shortfall in the amount required to make
payment of the Coupon in respect of any Coupon Payment Date, immediately after the Debenture Trustee has
instructed the Bank to utilise the DSRA Amount as above and in any event prior to 7 (Seven) days prior to the
relevant Coupon Payment Date (T-7), the Debenture Trustee would issue a final notice in writing to the Issuer.
On the issuance of such notice, the Issuer shall make good the DSRA Amount Shortfall within next 15 (Fifteen)
days (T+8).
Further, immediately after the DSRA utilization, the amounts lying or credited in the escrow account shall flow
into the interest payment account for DSRA replenishment and shall not be transferred by the Issuer to the general
fund account(s) till the time the required DSRA amount is replenished.
Further, In the event of any utilization from the Upfront FD Amount, the Debenture Trustee would issue a notice
in writing to the Issuer to replenish the same within a period of 90 days from the date of utilization. This
arrangement shall continue till the bonds are paid in full to the Bond holders. It is hereby clarified that,
notwithstanding the appropriation of any amount from the Escrow Account to fund the shortfall in interest
payment account (including the required DSRA amount) and Upfront FD Amount, the obligation of the Issuer to
fund the interest payment account and sinking fund account to the extent of the minimum balance no later than
the monthly Transfer Date shall continue until the Final Settlement Date.
Further, such notice(s) would continue to get served if required, as per the same timelines for subsequent and
future servicing. If any over dues on account of past servicings from the DSRA Amount or Upfront FD continues
to remain and the Required DSRA Amount or Upfront FD continues to remain un-replenished, then such overdue
amount would be added in the subsequent notice.
In any of the milestone days mentioned in the T-Structure above (except the coupon payment dates) happens not
to be a Business Day, the immediately preceding Business Day would be the deemed date for execution of the
relevant action.
Principal Repayment (Sinking Fund) Mechanism
The Debenture Trustee shall check the balance in the Sinking Fund Account prior to the end of each 12-monthA - 6
block and in case of any Sinking Fund mismatch it shall be replenished as per the following mechanism:-
The Debenture Trustee shall check the amount lying to the credit of Sinking Fund Account at 45 (Forty-Five)
days prior to the end of each 12-month block. In case of any Sinking Fund mismatch, the Debenture Trustee shall
intimate Issuer of the shortfall and Issuer shall make good the Sinking Fund mismatch 15 (Fifteen) days prior to
the end of each 12-month block (T-15 days).
Further, in case of shortfall on T-45 days, the amounts lying or credited in the escrow account shall flow into the
sinking fund account for funding the shortfall and shall not be transferred by the Issuer to the general fund
account(s) till the time the shortfall is funded. In case of shortfall still persists in in the Sinking Fund Account at
14 (Fourteen) days prior to the end of each 12 month block (T-14 days), the Debenture Trustee shall trigger the
payment mechanism and shall instruct the Escrow Bank to utilise the Upfront FD Amount to the extent of the
shortfall in the Sinking Fund Account on or prior to the date falling 10 (ten) days prior to the end of each 12
Month Block (T-10 days).
Further, immediately after the Upfront FD Amount utilization, the amounts lying or credited in the escrow
account shall flow for the Upfront FD replenishment and shall not be transferred by the Issuer to the general fund
account(s) till the time the required Upfront FD Amount is replenished. In case of shortfall still persists in the
Sinking Fund Account at 9 (Nine) days prior to the end of each 12-month block (T-9 days), the Debenture Trustee
shall issue a final notice to the issuer. On the issuance of such notice, the issuer shall remit the funds to fund the
shortfall into the Sinking Fund Account prior to the end of each 12 Month Block(T).
Further, in the event of any utilization from the Upfront FD Amount, the Debenture Trustee would issue a notice
in writing to the Issuer to replenish the same within a period of 90 days from the date of utilization. This
arrangement shall continue till the bonds are paid in full to the Bond holders. It is hereby clarified that,
notwithstanding the appropriation of any amount from the Escrow Account to fund the shortfall in sinking fund
account and Upfront FD Amount, the obligation of the Issuer to fund the interest payment account and sinking
fund account to the extent of the minimum balance no later than the monthly Transfer Date shall continue until
the Final Settlement Date.
The redemption shall be made by the Issuer on the relevant Redemption Dates.
The Debenture Trustee shall keep the Rating Agencies informed of any shortfall in the Interest Payment Account
(including in the Required DSRA Amount), Sinking Fund Account & Upfront FD.
In any of the milestone days mentioned in the T-Structure above happens to not be a Business Day, the
immediately preceding Business Day would be the deemed date for execution of the relevant action.A - 7
ANNEXURE - II
Rating Letters and RationaleA - 8
Rating Letter - Intimation of Rating Action
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Letter Issued on : December 12, 2025
rating
Letter Expires on : October 13, 2026
Annual Fee valid till : October 13, 2026
GREATER CHENNAI CORPORATION
C-BLOCK, 2ND FLOOR, AMMA MAALIGAI,
EVR PERIYAR SALAI, PARK TOWN,
Chennai 600003
TAMIL NADU
Kind Attn.: Mr. T KARUNAKARAN, CHIEF ACCOUNTS OFFICER (Tel. No.9445026007)
Sir / Madam,
Sub.: Rating(s) Assigned - Debt Instruments of GREATER CHENNAI CORPORATION
Please note that the current rating(s) and outlook, instrument details, and latest rating action for
the aforementioned instrument are as under:
Product Quantum Long Term Rating Short Term Rating
(Rs. Cr)
BOND 205.64 Provisional | ACUITE AA+ | -
Stable | Assigned
Total Outstanding Quantum 205.64 - -
(Rs. Cr)
(cid:36)(cid:70)(cid:88)(cid:76)(cid:87)(cid:112) reserves the right to revise the rating(s), along with the outlook, at any time, on the basis of
new information, or other circumstances which (cid:36)(cid:70)(cid:88)(cid:76)(cid:87)(cid:112)(cid:3)believes may have an impact on the rating
(s). Such revisions, if any, would be appropriately disseminated by (cid:36)(cid:70)(cid:88)(cid:76)(cid:87)(cid:112)(cid:3)as required under
prevailing SEBI guidelines and (cid:36)(cid:70)(cid:88)(cid:76)(cid:87)(cid:112)(cid:3)(cid:183)s policies.
This letter will expire on or on the day when (cid:36)(cid:70)(cid:88)(cid:76)(cid:87)(cid:112)(cid:3)takes the next rating action, whichever is
earlier. It may be noted that the rating(s) is subject to change anytime even before the expiry date
of this letter. Hence lenders / investors are advised to visit https://www.acuite.in/ OR scan the QR
code given above to confirm the current outstanding rating(s).
(cid:36)(cid:70)(cid:88)(cid:76)(cid:87)(cid:112) will re-issue this rating letter on subject to receipt of surveillance fee as applicable. If
the rating(s) is reviewed before , (cid:36)(cid:70)(cid:88)(cid:76)(cid:87)(cid:112)(cid:3)will issue a new rating letter.
Please note that under extant SEBI regulations and as per the terms of the rating agreement,
once a rating is accepted and outstanding, the issuer is required to promptly furnish the (cid:182)No
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Sd/-
Chief Rating Officer
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www.acuite.in | CIN: U74999MH2005PLC155683A - 9
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Annexure A. Details of the rated instrument
Instruments Scale Amt. Rating Assigned (Outlook) | Rating
(Rs. Cr) Action
Proposed Bond Long-term 205.59 ACUITE Provisional AA+ (Stable) |
Assigned
Proposed Bond Long-term 0.05 ACUITE Provisional AA+ (Stable) |
Assigned
Total Quantum Rated 205.64 -
DISCLAIMER
An (cid:36)(cid:70)(cid:88)(cid:76)(cid:87)(cid:112)(cid:3)rating does not constitute an audit of the rated entity and should not be treated as a recommendation or
opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy , sell
or hold any security. (cid:36)(cid:70)(cid:88)(cid:76)(cid:87)(cid:112)(cid:3)ratings are based on the data and information provided by the issuer and obtained from
other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, (cid:36)(cid:70)(cid:88)(cid:76)(cid:87)(cid:112)(cid:3)
, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or
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that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind arising from the use of its
ratings.(cid:36)(cid:70)(cid:88)(cid:76)(cid:87)(cid:112)(cid:3)ratings are subject to a process of surveillance which may lead to a revision in ratings as and when the
circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by
(cid:36)(cid:70)(cid:88)(cid:76)(cid:87)(cid:112)(cid:3), (cid:36)(cid:70)(cid:88)(cid:76)(cid:87)(cid:112)(cid:3)(cid:183)s rating scale and its definitions.
Any inadvertent omission or error in the rating letter which is discovered or brought to the notice of Acuite shall be rectified
as soon as reasonably practicable not later than 48 hours of such discovery or notice. Such error or omission shall not
render Acuite liable to any person for any kind of loss or damage including, but not limited to, any special, incidental,
indirect or consequential damages caused by errors or omissions, provided such omission or error is rectified as soon as
possible after discovery/notice.A - 11
Press Release
GREATER CHENNAI CORPORATION
December 12, 2025
Rating Assigned and Reaffirmed
Quantum Short Term
Product Long Term Rating
(Rs. Cr) Rating
Bank Loan Ratings 3000.00 ACUITE AA- | Stable | Reaffirmed -
BOND 200.00 ACUITE AA+ | Stable | Reaffirmed -
Provisional | ACUITE AA+ | Stable
BOND 205.64 -
| Assigned
Total Outstanding Quantum
3405.64 - -
(Rs. Cr)
Total Withdrawn Quantum
0.00 - -
(Rs. Cr)
Rating Rationale
Acuite has reaffirmed the long-term rating of ''ACUITE AA-'' (read as ACUITE double A
minus) on the Rs.3000.00 Cr. bank facilities of Greater Chennai Corporation (GCC). The
Outlook is 'Stable'.
Acuité has reaffirmed the long term rating of ''ACUITE AA+'' (read as ACUITE double A plus) on
the Rs. 200 Cr. bonds of Greater Chennai Corporation (GCC). The outlook is ‘Stable’.
Acuite has assigned its long term rating of ' PROVISIONAL ACUITE AA+' (read as PROVISIONAL
ACUITE double A plus) on the Rs.205.64 Crore of proposed bond of Greater Chennai
Corporation (GCC). The outlook is 'Stable'.
The rating on the Rs. 205.64 Cr. proposed Bond is provisional and the final rating is subject to
receipt of following documentation:
1. Placement Memorandum/ Final Term Sheet
2. Debenture Trustee Agreement
3. Escrow Agreement
4. Debenture Trust Deed
5. Deed of Hypothecation
6. Issue Agreement
7. Tripartite Agreements with NSDL and CDSL
Rationale for Rating
The rating takes into consideration the consistent support from both the state and central
government towards the development of the city, strong operating performance, a Y-o-Y
increase in tax revenue and collection efficiency and a healthy cash surplus. Tamil Nadu
continues to solidify its position as a manufacturing hub, with Chennai's economic base
majorly supported by automobiles, telecommunications, software services. The corporation
also has good infrastructure in place, a strong record in terms of geographic coverage and
service delivery and has been performing well in the execution of its civic duties. However,
the rating to be constrained by the elevated level of receivables of GCC.
Acuite have considered all the four funds for analysis i.e. Municipal fund, Capital fund,
Acuité Ratings & Research Limited www.acuite.inElementary Education fund and Earmarked fund.
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Acuité Ratings & Research Limited www.acuite.inThe rating on the existing listed bond of Rs. 200 cr. derives its strength from the Debt Service
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Reserve Account (DSRA), structured payment mechanism, escrow and Project Sustainability
Grant Fund (PSGF).
The final rating of the proposed bonds will derive its strength from the Debt Service Reserve
Account (DSRA), structured payment mechanism, escrow and Upfront Fixed Deposit to be
established as a cash collateral.
About the Company
Chennai based Greater Chennai Corporation (GCC) is the Oldest Municipal Institution in
India established on the 29th September 1688. The corporation maintains roads, streetlights,
flyovers, and also the city's cleanliness and hygiene levels. The Parliamentary Act of 1792 gave
the Corporation power to levy Municipal Taxes in the City. The Municipal administration
properly commenced from the Parliamentary Act, 1792 making provision for the good order
and administration of the city. The Municipal Act has been amended introducing from time to
time major changes in the constitution and powers of the Corporation. The Chennai City
Municipal Corporation Act, 1919 (as amended) provides the basic statutory authority for the
administration now. Chennai is named as ‘Detroit of Asia’ due to the presence of major
automobile manufacturing units and allied industries around the city. The municipal
Corporation is managed by the Commissioner J. Kumaragurubaran, I.A.S, and other
additional and Deputy Commissioners include Dr. V.P. Jeyaseelan I.A.S , K. Karpagam I.A.S, V
Siva Krishnamurthy I.A.S, and M Birathiviraj I.A.S.
Unsupported Rating
Acuite AA- | Stable
Analytical Approach
Acuité has considered the standalone business and financial risk profiles of Greater Chennai
Corporation (GCC) to arrive at the rating.
Key Rating Drivers
Strengths
Benefits from Chennai’s status as an administrative and political capital of Tamil Nadu
Greater Chennai Corporation (GCC) provides civic services to Chennai city, the capital of
Tamil Nadu. Being an administrative capital, Chennai is a base for all major state government
offices. As a hub for major decision making, Chennai has enhanced the ability to attract
investments from a wide range of sectors. Chennai city is located in the northeastern part of
Tamil Nadu, and is the hub of various small, medium and largescale industries like
automobiles, software services, medical, tourism, hardware manufacturing and financial
services sectors which are major contributors to the economy of Tamil Nadu. Other important
industries include petrochemicals, textiles, apparel and soon to become the EV (Electric
Vehicle) hub of the country. A few largescale companies located in and around Chennai
include Ashok Leyland Limited, Chennai Petroleum Corporation Limited, MRF Limited,
Redington India Limited, The India Cements Limited, Murugappa Group, Ford Motor
Company, etc.
Further, Chennai is the third largest software exporter in India and a resident for IT companies,
including Infosys, Wipro, Tata Consultancy Services, to name a few. Acuité believes the
significant employment opportunities generated by the varied range of industries located in
and around Chennai are expected to lead to higher per capita income which augurs well for
GCC. Chennai is also one of the cities under Atal Mission for Rejuvenation and Urban
Transformation (AMRUT). The purpose of AMRUT is to ensure every household to have access
to tap water and sewerage connection, increase the amenity value of cities, and reduce
pollution in the city. Acuité believes that GCC will continue to benefit significantly from its
pivotal position as the capital city of the second largest economy in the country. Since the
ongoing support from the state government will be critical for maintaining a stable credit
profile, the credit rating of GoTN will also be a key monitorable.
Acuité Ratings & Research Limited www.acuite.inScale of Operations
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The revenue profile of the GCC includes various tax revenues, rental income from municipal
corporations, sales and hire charges, grants and subsidies of revenue nature and non-tax
income. GCC's revenue slightly declined which stood at Rs. 4,396.21 Cr. in FY2025 as against
Rs. 4,436.35 Cr. in FY2024. The decline is mainly due to lower revenue grants received from
govt's end. However, all the other sources of tax collections have improved in FY 25 against
FY24. Acuite believes that the revenue of the corporation will further improve over the
medium term owing to healthy revenue collection and improvements in economic activities.
Strong financial risk profile
The financial risk profile of the corporation is strong marked by strong net worth, low gearing,
and healthy debt protection metrics. The net worth of GCC stood at Rs.13,462.18 Cr.as on
March 31, 2025, increased from Rs. 13,240.49 Cr. as on March 31, 2024. The net worth also
includes grants and contributions for specific purposes. The total debt of Rs. 1,633.83 Cr as on
March 31, 2025, are loans from state government, government bodies and banks. The
gearing level of GCC improved & stood low at 0.12 times in FY 25 against 0.14 times in FY24.
TOL/TNW improved & stood at 0.32 times in FY 25 against 0.39 times for FY 24. The debt
protection metrics is healthy with the interest coverage ratio (ICR) of the corporation stood
at 4.87 times in FY2025. Acuite believes that the GCC's financial risk profile continues to be
healthy backed by adequate support from GOI and GOTN in the form of grants, timely
receipt of tax collection and continues growth potential of Chennai city.
Structured Payment Mechanism
Listed Bonds of Rs. 200 Cr.
GCC has access to various income sources out of which Property tax from Zone 5 and Zone 7
shall be deposited every month in a separate no-lien Escrow account for debt servicing of
the bonds. The funds should be first utilized to meet the Minimum Balance in Escrow account
which entails maintenance of a Debt Service Reserve Account (DSRA), Sinking fund Account
(SFA) and Interest Payment Account (IPA) The minimum balance shall not be used for any
purpose other than transfer to the DSRA, IPA and SFA.
Proposed to be Listed Bonds of Rs. 205.64 cr.
GCC has access to various income sources out of which Property tax from Zone 3 and Zone
9 shall be deposited every month in a separate no-lien Escrow account for debt servicing of
the bonds. The funds should be first utilized to meet the Minimum Balance in Escrow account
which entails maintenance of a Debt Service Reserve Account (DSRA), Sinking fund Account
(SFA) and Interest Payment Account (IPA) The minimum balance shall not be used for any
purpose other than transfer to the DSRA, IPA and SFA.
Terms and Conditions
The DSRA shall be created with an amount equivalent to the two coupon payments (1 years
‘interest) need to be maintained. The funds received in the Escrow Account will be
transferred to IPA and SFA on a monthly basis as per the terms of the bond. As regards the
interest payments (expected to be half yearly), the IPA will be funded on a monthly basis. SFA,
which shall be funded monthly equivalent to the amount as per the terms of bond issuances.
IPA (Interest Payment Account)
An amount, as specified in the terms of bonds/loans agreements, will be transferred to IPA
from Escrow Account on a monthly basis. The debenture trustee shall check the amount in
IPA at least 25 (T-25) days prior to the interest payment date. In case of any shortfall in the
amount the trustee shall intimate the GCC of the shortfall and GCC shall cover the shortfall
prior to 15 days (T-15 days) of the interest payment date.
Listed Bonds of Rs. 200 cr.
If the corporation fails to cover the shortfall at 14 days (T-14 days) prior to interest servicing
day, the Debenture Trustee shall trigger the payment mechanism and shall instruct the Bank
to utilise the PSGF Amount to the extent of the shortfall in the amount required to make
payment of the Coupon on the Coupon Payment Date on or prior to the date falling 10 (ten)
Acuité Ratings & Research Limited www.acuite.indays prior to the Interest Payment Date (T-10 days). Further, immediately after the PSGF
A - 15
Amount utilization, the amounts lying or credited in the escrow account shall flow for the PSGF
Amount replenishment and shall not be transferred by the Issuer to the general fund
account(s) till the time the required PSGF Amount is replenished.
Proposed to be listed bonds of Rs. 205.64 cr.
If the corporation fails to cover the shortfall at 14 days (T-14 days) prior to interest servicing
day, the Debenture Trustee shall trigger the payment mechanism and shall instruct the Bank
to utilise the Upfront FD to the extent of the shortfall in the amount required to make payment
of the Coupon on the Coupon Payment Date on or prior to the date falling 10 (ten) days prior
to the Interest Payment Date (T-10 days). Further, immediately after the Upfronf FD utilization,
the amounts lying or credited in the escrow account shall flow for the FD Amount
replenishment and shall not be transferred by the Issuer to the general fund account(s) till the
time the required amount is replenished.
On T-9 days, in case of shortfall in the amount required to make payment of Coupon on the
Coupon Payment Date in the Interest Payment Account the Debenture Trustee shall trigger
the payment mechanism and shall instruct the Bank to utilise the DSRA Amount to the extent
of the shortfall in the amount required to make payment of the Coupon on the Coupon
Payment Date on or prior to the date falling 8 (Eight) days prior to the Interest Payment Date
(T-8 days). The Coupon shall be paid by the Issuer on the Coupon Payment Date (T). In case
the DSRA Amount (or part thereof) is utilized to fund the shortfall in the amount required to
make payment of the Coupon in respect of any Coupon Payment Date, immediately after
the Debenture Trustee has instructed the Bank to utilise the DSRA Amount as above and in
any event prior to 7 (Seven) days prior to the relevant Coupon Payment Date (T-7), the
Debenture Trustee would issue a final notice in writing to the Issuer. On the issuance of such
notice, the Issuer shall make good the DSRA Amount Shortfall within next 15 (Fifteen) days
(T+8). Further, immediately after the DSRA utilization, the amounts lying or credited in the
escrow account shall flow into the interest payment account for DSRA replenishment and shall
not be transferred by the Issuer to the general fund account(s) till the time the required DSRA
amount is replenished.
SFA (Sinking Fund Account)
The Debenture Trustee shall check the amount lying to the credit of Sinking Fund Account at
45 (Forty-Five) days prior to the end of each 12-month block. In case of any Sinking Fund
mismatch, the Debenture Trustee shall intimate Issuer of the shortfall and Issuer shall make
good the Sinking Fund mismatch 15 (Fifteen) days prior to the end of each 12-month block (T-
15 days). Further, in case of shortfall on T-45 days, the amounts lying or credited in the escrow
account shall flow into the sinking fund account for funding the shortfall and shall not be
transferred by the Issuer to the general fund account(s) till the time the shortfall is funded.
Listed Bonds of Rs. 200 cr.
In case of shortfall still persists in in the Sinking Fund Account at 14 (Fourteen) days prior to the
end of each 12 month block (T-14 days), the Debenture Trustee shall trigger the payment
mechanism and shall instruct the Escrow Bank to utilise the PSGF Amount to the extent of the
shortfall in the Sinking Fund Account on or prior to the date falling 10 (ten) days prior to the
end of each 12 Month Block (T-10 days). Further, immediately after the PSGF Amount
utilization, the amounts lying or credited in the escrow account shall flow for the PSGF Amount
replenishment and shall not be transferred by the Issuer to the general fund account(s) till the
time the required PSGF Amount is replenished. In case of shortfall still persists in in the Sinking
Fund Account at 9 (Nine) days prior to the end of each 12-month block (T-9 days), the
Debenture Trustee shall issue a final notice to the issuer. On the issuance of such notice, the
issuer shall remit the funds to fund the shortfall into the Sinking Fund Account prior to the end
of each 12 Month Block (T).
Proposed to be listed bonds of Rs. 205.64 cr.
In case of shortfall still persists in in the Sinking Fund Account at 14 (Fourteen) days prior to the
end of each 12 month block (T-14 days), the Debenture Trustee shall trigger the payment
Acuité Ratings & Research Limited www.acuite.inmechanism and shall instruct the Escrow Bank to utilise the Upfront FD to the extent of the
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shortfall in the Sinking Fund Account on or prior to the date falling 10 (ten) days prior to the
end of each 12 Month Block (T-10 days). Further, immediately after the Upfront FD utilization,
the amounts lying or credited in the escrow account shall flow for the Upfront FD
replenishment and shall not be transferred by the Issuer to the general fund account(s) till the
time the required Amount is replenished. In case of shortfall still persists in the Sinking Fund
Account at 9 (Nine) days prior to the end of each 12-month block (T-9 days), the Debenture
Trustee shall issue a final notice to the issuer. On the issuance of such notice, the issuer shall
remit the funds to fund the shortfall into the Sinking Fund Account prior to the end of each 12
Month Block (T).
Weaknesses
Weaknesses Significant buildup in receivables
The receivables of the corporation have remained high resulting in a significant build-up of
receivables. The debtor’s position stood at Rs. 3,295.23 Cr. i.e. 292 days as on March 31,2025
improved against Rs. 4,616.01 Cr. i.e. 464 days as on March 31, 2024. Trade receivables
include property tax, professional tax, company tax, etc which are unpaid by the consumers.
Acuité believes that any significant build-up in receivables beyond existing levels will be a key
rating sensitivity factor.
Assessment of Adequacy of Credit Enhancement under various scenarios including stress
scenarios (applicable for ratings factoring specified support considerations with or without the
“CE” suffix)
Listed Bonds of Rs. 200 cr.
A Grant Fund of Government of Tamil Nadu and managed by Tamil Nadu Urban
Infrastructure Financial Services Limited (TNUIFSL) has created the term deposit in the name of
PSGF equivalent to Rs.14.04 crore with the Escrow Banker of the municipal bond issue of the
Corporation as Credit Enhancement Facility under World Bank assisted Tamil Nadu Resilient
Urban Development Program (TNCRUDP) for the issuance of municipal bond (“PSGF
Amount”).
The said term deposit shall be kept as cash collateral in the form of security for bondholders
for servicing of the bonds during the entire tenor of the bonds & lien marked with the Bond /
Debenture Trustee. The Escrow Banker (on the instructions of the Bond / Debenture Trustee)
will utilize the PSGF Amount In the case of insufficient funds in the Escrow Account /Interest
Payment Account / Sinking Fund Account as mentioned as “Structured Payment Mechanism”.
In case of occurrence of payment default or event of default, the PSGF Amount shall be
utilized for meeting all the outstanding interest and principal obligations to the bond holders.
Stress Case Scenario
Acuite Sensitized that the property tax which is expected to be collected out of Zone 5 and
Zone 7 would be transferred to escrow account, even if adjusted by 50%, the Corporation
would be able to meet its debt obligations. Over and above this, the Corporation is
expected to maintain DSRA along with PSGF account which is to be replenished in a time
bound manner in case of meeting any exigency and shortfall.
Proposed to be listed bonds of Rs. 205.64 cr.
GCC is required to create upfront fixed deposit as cash collateral for an amount equivalent
to 7.5% of the total bond issue size. The Upfront FD shall be utilized in accordance with the
Interest Payment and Principal Repayment (Sinking Fund) mechanism defined in the structured
payment mechanism.
Acuite believes that the presence of DSRA, Upfront Fixed Deposit and Structured Payment
Mechanism in the bond servicing account will help in maintaining ample liquidity
and mitigating any risk in repayment of the issue.
Stress Case Scenario
Acuite Sensitized that the property tax which is expected to be collected out of Zone 3 and
Zone 9 would be transferred to escrow account, even if adjusted by 50%, the Corporation
Acuité Ratings & Research Limited www.acuite.inwould be able to meet its debt obligations. Over and above this, the Corporation is
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expected to maintain DSRA along with Upfront FD which is to be replenished in a time bound
manner in case of meeting any exigency and shortfall.
Rating Sensitivities
Significant improvement in collection efficiency.
All Covenants
1. The Issuer shall till the Debentures are outstanding, ensure that the total amounts collected
in the Escrow Account in any financial year shall be at least 2 (Two) times of the Annual
Payments Amount. For the purpose of this term sheet, the term ‘Annual Payments’ shall, in
respect of any financial year, mean the aggregate of:
1. the Coupon payable in such year (in relation to the present bond issue and any further
borrowings);
2. the portion of principal amount of the Debentures which are required to be deposited
by the Issuer into the Sinking Fund Account in such financial year (in relation to the
present bond issue and any further borrowings); and (c) Principal Repayment amount (in
relation to the further borrowings where sinking fund is not created), in terms hereof.
2. Debt Service Coverage Ratio (DSCR) shall mean the ratio of operating surplus to total debt
servicing, which shall not be less than 1.50 times of operating surplus calculated as on 31st
March for each financial year (starting from 31st March 2026 till the time bonds are
outstanding) as below: DSCR = operating surplus / total debt service
i. Operating surplus calculated as the below:
Operating Surplus = Total Income — Adjusted Expenditure
1. Total income = Total income of the corporation as per the audited Income and
Expenditure statement.
2. Adjusted Expenditure = Total expenditure as per the audited Income and Expenditure
statement - Depreciation -Finance charges - Provisions and Write offs - other non-cash
expenditures
ii. Total debt service = interest payment of loans and bonds + transfers made to the sinking
fund account towards principal repayment / redemption + principal repayment / redemption
(Excluding those made out of the sinking fund account).
So long as the Eligibility Conditions are met, the Issuer shall be entitled to raise further financial
indebtedness based on its cash flows including the cash flows through the Escrow Account,
provided that it is clarified that nothing in this provision should be construed to permit the
creation of any encumbrance over the security without the express prior written consent of
the debenture trustee.
For the purpose of this term sheet, the term ‘Eligibility Conditions’ shall mean the following
conditions:
1. the Annual Payments Ratio is maintained by the Issuer;
2. the Minimum DSCR of 1.50 times is maintained by the Issuer;
3. there is no shortfall in the contribution to the Escrow Account, the Interest Payment
Account (including towards maintenance of the Required DSRA Amount), the Sinking
Fund Account which has not been made good by the Issuer in terms of the Transaction
Documents; (d) no Event of Default has occurred.
3. Other financial covenants as defined in the Transaction Document
The documents executed in relation to, or which are relevant to the Issue including:
a) Placement Memorandum along with all annexures
b) Debenture Trustee Agreement
c) Escrow Agreement
d) Debenture Trust Deed
Acuité Ratings & Research Limited www.acuite.ine) Deed of Hypothecation
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f) Issue Agreement
g) Tripartite Agreements with NSDL and CDSL
h) Issue Proceeds Agreement
i) Any other agreement or document designated as such by the Debenture Trustee (acting
on the instructions of the Majority Debenture Holders).
4. Additional Covenants Default in Payment (only for listed bonds): In case of default in
payment of interest and /or principal redemption on the due dates, the Issuer shall pay an
additional interest at the rate of 2% p.a. over the respective Coupon Rates of the Bonds for
the defaulting period.
5. Negative Covenants (only for listed bonds): At all times until the Final Settlement Date, the
Issuer shall not, without the prior written consent of the Debenture Trustee (acting upon the
instructions of the Majority Debenture Holders):
a) create any encumbrance over the Hypothecated Property;
b) enter into any agreement or commitment of any sort, the terms of which conflicts with the
pro visions of the Transaction Documents.
c) Close the Collection Accounts and/or collect property tax from Zone 5 & 7 in any other
account;
d) Abolish, alter or reduce the Property tax from Zone 5 & 7 levied by the Issuer.
e) undertake or enter into any transaction of merger, de-merger, consolidation, re-
organisation, or compromise with its creditors.
Liquidity Position
Strong
GCC has strong liquidity marked by healthy net cash accruals of Rs. 313.49 Cr. in FY2025.
Further, under the Section 152 in Chennai City Municipal Corporation Act, 1919, states priority
payments for interest and re-payment of loans over other payment. The liquidity remains
supported by the cash and bank balances of GCC stood at Rs. 146.76 Cr. as on March 31,
2025, and investments in the form of fixed deposits stood at Rs. 1,476.31 Cr. as on March 31,
2025. The current ratio stood at 2.09 times for FY 25. However, Acuité believes that these
funds would be significantly utilized for infrastructural development and repayment of term
loan facilities in the near to medium term.
Outlook - Stable
Other Factors affecting Rating
None.
Acuité Ratings & Research Limited www.acuite.inA - 19
Key Financials
Particulars Unit FY 25 (Actual) FY 24 (Actual)
Operating Income Rs. Cr. 4396.21 4436.35
PAT Rs. Cr. (863.21) (125.33)
PAT Margin (%) (19.64) (2.82)
Total Debt/Tangible Net Worth Times 0.12 0.14
PBDIT/Interest Times 4.87 10.42
Status of non-cooperation with previous CRA (if applicable)
Not Applicable
Any other information
Supplementary disclosures for Provisional Ratings Risks associated with the provisional nature of
the credit rating
In case there are material changes in the terms of the transaction after the initial assignment
of the provisional rating and post the completion of the issuance (corresponding to the part
that has been issued). Acuité will withdraw the existing provisional rating and concurrently
assign afresh final rating in the same press release, basis the revised terms of the transaction.
Rating that would have been assigned in absence of the pending steps/documentation
The structure would have become null and void for the instrument. The rating of the
instrument would have been equated to the Unsupported rating of the issuer (ACUITE AA-).
Timeline for conversion to Final Rating for a debt instrument proposed to be issued
The provisional rating shall be converted into a final rating within 90 days from the date of
issuance of the proposed debt instrument. Under no circumstance shall the provisional rating
continue upon the expiry of 180 days from the date of issuance of the proposed debt
instrument.
Applicable Criteria
• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-
53.htm
• Explicit Credit Enhancements: https://www.acuite.in/view-rating-criteria-49.htm
• Urban Local Bodies : https://www.acuite.in/view-rating-criteria-57.htm
Note on complexity levels of the rated instrument
In order to inform the investors about complexity of instruments, Acuité has categorized such
instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of
the instruments across the three categories is based on factors like variability of the returns to
the investors, uncertainty in cash flow patterns, number of counterparties and general
understanding of the instrument by the market. It has to be understood that complexity is
different from credit risk and even an instrument categorized as 'Simple' can carry high levels
of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial
Instruments” on www.acuite.in.
Acuité Ratings & Research Limited www.acuite.inA - 20
Rating History
Name of Amount (Rs.
Date Term Rating/Outlook
Instruments/Facilities Cr)
Long
Proposed Term Loan 2062.84 ACUITE AA- | Stable (Reaffirmed)
Term
Long
Term Loan 81.67 ACUITE AA- | Stable (Reaffirmed)
Term
Long
Term Loan 14.41 ACUITE AA- | Stable (Reaffirmed)
Term
Long
Term Loan 13.40 ACUITE AA- | Stable (Reaffirmed)
Term
Long
Term Loan 217.00 ACUITE AA- | Stable (Reaffirmed)
Term
13 Aug Long
Term Loan 610.68 ACUITE AA- | Stable (Reaffirmed)
2025 Term
Long
Bond 40.00 ACUITE AA+ | Stable (Assigned)
Term
Long
Bond 40.00 ACUITE AA+ | Stable (Assigned)
Term
Long
Bond 40.00 ACUITE AA+ | Stable (Assigned)
Term
Long
Bond 40.00 ACUITE AA+ | Stable (Assigned)
Term
Long
Bond 40.00 ACUITE AA+ | Stable (Assigned)
Term
Long
Proposed Term Loan 1961.50 ACUITE AA- | Stable (Reaffirmed)
Term
Long
Term Loan 626.88 ACUITE AA- | Stable (Reaffirmed)
Term
Long
Term Loan 21.63 ACUITE AA- | Stable (Reaffirmed)
Term
Long
Term Loan 224.00 ACUITE AA- | Stable (Reaffirmed)
17 Mar Term
2025 Long
Term Loan 17.15 ACUITE AA- | Stable (Reaffirmed)
Term
Long
Term Loan 91.43 ACUITE AA- | Stable (Reaffirmed)
Term
Long
Term Loan 57.41 ACUITE AA- | Stable (Reaffirmed)
Term
Long ACUITE Provisional AA+ | Stable
Proposed Bond 200.00
Term (Assigned)
Long
Term Loan 64.94 ACUITE AA- | Stable (Assigned)
Term
Long
Term Loan 713.37 ACUITE AA- | Stable (Assigned)
Term
Long
Term Loan 289.84 ACUITE AA- | Stable (Assigned)
Term
23 Oct Long
Term Loan 259.00 ACUITE AA- | Stable (Assigned)
2024 Term
Long
Term Loan 39.65 ACUITE AA- | Stable (Assigned)
Term
Long
Proposed Term Loan 1479.83 ACUITE AA- | Stable (Assigned)
Term
Long
Term Loan 153.37 ACUITE AA- | Stable (Assigned)
Term
Acuité Ratings & Research Limited www.acuite.inA - 21
Annexure - Details of instruments rated
Lender’s Date Of Coupon Maturity Quantum Complexity
ISIN Facilities Rating
Name Issuance Rate Date (Rs. Cr.) Level
ACUITE
Not 21 May 21 May AA+ |
INE1SKA24037 Bond 7.97 40.00 Simple
Applicable 2025 2035 Stable |
Reaffirmed
ACUITE
Not 21 May 21 May AA+ |
INE1SKA24052 Bond 7.97 40.00 Simple
Applicable 2025 2034 Stable |
Reaffirmed
ACUITE
Not 21 May 21 May AA+ |
INE1SKA24029 Bond 7.97 40.00 Simple
Applicable 2025 2033 Stable |
Reaffirmed
ACUITE
Not 21 May 21 May AA+ |
INE1SKA24045 Bond 7.97 40.00 Simple
Applicable 2025 2032 Stable |
Reaffirmed
ACUITE
Not 21 May 21 May AA+ |
INE1SKA24011 Bond 7.97 40.00 Simple
Applicable 2025 2031 Stable |
Reaffirmed
Provisional
Not Not
Not avl. | ACUITE
Not Not avl. / Proposed avl. / avl. /
/ Not 205.59 Simple AA+ |
Applicable Not appl. Bond Not Not
appl. Stable |
appl. appl.
Assigned
Provisional
Not Not
Not avl. | ACUITE
Not Not avl. / Proposed avl. / avl. /
/ Not 0.05 Simple AA+ |
Applicable Not appl. Bond Not Not
appl. Stable |
appl. appl.
Assigned
Not Not ACUITE
Proposed Not avl.
Not Not avl. / avl. / avl. / AA- |
Term / Not 2062.84 Simple
Applicable Not appl. Not Not Stable |
Loan appl.
appl. appl. Reaffirmed
Tamil Nadu
Urban
Not ACUITE
Finance and Not avl.
Not avl. / Term avl. / 31 Jan AA- |
Infrastructure / Not 217.00 Simple
Not appl. Loan Not 2038 Stable |
Development appl.
appl. Reaffirmed
Corporation
Limited
Tamil Nadu
Urban
Not ACUITE
Finance and Not avl.
Not avl. / Term avl. / 28 Feb AA- |
Infrastructure / Not 13.40 Simple
Not appl. Loan Not 2032 Stable |
Development appl.
appl. Reaffirmed
Corporation
Limited
Tamil Nadu
Urban
Not ACUITE
Finance and Not avl. avl. / AA- |
Not avl. / Term 31 Dec
Infrastructure / Not Not 14.41 Simple Stable |
Not appl. Loan 2026
Development appl. appl. Reaffirmed
Acuité Ratings & Research Limited www.acuite.inCorporation
A - 22
Limited
Tamil Nadu
Urban
Not ACUITE
Finance and Not avl.
Not avl. / Term avl. / 31 May AA- |
Infrastructure / Not 81.67 Simple
Not appl. Loan Not 2031 Stable |
Development appl.
appl. Reaffirmed
Corporation
Limited
Tamil Nadu Not ACUITE
Not avl.
Urban Not avl. / Term avl. / 31 Jul AA- |
/ Not 610.68 Simple
Development Not appl. Loan Not 2034 Stable |
appl.
Fund appl. Reaffirmed
Acuité Ratings & Research Limited www.acuite.inA - 23
Contacts
Mohit Jain Contact details exclusively for investors and
Chief Analytical Officer-Rating Operations lenders
Kartik Arora Mob: +91 8591310146
Senior Analyst-Rating Operations Email ID: analyticalsupport@acuite.in
About Acuité Ratings & Research
Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board
of India (SEBI). The company received RBI Accreditation as an External Credit Assessment
Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has
assigned ratings to various securities, debt instruments and bank facilities of entities spread
across the country and across a wide cross section of industries. It has its Registered and
Head Office in Kanjurmarg, Mumbai.
Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not
be treated as a recommendation or opinion that is intended to substitute for a financial
adviser's or investor's independent assessment of whether to buy, sell or hold any security.
Ratings assigned by Acuité are based on the data and information provided by the issuer
and obtained from other reliable sources. Although reasonable care has been taken to
ensure that the data and information is true, Acuité, in particular, makes no representation or
warranty, expressed or implied with respect to the adequacy, accuracy or completeness of
the information relied upon. Acuité is not responsible for any errors or omissions and especially
states that it has no financial liability whatsoever for any direct, indirect or consequential loss
of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a
process of surveillance which may lead to a revision in ratings as and when the circumstances
so warrant. Please visit our website (www.acuite.in) for the latest information on any
instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on
Credit Rating.
Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members
of any rating committee and therefore do not participate in discussions regarding the rating
of any entity.
Acuité Ratings & Research Limited www.acuite.inA - 24
No. CARE/HRO/RL/2025-26/1549
Shri Birathiviraj, I.A.S.
Deputy Commissioner (Revenue & Finance)
Greater Chennai Corporation
2ND FLOOR, C-BLOCK, AMMA MAALIGAI, EVR PERIYAR SALAI, PARK TOWN
Chennai
Tamil Nadu 600003
December 16, 2025
Confidential
Dear Sir,
Credit rating for proposed bond issue
Please refer to your request for rating of proposed bond issue aggregating to Rs.205.59 crore of your corporation
2. The following ratings have been assigned by our Rating Committee:
Amount
Sr. No. Instrument Rating1 Rating Action
(₹ crore)
1. Bonds 205.59 Provisional CARE AA+; Stable Assigned
Rating in the absence of the pending steps/documents CARE AA-
3. Further, the above rating is provisional and will be confirmed once the Company submits copies of relevant
executed documents, to the satisfaction of CARE Ratings Ltd. CARE Ratings Ltd. shall issue the final rating letter,
press release and rating report at the time of confirmation of the rating.
4. Please arrange to get the rating revalidated, in case the proposed issue is not made within a period of six months
from the date of our initial communication of rating to you (that is December 16, 2025).
5. In case there is any change in the size or terms of the proposed issue, please get the rating revalidated.
6. Please inform us the below-mentioned details of issue immediately, but not later than 7 days from the date of
placing the instrument:
Name and
Issue
Coupon contact Details
Instrument Size Coupon Terms of Redemption
ISIN Payment details of of top 10
type (Rs Rate Redemption date
Dates Debenture investors
cr)
Trustee
1Complete definitions of the ratings assigned are available at www.careratings.com and in other CARE Ratings Ltd.’s publications.
CARE Ratings Limited
401, Ashoka Scintilla, 3-6-520, Himayat Nagar, Corporate Office :4th Floor, Godrej Coliseum,
Hyderabad - 500 029 Somaiya Hospital Road, Off Eastern Express
Phone: +91-40-4010 2030 Highway, Sion (E), Mumbai - 400 022
Phone: +91-22-6754 3456 • www.careedge.in
CIN-L67190MH1993PLC071691
Page 1 of 3A - 25
7. Kindly arrange to submit to us a copy of each of the documents pertaining to the NCD issue, including the offer
document and the trust deed.
8. The press release and rating report for the rating will be communicated to you separately.
9. CARE Ratings Ltd. reserves the right to undertake a surveillance/review of the rating from time to time, based
on circumstances warranting such review, subject to at least one such review/surveillance every year.
10. CARE Ratings Ltd. reserves the right to revise/reaffirm/withdraw the rating assigned as also revise the outlook,
as a result of periodic review/surveillance, based on any event or information which in the opinion of CARE
Ratings Ltd. warrants such an action. In the event of failure on the part of the entity to furnish such information,
material or clarifications as may be required by CARE Ratings Ltd. so as to enable it to carry out continuous
monitoring of the rating of the bank facilities, CARE Ratings Ltd. shall carry out the review on the basis of best
available information throughout the life time of such bank facilities. In such cases the credit rating symbol shall
be accompanied by “ISSUER NOT COOPERATING”. CARE Ratings Ltd. shall also be entitled to
publicize/disseminate all the afore-mentioned rating actions in any manner considered appropriate by it, without
reference to you.
11. Our ratings do not factor in any rating related trigger clauses as per the terms of the facility/instrument, which
may involve acceleration of payments in case of rating downgrades. However, if any such clauses are introduced
and if triggered, the ratings may see volatility and sharp downgrades.
12. Users of this rating may kindly refer our website www.careratings.com for latest update on the outstanding
rating.
13. Our ratings are not recommendations to buy, sell or hold any securities.
14. If you need any clarification, you are welcome to approach us in this regard. We are indeed, grateful to you for
entrusting this assignment to CARE Ratings Ltd.
Thanking you,
Yours faithfully,
Sriram Gurujala Goud Tej Kiran
Lead Analyst Associate Director
sriram.goud@careedge.in tej.kiran@careedge.in
Encl.: As aboveA - 26
Disclaimer
This disclaimer pertains to the ratings issued and content published by CARE Ratings Limited (“CareEdge Ratings”). Ratings are opinions on the
likelihood of timely payment of the obligations under the rated instrument and are not recommendations to sanction, renew, disburse, or recall the
concerned bank facilities or to buy, sell, or hold any security. Any opinions expressed herein are in good faith and are subject to change without
notice. The rating reflects the opinions as on the date of the rating. A rating does not convey suitability or price for the investor. The rating agency
does not conduct an audit on the rated entity or an independent verification of any information it receives and/or relies on for the rating exercise.
CareEdge Ratings has based its ratings/outlook on the information obtained from reliable and credible sources. CareEdge Ratings does not, however,
guarantee the accuracy, adequacy, or completeness of any information and is not responsible for any errors or omissions and the results obtained
from the use of such information. The users of the rating should rely on their own judgment and may take professional advice while using the rating
in any way. CareEdge Ratings shall not be liable for any losses that user may incur or any financial liability whatsoever to the user of the rating. The
use or access of the rating does not create a client relationship between CareEdge Ratings and the user.
CAREEDGE RATINGS DISCLAIMS WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR OTHER WARRANTIES OR CONDITIONS, TO THE EXTENT
PERMITTED BY APPLICABLE LAWS, INCLUDING WARRANTIES OF MERCHANTABILITY, ACCURACY, COMPLETENESS, ERROR-FREE, NON-
INFRINGEMENT, NON-INTERRUPTION, SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR PURPOSE OR INTENDED USAGE.
Most entities whose bank facilities/instruments are rated by CareEdge Ratings have paid a credit rating fee, based on the amount and type of bank
facilities/instruments. CareEdge Ratings or its subsidiaries/associates may also be involved with other commercial transactions with the entity.
CareEdge Ratings does not act as a fiduciary by providing the rating. The ratings are intended for use only within the jurisdiction of India. The ratings
of CareEdge Ratings do not factor in any rating-related trigger clauses as per the terms of the facilities/instruments, which may involve acceleration
of payments in case of rating downgrades. However, if any such clauses are introduced and triggered, the ratings may see volatility and sharp
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website.
Privacy Policy applies. For Privacy Policy please refer to https://www.careratings.com/privacy_policy
© 2025, CARE Ratings Limited. All Rights Reserved.
This content is being published for the purpose of dissemination of information. Any use or reference to the contents herein on an “as-is” basis is
permitted with due acknowledgement to CARE Ratings. Reproduction or retransmission in whole or in part is prohibited except with prior written
consent from CARE Ratings.A - 27
Greater Chennai Corporation
December 17, 2025
Facilities/Instruments Amount (₹ crore) Rating1 Rating Action
Bonds 205.59 Provisional CARE AA+; Stable Assigned
Details of instruments/facilities in Annexure-1.
Rating in the absence of pending steps/ documents CARE AA-
Rationale and key rating drivers
The rating assigned to proposed bonds of Greater Chennai Corporation (GCC) factors in the Trustee-administered structured
payment mechanism (SPM) proposed through creation of an escrow account of all property tax collections from Zone 3 and Zone
9, with priority to service proposed bonds ahead of other debt, and stipulated reserves in the form of debt service reserve account
(DSRA), interest payment account (IPA) and sinking fund account (SFA). The rating also takes comfort from upfront creation of
a fixed deposit amounting to 7.5% of the issue size, ₹15.42 crore (covering ~40% of annual coupon and sinking fund transfer),
which can be used to replenish shortfall in the IPA/SFA. This upfront FD will be lien-marked and kept as collateral for the
bondholders to service bonds during the tenor.
GCC has proposed borrowing in the form of bond issuance, and comfort is derived from the 2x coverage stipulated in the SPM
and GCC’s cashflows comfortably covering it.
The rating factors in GCC’s importance to Tamil Nadu with the entity being largest municipal corporation in the state. Chennai is
the capital of Tamil Nadu and is a major economic hub with strong presence across manufacturing, IT-ITeS, automotive,
electronics, and port-led industries, making it strategically important for the state’s economy. GCC exhibits strong economic base
and growth prospects with large scale industrialisation and strategic importance to State. Its importance is reflected in the timely
receipt of revenue and capital grants from the Government of Tamil Nadu (GoTN).
The rating also considers GCC’s satisfactory service delivery track record and financial profile with consistent growth in revenue
receipts (RR) and a sustained revenue surplus (RS) with RS/RR at average of ~13% in the last three years. Driven by higher
property tax revenue, GCC’s revenue receipts grew from ₹3,298 crore in FY21 (FY refers to April 01 to March 31) to ₹4,432 crore
in FY25. The corporation also has exhibited high own revenue share (~64%) and strong collection efficiency at ~90% based on
current demand and collection.
However, the rating strengths are tempered by GCC’s limited autonomy in levying taxes and its dependence on state government
grants for capital expenditure. The corporation experienced financial volatility, with a revenue deficit recorded in FY22 considering
reduction in receipt of grants due to COVID Pandemic. GCC has been reporting surplus since then, and this positive trend is
expected to continue going ahead. The corporation also has debt outstanding of Rs1,634 crore as on March 31, 2025, with
debt/RR at 37%.
This rating is provisional and will be confirmed once the company submits following documents to the satisfaction of CARE Ratings
Limited (CareEdge Ratings):
a. Transaction documents including debenture trust deed.
b. Escrow agreement.
c. Final information memorandum.
d. Fixed deposit (FD) statement for upfront FD creation.
Rating sensitivities: Factors likely to lead to rating actions
Positive factors
• Growth in size of the corporation with sustained revenue surplus.
Negative factors
• De-growth in revenue surplus on a sustained basis.
• Non-adherence to the SPM.
1Complete definition of ratings assigned are available at www.careratings.com and other CARE Ratings Limited’s publications.A - 28
• Reduction in property tax coverage for bonds (escrowed property tax/annual debt servicing including sinking fund) below
2x.
• Higher-than-envisaged debt level, impacting the liquidity profile.
Analytical approach: Standalone
Standalone, including trustee-monitored structured payment mechanism involving escrow of property tax revenue with priority
towards debt servicing of bonds, creation of IPA and SPA and DSRA provision for two semi-annual interest payments. There is
also cash collateral in terms of FD for 7.5% of bond issue, to be created upfront.
Outlook: Stable
GCC is expected to maintain a comfortable financial profile with steady growth in revenue receipts, consistent revenue surplus
generation, and a comfortable liquidity position.
Detailed description of key rating drivers:
Key strengths
Trustee-monitored SPM
The bond issuance is backed by a SPM. Under the SPM, the Issuer shall set up separate no-lien escrow account and the funds
lying in account(s) in which the Property Tax from Zone 3 and Zone 9 gets collected and/ or pooled by the Issuer shall be
transferred to the escrow account for debt servicing on a daily basis. Salient features of the SPM include:
i. The funds should be first utilised to fund shortfall in required DSRA amount (in case of utilisation of the DSRA amount),
upfront FD amount (in case of utilisation of the upfront FD amount), Interest payment account and the sinking fund account
per the interest payment and sinking fund.
ii. Thereafter, the funds should be utilised to accumulate the minimum balance in escrow account. The minimum balance to
be maintained in any monthly period, expiring on the Transfer Date shall be the amount to be transferred to the IPA and
SFA on the Transfer Date
iii. IPA - Half-yearly interest amount shall be divided into five equal parts, and each part shall be transferred to IPA every
month for five months. Accordingly, 20% of the half yearly coupon payment (and further interest payable (by whatsoever
name called) per terms of the issuance and shortfall in earlier contribution) shall be transferred to IPA each month:
o for the 1st half-year, from the 1st to the 5th month.
o for the 2nd half-year, from the 6th to the 10th month.
iv. SFA - Total issue size of debentures (₹205.59 crore) divided into 10 equal parts of ₹20.559 crore, each shall be transferred
SFA in each of the 1st to 10th year. Each annual transfer of ₹20.559 crore shall be subdivided into ten equal sub-parts of
₹2.0559 crore, which shall be transferred to the SFA every month for the first 10 months of each year. Accordingly, 10%
of the total issue size shall be transferred annually over 10 years, of which 1% of the issue size each month for first 10
months. In the event of shortfall in funds available in the escrow account to complete these transfers, the Issuer shall
make good the deficit by transferring funds from other account(s) of the Issuer.
v. The surplus funds, after first accumulating the minimum balance can thereafter be transferred to the general fund
account(s), after a one-time written instruction providing for such transfer is given by the Debenture Trustee for such
monthly period.
Total amounts collected in the escrow account in a financial year shall be at least 2x the annual payments amount (coupon +
principal amount to be deposited in the sinking fund+ principal repayment amount (in relation to further borrowing where sinking
fund is not created).
The Debenture Trustee (on behalf of bondholders) shall have First & Exclusive charge over the Upfront FD, IPA (including the
DSRA Amount) and SFA being opened for the Issue, funds lying in each such account and investment(s) made from these
account(s). No amount can be withdrawn from these account(s) without the approval of Debenture Trustee.
The SPM also stipulates T minus structure (T= bond payment date) for servicing of interest and principal repayment.
Strong economic base
GCC administers Chennai, which is the capital of Tamil Nadu and it is the highest contributor in terms of GDP to the state. Chennai
benefits from its role as the state’s administrative and decision-making hub. Chennai has a diversified economic base comprisingA - 29
automobiles, auto-ancillaries, IT/ITeS, financial services, healthcare, tourism, petrochemicals, textiles, apparel and a rapidly
developing electric-vehicle (EV) ecosystem. The presence of multiple small, medium and large-scale industries supports strong
employment generation and higher income levels within the city. Chennai is also covered under AMRUT, supporting improvements
in urban infrastructure and service delivery. Continued support from the GoTN shall be important from growth perspective.
Satisfactory financial performance
The corporation reported a CAGR of 7% in the revenue receipts in FY21-FY25 (from ₹3,298 crore in FY21 to ₹4,432 crore in
FY25). The corporation derives a significant share of revenue from its own sources, which accounted for 64% of the overall
revenue receipts in FY25 compared to 54% in FY24. This averaged 58% in the last five years. Own revenue mainly comprises tax
revenue of ₹2,439 crore (86%), service fees and charges of ₹328 crore (11%) and other income of ₹88 crore (3%).
The corporation reported revenue surplus in FY21-FY25 except in FY22, when it reported a revenue deficit mainly due to reduced
revenue grants from government considering the COVID pandemic. Contributions from State and Central Governments were
lower in FY22. While Central Finance Commission (CFC) grants declined from ₹518 crore in FY21 to ₹181 crore, Contributions
from Government fell from ₹357 crore in FY21 to ₹239 crore in FY22, as the government focused on COVID-related issues. Post-
FY22, the corporation has been reporting surplus supported by higher tax revenue and improved collection efficiency. In FY25,
the corporation reported a surplus of ₹313 crore (₹328 crore in FY24).
Property tax collection efficiency stood at ~83% (including arrears) in FY25, while collection efficiency on current demand was
92% in FY25. The corporation has undertaken measures to improve property tax collection, such as data mapping, drone surveys,
GIS mapping and offering discounts for early payments.
Satisfactory operational track record
GCC achieved satisfactory performance on the service level benchmarks, though there remains scope for improvement in certain
areas. Solid waste management coverage is healthy at ~97%. While GCC’s own sewerage coverage is ~76%, the existing sewer
network within the municipal limits is relatively lower at ~59% because sewerage functions are largely handled by its sister
agency, the Chennai Metropolitan Water Supply and Sewerage Board (CMWSSB). Under AMRUT, GCC is undertaking several
projects to strengthen the service level benchmarks within its purview, with water supply coverage under GCC’s responsibilities
currently at a healthy ~86% and expected to improve further.
Key weaknesses
Relatively high debt levels
GCC has a total debt outstanding of ₹1,966 crore as of September 30, 2025. Loans availed by the corporation were for
infrastructural projects taken up by the corporation. External borrowings from GCC includes loans from Tamil Nadu Urban Finance
and Infrastructure Development Corporation (TUFIDCO), Tamil Nadu Urban Infrastructure Financials Services Limited (TNUIFSL),
and GoTN. In May 2025, the corporation raised municipal bonds of ₹200 crore as part of project cost requirements for the storm
water drainage project. The corporation has proposed second bond issuance of ₹205.59 crore for the biomining project at
Kodungaiyur Dumping ground. Despite rising debt level, debt coverage metrics have been complemented by revenue growth over
the years. Its continuance shall be important from a credit perspective.
Limited autonomy in levying taxes and dependence on state government for capex
GCC has limited autonomy in levying and revising taxes, as major fiscal decisions are governed by the policy framework of the
Government of Tamil Nadu (GoTN). The Corporation’s power to introduce new taxes or revision of the existing rates, such as
property tax or user charges, is subject to state-level approvals and guidelines. This restricts GCC’s flexibility in augmenting its
revenue base in response to rising expenditure needs or inflationary pressures. State government grant dependence has been
high for financing corporation’s capex.
Liquidity: Strong
GCC’s liquidity position is comfortable, supported by a revenue surplus and cash balances of ₹1,113 crore as on March 31, 2025,
against loan repayments of ₹182 crore due in FY26. Repayment of the proposed bond will commence from the fourth year of the
deemed date of allotment, providing near-term flexibility. GCC is expected to maintain a DSRA and an Upfront FD in the form of
fixed deposits for the proposed bonds, further strengthening liquidity. CareEdge Ratings expects GCC’s liquidity profile to remain
comfortable in the medium term, aided by structured payment mechanisms and stable revenue receipts.A - 30
Assumptions/Covenants
• DSRA of two semi-annual coupon payments have to be maintained.
• Total tax amounts collected in the escrow account in any financial year will be at least 2x the amount of the annual payments
(coupon + principal amount).
• Interest payment and principal repayment mechanism
• Upfront FD for 7.5% of bond issue size
Date Event Measure if a shortfall occurs
Interest Payment Account
T-25 Trustees will check the amount in the Intimate GCC to make good for the shortfall in the interest payment
interest payment account. account 15 days before the coupon payment date.
T-14 Trustees shall re-check the amount in Trustees will trigger the payment mechanism, and the bank will be
interest payment account instructed to utilise the Upfront FD amount to the extent of shortfall
in the amount required to make the coupon payment prior to 10
days before the coupon payment date.
T-9 Trustees shall re-check the amount in Trustees will trigger the payment mechanism, and the bank will be
interest payment account instructed to transfer the shortfall amount from DSRA to the
interest payment account eight days before the coupon payment
date (T-8)
GCC shall make good the DSRA Amount Shortfall within next 15
(Fifteen) days (T+8).
T GCC shall pay the interest on the due date. -
Sinking Fund Account
T-45 Trustees shall check credit in the sinking Intimate GCC of the shortfall and GCC shall make good the shortfall
fund account before the date falling 15 days before the end of each 12-month
block (T-15 days).
T-14 Trustee shall trigger the payment The Escrow banker is issued notice for blocking the collection of
mechanism and issue notice to the issuer funds being received in escrow account till such time the shortfall
is not met.
In case of shortfall, the trustee shall trigger the payment
mechanism and shall instruct the Escrow Bank to utilise the Upfront
FD Amount to the extent of the shortfall on or prior to the date
falling 10 (ten) days prior to the end of each 12 Month Block (T-10
days)*.
T-9 Trustees shall re-check the amount in If the shortfall continues to persist at 9 (nine) days before the end
sinking fund account of each 12-month block (T-9 days), the Trustee shall issue a final
notice to the Issuer. Upon receipt of such notice, the Issuer shall
fund the shortfall in the Sinking Fund Account before the end of
the 12-month block.
T GCC shall pay the redemption amount on -
the due date.
*In the event of utilisation from the FD Amount, the Debenture Trustee would issue a notice in writing to the Issuer to replenish the same
within 90 days from the date of utilisation. This arrangement shall continue till the bonds are paid in full to the Bond holders.
Environment, social, and governance (ESG) risks: Not applicable
Applicable criteria
Definition of Default
Liquidity Analysis of Non-financial sector entities
Rating Outlook and Rating Watch
Urban Infrastructure Projects
Assignment of Provisional Rating
Validity of provisional rating:
Provisional rating shall be converted into a final rating after receipt of transaction documents duly executed/ completion of
mentioned steps within 90 days from the instrument’s date of issuance. An extension of 90 days may be granted on a case-to-
case basis in line with CareEdge Ratings’ Policy on Assignment of Provisional Ratings.A - 31
Risks associated with provisional nature of credit rating:
When a rating is assigned pending execution of certain critical documents or steps to be taken, it is a ‘Provisional’ rating indicated
by prefixing ‘Provisional’ before the rating symbol. On execution of critical documents to the satisfaction of CareEdge Ratings, the
final rating is assigned. In absence of documents/ completion of steps or where such documents deviate significantly from those
considered, provisional rating will be reviewed in line with the Policy on Assignment of Provisional Ratings.
About the company and industry
Industry classification
Macroeconomic indicator Sector Industry Basic industry
Services Services Public services Urban local bodies
GCC is the Oldest Municipal Institution in India established on the September 29, 1688, and is governed by Tamil Nadu Urban
Local Bodies Act, 1998 (Amended 2022). GCC (previously Madras), was first established on December 30, 1607, by the East India
Company. The municipal administration properly commenced through the Parliamentary Act, 1792 making provision for the good
order and administration of the city. The Municipal Act has been amended from time to time with major changes in the constitution
and powers of the Corporation. The corporation has 200 divisions divided into 15 zones covering an area equal to ~426 square
kilometres.
Brief Financials (₹ crore) FY24 (A) FY25 (Prov)
Reported revenue receipts 4,470 4,432
Reported revenue surplus^ 1,036 313
Revenue surplus/deficit** 328 313
Revenue surplus/Revenue receipts (%)** 8.71 7.07
Own revenue/Revenue receipts (%) 53.76 64.42
**Adjusted for incremental debtors and excluding depreciation
A: Audited Prov: Provisional; Note: these are latest available financial results
Status of non-cooperation with previous CRA: Brickwork Ratings has placed the rating assigned to bank facilities of GCC
into ISSUER NOT COOPERATING category vide press release dated July 14, 2025, considering its inability to carry out a review
in the absence of requisite information.
Any other information: Not applicable
Rating history for last three years: Annexure-2
Detailed explanation of covenants of rated instrument / facility: Annexure-3
Complexity level of instruments rated: Annexure-4
Lender details: Annexure-5
Annexure-1: Details of instruments/facilities
Name of the Date of Coupon Maturity Size of the Issue Rating Assigned
ISIN
Instrument Issuance Rate (%) Date (₹ crore) and Rating Outlook
Bonds Provisional CARE
- - - -* 205.59
(Proposed) AA+; Stable
*10 years from date of issuance.A - 32
Annexure-2: Rating history for last three years
Current Ratings Rating History
Date(s) Date(s) Date(s) Date(s)
Name of the and and and and
Amount
Sr. No. Instrument/Bank Rating(s) Rating(s) Rating(s) Rating(s)
Type Outstanding Rating
Facilities assigned assigned assigned assigned
(₹ crore)
in 2025- in 2024- in 2023- in 2022-
2026 2025 2024 2023
Provisional
CARE
1 Bonds LT 205.59
AA+;
Stable
LT: Long term
Annexure-3: Detailed explanation of covenants of rated instruments/facilities: Not applicable
Annexure-4: Complexity level of instruments rated
Sr. No. Name of the Instrument Complexity Level
1 Bonds Simple
Annexure-5: Lender details
To view lender-wise details of bank facilities please click here
Note on complexity levels of rated instruments: CareEdge Ratings has classified instruments rated by it based on
complexity. Investors/market intermediaries/regulators or others are welcome to write to care@careedge.in for clarifications.A - 33
Contact us
Media Contact Analytical Contacts
Mradul Mishra
Director Rajashree Murkute
CARE Ratings Limited Senior Director
Phone: +91-22-6754 3596
CARE Ratings Limited
E-mail: mradul.mishra@careedge.in
Phone: +91-22-6837 4474
E-mail: Rajashree.Murkute@careedge.in
Relationship Contact
Saikat Roy Puja Jalan
Senior Director Director
CARE Ratings Limited CARE Ratings Limited
Phone: +91-22-6754 3404 Phone: +91-40-4002 0131
E-mail: saikat.roy@careedge.in E-mail: puja.jalan@careedge.in
Tej Kiran Ghattamaneni
Associate Director
CARE Ratings Limited
Phone: +91-40-4002 0131
E-mail: tej.kiran@careedge.in
About us:
Established in 1993, CareEdge Ratings is one of the leading credit rating agencies in India. Registered under the Securities and
Exchange Board of India, it has been acknowledged as an External Credit Assessment Institution by the Reserve Bank of India.
With an equitable position in the Indian capital market, CareEdge Ratings provides a wide array of credit rating services that help
corporates raise capital and enable investors to make informed decisions. With an established track record of rating companies
over almost three decades, CareEdge Ratings follows a robust and transparent rating process that leverages its domain and
analytical expertise, backed by the methodologies congruent with the international best practices. CareEdge Ratings has played
a pivotal role in developing bank debt and capital market instruments, including commercial papers, corporate bonds and
debentures, and structured credit. For more information: www.careratings.com
Disclaimer:
This disclaimer pertains to the ratings issued and content published by CARE Ratings Limited (“CareEdge Ratings”). Ratings are opinions on the likelihood of timely
payment of the obligations under the rated instrument and are not recommendations to sanction, renew, disburse, or recall the concerned bank facilities or to buy,
sell, or hold any security. Any opinions expressed herein are in good faith and are subject to change without notice. The rating reflects the opinions as on the date of
the rating. A rating does not convey suitability or price for the investor. The rating agency does not conduct an audit on the rated entity or an independent verification
of any information it receives and/or relies on for the rating exercise. CareEdge Ratings has based its ratings/outlook on the information obtained from reliable and
credible sources. CareEdge Ratings does not, however, guarantee the accuracy, adequacy, or completeness of any information and is not responsible for any errors
or omissions and the results obtained from the use of such information. The users of the rating should rely on their own judgment and may take professional advice
while using the rating in any way. CareEdge Ratings shall not be liable for any losses that user may incur or any financial liability whatsoever to the user of the rating.
The use or access of the rating does not create a client relationship between CareEdge Ratings and the user.
CAREEDGE RATINGS DISCLAIMS WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR OTHER WARRANTIES OR CONDITIONS, TO THE EXTENT PERMITTED BY
APPLICABLE LAWS, INCLUDING WARRANTIES OF MERCHANTABILITY, ACCURACY, COMPLETENESS, ERROR-FREE, NON-INFRINGEMENT, NON-INTERRUPTION,
SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR PURPOSE OR INTENDED USAGE.
Most entities whose bank facilities/instruments are rated by CareEdge Ratings have paid a credit rating fee, based on the amount and type of bank facilities/instruments.
CareEdge Ratings or its subsidiaries/associates may also be involved with other commercial transactions with the entity. CareEdge Ratings does not act as a fiduciary
by providing the rating. The ratings are intended for use only within the jurisdiction of India. The ratings of CareEdge Ratings do not factor in any rating-related trigger
clauses as per the terms of the facilities/instruments, which may involve acceleration of payments in case of rating downgrades. However, if any such clauses are
introduced and triggered, the ratings may see volatility and sharp downgrades. CareEdge Ratings has established policies and procedures as required under applicable
laws and regulations which are available on its website.
Privacy Policy applies. For Privacy Policy please refer to https://www.careratings.com/privacy_policy
© 2025, CARE Ratings Limited. All Rights Reserved.
This content is being published for the purpose of dissemination of information. Any use or reference to the contents herein on an “as-is” basis is permitted with due
acknowledgement to CARE Ratings. Reproduction or retransmission in whole or in part is prohibited except with prior written consent from CARE Ratings.
For detailed Rating Report and subscription information,
please visit www.careratings.comA - 34
ANNEXURE - III
Resolutions and ApprovalsA - 35A - 36A - 37A - 38A - 39A - 40A - 41A - 42A - 43A - 44A - 45A - 46A - 47A - 48A - 49A - 50A - 51A - 52A - 53
ANNEXURE - IV
Debenture Trustee Consent
LetterA - 54
BTL/BT/25-26/20483
Date: 17th December, 2025
Greater Chennai Corporation,
Ripon Building,s
Poonamallee High Road,
Chennai-600 003
AND
A.K Capital Services Limited,
Unit No. 603, 6th floor, Windsor,
Off CST Road, Kalina, Santacruz- (East),
Mumbai- 400098
(A.K Capital Services Limited referred to as the “Merchant Bankers”)
Dear Sir/ Madam,
Sub: Proposed issue by Greater Chennai Corporation (“Corporation”/ “Issuer”/ “GCC”) of 2,937 (Two Thousand
Nine Hundred and Thirty-Seven) rated, listed, taxable, unsecured, redeemable, non-convertible green
municipal bonds in the nature of debentures of face value of ₹ 7,00,000/- (Rupees Seven Lakhs Only) (“Green
Bonds”/ “NCDs”/ “Debentures”) comprising of 7 (Seven) Separately Transferable And Redeemable Principal
Parts (“STRPPs”) of face value of Rs. 1,00,000/- each namely STRPP A, STRPP B, STRPP C, STRPP D, STRPP
E, STRPP F and STRPP G) for cash, for the base issue size of ₹ 100.03 crores (Rupees One Hundred Crores
and Three Lakhs Only) (“Base Issue Size”) with green shoe option of up to ₹ 105.56 crores (Rupees One Hundred
and Five Crores and Fifty-Six Lakhs Only) (“Green Shoe Option”) for an amount aggregating up to ₹205.59
Crores (Rupees Two Hundred and Five Crores and Fifty-Nine Lakhs Only) (“Issue”) under Securities And
Exchange Board Of India (Issue And Listing Of Municipal Debt Securities) Regulations, 2015, as amended from
time to time.
1. We, the undersigned, do hereby consent to act as the Debenture Trustee to the Issue and to our name being inserted as
the Debenture Trustee to the Issue in the Preliminary Placement Memorandum and in the Placement Memorandum
(“Offer Document”)(whether as a draft or otherwise) to be filed with the Securities and Exchange Board of India
(“SEBI”) and the National Stock Exchange of India Limited where the Bonds are proposed to be listed (“NSE” /
“Stock Exchange”) and also in all related communications sent pursuant to the Issue. Also, the consent letter is subject
to execution of the Debenture Trustee Agreement as per Regulations 13 of SEBI (Debenture Trustee) Regulations,
1993.
The following details with respect to us may be disclosed:
Logo:
Name: Beacon Trusteeship Limited
5W, 5th Floor, The Metropolitan, E-Block, Bandra Kurla Complex, Bandra (E), Mumbai-
Address:
400051
Telephone: 022-46060278
Fax: -
Email: compliance@beacontrustee.co.in
Investor Grievance
investorgrievances@beacontrustee.co.in
Email:
Website: https://beacontrustee.co.in/
BEACON TRUSTEESHIP LTD.
Regd & Corporate Office : 5W, 5th Floor, The Metropolitan, E-Block, Bandra Kurla Complex, Bandra (E), Mumbai-400051
CIN: L74999MH2015PLC271288
Phone : 022-46060278| Email : contact@beacontrustee.co.in | Website : www.beacontrustee.co.inA - 55
Contact Person: Mr. Ritobrata Mitra
Compliance Officer: Mr. Ritobrata Mitra
Tel. (Compliance Officer) 022-46060278
Email (Compliance Officer): compliance@beacontrustee.co.in
SEBI Registration
IND000000569
No.:
CIN: L74999MH2015PLC271288
BEACON TRUSTEESHIP LTD.
Regd & Corporate Office : 5W, 5th Floor, The Metropolitan, E-Block, Bandra Kurla Complex, Bandra (E), Mumbai-400051
CIN: L74999MH2015PLC271288
Phone : 022-46060278| Email : contact@beacontrustee.co.in | Website : www.beacontrustee.co.inA - 56
2. We confirm that we are registered with the SEBI and that such registration is valid as on the date of this letter. We
enclose a copy of our registration certificate is attached as Annexure A and a declaration regarding our registration
with SEBI in the required format is annexed as Annexure B hereto.
3. We also confirm that we have not been prohibited by SEBI or any other regulatory authority to act as an intermediary
including, without limitation, in capital market issues, nor we have been debarred by any regulatory authority / court or
tribunal. We hereby authorise you/ your representatives to deliver this letter of consent and make disclosures in
relation to the same to Stock Exchange, SEBI or any other statutory/regulatory authority, if required by such authority
pursuant to the provisions of applicable laws, and to share, as necessary, with the advisors and intermediaries duly
appointed in this regard for their reliance, in respect of the Issue and authorize them to deliver this letter of consent and
make disclosures in relation to the same to Stock Exchange, SEBI or any other statutory/regulatory authority, if
required by such authority pursuant to the provisions of applicable laws
4. We hereby confirm that there are no disciplinary actions similar to any enforcement action/ adjudication taken by
SEBI or any regulatory authority against us except as disclosed in Annexure C, from the time of our registration. We
further confirm that no enquiry/investigation is presently being conducted by SEBI on us.
5. We also agree to keep strictly confidential, until such time as the proposed transaction is publicly announced by the
Issuer in the form of a press release, (i) the nature and scope of this transaction; and (ii) our knowledge of the proposed
transaction of the Issuer.
6. We also confirm that we are not an associate of the Issuer in terms of the Securities and Exchange Board of India
(Debenture Trustees) Regulations, 1993, as amended.
7. We confirm that the information in relation to us in this letter together with the annexures is true, correct and complete
in all respects and may be disclosed in the issue related documents/ materials/ communication.
8. We undertake that we shall immediately intimate the Issuer and Merchant Banker to the Issue of any changes in the
aforementioned details until the listing and trading of the NCDs on the Stock Exchange. In absence of any such
communication from us, the above information should be taken as updated information until the listing and trading of
NCD on the Stock Exchange.
9. This letter may be relied upon by the Issuer and the merchant bankers and the legal advisors to the Issue.
Sincerely,
For Beacon Trusteeship Limited
Bhagyashree Korpade
Relationship Manager
Authorised Signatory
CC:
Legal Advisor to the Issue
MV Kini, Law Firm,
Kini House,
6/39 Jangpura-B
New Delhi 110 014
BEACON TRUSTEESHIP LTD.
Regd & Corporate Office : 5W, 5th Floor, The Metropolitan, E-Block, Bandra Kurla Complex, Bandra (E), Mumbai-400051
CIN: L74999MH2015PLC271288
Phone : 022-46060278| Email : contact@beacontrustee.co.in | Website : www.beacontrustee.co.inA - 57
Annexure A
BEACON TRUSTEESHIP LTD.
Regd & Corporate Office : 5W, 5th Floor, The Metropolitan, E-Block, Bandra Kurla Complex, Bandra (E), Mumbai-400051
CIN: L74999MH2015PLC271288
Phone : 022-46060278| Email : contact@beacontrustee.co.in | Website : www.beacontrustee.co.inA - 58
Annexure B
BTL/BT/25-26/20483
Date: 17th December, 2025
Greater Chennai Corporation,
Ripon Building,
Poonamallee High Road,
Chennai-600 003
AND
A.K Capital Services Limited,
Unit No. 603, 6th floor, Windsor,
Off CST Road, Kalina, Santacruz- (East),
Mumbai- 400098
(A.K Capital Services Limited referred to as the “Merchant Bankers”)
Dear Ma’am/Sir,
Subject: Proposed issue by Greater Chennai Corporation (“Corporation”/ “Issuer”/ “GCC”) of 2,937 (Two
Thousand Nine Hundred and Thirty-Seven) rated, listed, taxable, unsecured, redeemable, non-convertible green
municipal bonds in the nature of debentures of face value of ₹ 7,00,000/- (Rupees Seven Lakhs Only) (“Green
Bonds”/ “NCDs”/ “Debentures”) comprising of 7 (Seven) Separately Transferable And Redeemable Principal Parts
(“STRPPs”) of face value of Rs. 1,00,000/- each namely STRPP A, STRPP B, STRPP C, STRPP D, STRPP E, STRPP
F and STRPP G) for cash, for the base issue size of ₹ 100.03 crores (Rupees One Hundred Crores and Three Lakhs
Only) (“Base Issue Size”) with green shoe option of up to ₹ 105.56 crores (Rupees One Hundred and Five Crores
and Fifty-Six Lakhs Only) (“Green Shoe Option”) for an amount aggregating up to ₹205.59 Crores (Rupees Two
Hundred and Five Crores and Fifty-Nine Lakhs Only) (“Issue”) under Securities And Exchange Board Of India
(Issue And Listing Of Municipal Debt Securities) Regulations, 2015, as amended from time to time.
1. We refer to our consent letter dated 17th December, 2025 bearing reference number: BTL/BT/25-26/20483, the following
details in relation to our registration with the Securities and Exchange Board of India (“SEBI”) as a Debenture Trustee
are true and correct:
1. Registration Number IND000000569
2. Date of Registration/Renewal of Registration 12th September 2024
Permanent
3. Date of expiry of registration
Certificate
4. If applied for renewal, date of application NA
Any communication from SEBI prohibiting the entity from acting as an
5. Nil
intermediary
6. Any enquiry/investigation being conducted by SEBI As disclosed in Annexure C
7. Details of any penalty imposed by SEBI As disclosed in Annexure C
BEACON TRUSTEESHIP LTD.
Regd & Corporate Office : 5W, 5th Floor, The Metropolitan, E-Block, Bandra Kurla Complex, Bandra (E), Mumbai-400051
CIN: L74999MH2015PLC271288
Phone : 022-46060278| Email : contact@beacontrustee.co.in | Website : www.beacontrustee.co.inA - 59
2. We shall immediately intimate the Issuer and the Merchant Bankers for the Issue of any changes, additions or deletions in
respect of the matters covered in this certificate till the date when the securities of the Issuer, offered, issued and allotted
pursuant to the Issue, are traded on the relevant stock exchange, where the NCDs are proposed to be listed (“Stock
Exchange”). In the absence of any such communication from us, the above information should be taken as updated
information until the listing and trading of the Bonds on the Stock Exchange.
Sincerely,
For Beacon Trusteeship Limited
Bhagyashree Korpade
Relationship Manager
Authorised Signatory
CC:
Legal Advisor to the Issue
MV Kini, Law Firm,
Kini House,
6/39 Jangpura-B
New Delhi 110 014
BEACON TRUSTEESHIP LTD.
Regd & Corporate Office : 5W, 5th Floor, The Metropolitan, E-Block, Bandra Kurla Complex, Bandra (E), Mumbai-400051
CIN: L74999MH2015PLC271288
Phone : 022-46060278| Email : contact@beacontrustee.co.in | Website : www.beacontrustee.co.inA - 60
Annexure C
I. Any disciplinary action taken by SEBI or any other regulatory authority (including overseas regulators, if any):
Regulator Securities Exchange Board of India (SEBI)
Order No. Order/AN/RG/2023-24/30183
& Date Dated: March 27, 2024
Findings Violation with respect to Reg. 59 of SEBI LODR Regulations and Reg. 15(r) & (s), 16 of
SEBI Debenture Trustee Regulations.
Penalty INR 3,00,000/-
Current The order was passed on March 27, 2024. We have paid the applicable penalty under protest
Status on May 10, 2024.
Regulator Securities Exchange Board of India (SEBI)
Order No. Order/BM/RK/2024-25/31013-31014
& Date Dated: November 28, 2024
Findings Violation of Clause 3 (b) of Schedule IV of the AIF Regulations regarding the Code of
Conduct for the trustee of the Regulations and Clause 13.2.2 (ii) of Master Circular dated
July 31, 2023, read with Regulation 20(1) and Regulation 20(2) of AIF Regulations.
Penalty INR 5,00,000/-
Current The order was passed on November 28, 2024. The Company has filed an appeal vide
Status Appeal no. 0036/2025 on January 10, 2025 under section 15T of SEBI Act, 1992, against
the said Order before the Hon’ble Securities Appellate Tribunal (“SAT”). The Appeal has
been admitted by Hon’ble SAT and is pending for decision.
II. For Ongoing proceedings:
NIL
III. Operational actions such as advisory letter / administrative warning / deficiency letter.
The Trustee, in its capacity as a debenture trustee, has received communications dated October 24, 2019, May 31, 2022,
September 5, 2022, September 8, 2023, October 26, 2023, September 2, 2024, & November 14, 2024, from SEBI in the nature
of advisory letter, administrative warning and / or deficiency letter. The company has taken the necessary corrective actions to
remedy the said deficiencies / non-compliances and reported the same to SEBI from time to time.
Notes:
The Trustee has no other litigation against or for in its beneficiary capacity. However, the Trustee is acting in a fiduciary capacity as
trustee to various transactions where the Trustee is representing/defending the interest of the claimant/beneficiary. Hence, in these
matters, there is no direct claim or liability as such on the Trustee and accordingly not disclosed.
Sincerely,
For Beacon Trusteeship Limited
Bhagyashree Korpade
Relationship Manager
Authorised Signatory
BEACON TRUSTEESHIP LTD.
Regd & Corporate Office : 5W, 5th Floor, The Metropolitan, E-Block, Bandra Kurla Complex, Bandra (E), Mumbai-400051
CIN: L74999MH2015PLC271288
Phone : 022-46060278| Email : contact@beacontrustee.co.in | Website : www.beacontrustee.co.inA - 61
CC:s
Legal Advisor to the Issue
MV Kini, Law Firm,
Kini House,
6/39 Jangpura-B
New Delhi 110 014
BEACON TRUSTEESHIP LTD.
Regd & Corporate Office : 5W, 5th Floor, The Metropolitan, E-Block, Bandra Kurla Complex, Bandra (E), Mumbai-400051
CIN: L74999MH2015PLC271288
Phone : 022-46060278| Email : contact@beacontrustee.co.in | Website : www.beacontrustee.co.inA - 62
ANNEXURE – V
Audit ReportA - 63A - 64A - 65A - 66A - 67A - 68A - 69A - 70A - 71A - 72A - 73A - 74A - 75A - 76A - 77A - 78A - 79A - 80A - 81A - 82A - 83A - 84A - 85A - 86A - 87A - 88A - 89A - 90A - 91A - 92A - 93A - 94A - 95A - 96A - 97A - 98A - 99A - 100A - 101A - 102A - 103A - 104A - 105A - 106A - 107A - 108A - 109A - 110A - 111A - 112A - 113A - 114A - 115A - 116A - 117A - 118A - 119A - 120A - 121A - 122A - 123A - 124A - 125A - 126A - 127A - 128A - 129A - 130A - 131A - 132A - 133A - 134A - 135A - 136A - 137A - 138A - 139A - 140A - 141A - 142A - 143A - 144A - 145A - 146A - 147A - 148A - 149A - 150A - 151A - 152A - 153A - 154A - 155A - 156A - 157A - 158A - 159A - 160A - 161A - 162A - 163A - 164A - 165A - 166A - 167A - 168A - 169A - 170A - 171A - 172A - 173A - 174A - 175A - 176A - 177A - 178A - 179A - 180A - 181A - 182A - 183A - 184A - 185A - 186A - 187A - 188A - 189A - 190A - 191A - 192A - 193A - 194A - 195A - 196A - 197A - 198A - 199A - 200A - 201A - 202A - 203A - 204A - 205A - 206A - 207A - 208A - 209A - 210A - 211A - 212A - 213A - 214A - 215A - 216A - 217A - 218A - 219A - 220A - 221A - 222A - 223A - 224A - 225A - 226A - 227A - 228A - 229A - 230A - 231A - 232A - 233A - 234A - 235A - 236A - 237A - 238A - 239A - 240A - 241A - 242A - 243A - 244A - 245A - 246A - 247A - 248A - 249A - 250A - 251A - 252A - 253A - 254A - 255A - 256A - 257A - 258A - 259A - 260A - 261A - 262A - 263A - 264A - 265A - 266A - 267A - 268A - 269A - 270A - 271A - 272A - 273A - 274A - 275A - 276A - 277A - 278A - 279A - 280A - 281A - 282A - 283A - 284A - 285A - 286A - 287A - 288A - 289A - 290A - 291A - 292A - 293A - 294A - 295A - 296A - 297A - 298A - 299A - 300A - 301A - 302A - 303A - 304A - 305A - 306A - 307A - 308A - 309A - 310A - 311A - 312A - 313A - 314A - 315A - 316A - 317A - 318A - 319A - 320A - 321A - 322A - 323A - 324A - 325
ANNEXURE – VI
Illustration of Bond
Cash FlowA - 326
[●]A - 327
ANNEXURE - VII
Budget DocumentsA - 328
(cid:1837)(cid:1832)(cid:8107)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:8107)(cid:8119)(cid:3)(cid:1826)(cid:1842)(cid:8117)(cid:1824)(cid:8123)(cid:3)(cid:16)(cid:3)(cid:1819)(cid:8118)(cid:1847)(cid:1825)(cid:1841)(cid:8117)(cid:1824)(cid:8123)
BUDGET AT A GLANCE
(cid:1837)(cid:1841)(cid:1842)(cid:1848)(cid:1821) (cid:1819)(cid:1825)(cid:8112)(cid:8065)(cid:3)(cid:1826)(cid:1848)(cid:1834)(cid:8122)(cid:8087) (cid:1819)(cid:1825)(cid:8112)(cid:8065)(cid:1819)(cid:8128) (cid:1837)(cid:1832)(cid:8107)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:8107) (cid:1826)(cid:1842)(cid:8094)(cid:8119)(cid:1826)(cid:1842)(cid:1831)(cid:3)(cid:1826)(cid:1842)(cid:8117)(cid:1824) (cid:1837)(cid:1832)(cid:8107)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:8107)
(cid:1813)(cid:8118) Account Head (cid:1826)(cid:1842)(cid:8117)(cid:1824)(cid:3)(cid:1830)(cid:1826)(cid:1842)(cid:8122)(cid:8086)(cid:8076) (cid:1830)(cid:1826)(cid:1842)(cid:8122)(cid:8086)(cid:8076) (cid:1826)(cid:1842)(cid:8117)(cid:1824)(cid:3)(cid:1830)(cid:1826)(cid:1842)(cid:8122)(cid:8086)(cid:8076)
Sl.No. Actuals Budget Estimate Revised Estimate Budget Estimate
2020-2021 2021-2022 2021-2022 2022-2023
(cid:11)(cid:8095)(cid:1829)(cid:1841)(cid:8124)(cid:3)(cid:1847)(cid:1819)(cid:1841)(cid:8074)(cid:1831)(cid:1842)(cid:8127)(cid:12)
(Rs. in Crore)
(cid:8089)(cid:8121)(cid:3)(cid:1809)(cid:8094)(cid:8122)(cid:8087)
OPENING BALANCE 159.19 18.58 991.14 133.80
(cid:1837)(cid:8094)(cid:1837)(cid:1841)(cid:8124)(cid:3)(cid:1819)(cid:1825)(cid:8112)(cid:8065)
REVENUE ACCOUNT
(cid:1837)(cid:1832)(cid:8107)(cid:1819)(cid:8128)
Receipts 3031.84 2935.26 3067.15 2824.77
1
(cid:1846)(cid:1821)(cid:1834)(cid:8107)
Expenditure 3015.98 3481.83 3713.08 3613.35
(cid:3)(cid:1829)(cid:8126)(cid:1833)(cid:1841)(cid:8065)(cid:1848)(cid:1833)
DEFICIT 15.86 -546.57 -645.93 -788.58
(cid:8090)(cid:1834)(cid:1826)(cid:1828)(cid:8112)(cid:3)(cid:1819)(cid:1825)(cid:8112)(cid:8065)
CAPITAL ACCOUNT
(cid:1837)(cid:1832)(cid:8107)(cid:1819)(cid:8128)
Receipts 1878.73 2084.00 1173.21 2528.80
2
(cid:1846)(cid:1821)(cid:1834)(cid:8107)
Expenditure 1247.09 2438.21 1653.23 2510.24
(cid:1830)(cid:1842)(cid:1848)(cid:1819)(cid:3)(cid:18)(cid:3)(cid:3)(cid:1829)(cid:8126)(cid:1833)(cid:1841)(cid:8065)(cid:1848)(cid:1833)
SURPLUS / DEFICIT 631.64 -354.21 -480.02 18.56
(cid:1827)(cid:1842)(cid:1819)(cid:1832)(cid:3)(cid:1830)(cid:1842)(cid:1848)(cid:1819)(cid:3)(cid:18)(cid:3)(cid:1829)(cid:8126)(cid:1833)(cid:1841)(cid:8112)(cid:8065)(cid:1848)(cid:1833)(cid:3)(cid:11)(cid:1837)(cid:8094)(cid:1837)(cid:1841)(cid:8124)(cid:3)(cid:1830)(cid:8126)(cid:8096)(cid:8123)(cid:3)(cid:8090)(cid:1834)(cid:1826)(cid:1828)(cid:8123)(cid:12)
NET SURPLUS / DEFICIT (REVENUE AND CAPITAL) 806.69 -882.20 -134.81 -636.22
(cid:1837)(cid:8094)(cid:1837)(cid:1841)(cid:8124)(cid:3)(cid:8089)(cid:8121)(cid:1829)(cid:1825)(cid:8123)
REVENUE ADVANCES
(cid:1829)(cid:1842)(cid:8074)(cid:8119)(cid:1826)(cid:8113)(cid:1819)(cid:8128)
Recoveries 272.40 220.67 235.40 253.64
3
(cid:1846)(cid:1821)(cid:1834)(cid:1837)(cid:1842)(cid:1828)(cid:8113)(cid:1819)(cid:8128)
Out-Goings 425.75 142.54 181.25 187.55
(cid:1830)(cid:1842)(cid:1848)(cid:1819)
SURPLUS -153.35 78.13 54.15 66.09A - 329
(cid:1837)(cid:1832)(cid:8107)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:8107)(cid:8119)(cid:3)(cid:1826)(cid:1842)(cid:8117)(cid:1824)(cid:8123)(cid:3)(cid:16)(cid:3)(cid:1819)(cid:8118)(cid:1847)(cid:1825)(cid:1841)(cid:8117)(cid:1824)(cid:8123)
BUDGET AT A GLANCE
(cid:1837)(cid:1841)(cid:1842)(cid:1848)(cid:1821) (cid:1819)(cid:1825)(cid:8112)(cid:8065)(cid:3)(cid:1826)(cid:1848)(cid:1834)(cid:8122)(cid:8087) (cid:1819)(cid:1825)(cid:8112)(cid:8065)(cid:1819)(cid:8128) (cid:1837)(cid:1832)(cid:8107)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:8107) (cid:1826)(cid:1842)(cid:8094)(cid:8119)(cid:1826)(cid:1842)(cid:1831)(cid:3)(cid:1826)(cid:1842)(cid:8117)(cid:1824) (cid:1837)(cid:1832)(cid:8107)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:8107)
(cid:1813)(cid:8118) Account Head (cid:1826)(cid:1842)(cid:8117)(cid:1824)(cid:3)(cid:1830)(cid:1826)(cid:1842)(cid:8122)(cid:8086)(cid:8076) (cid:1830)(cid:1826)(cid:1842)(cid:8122)(cid:8086)(cid:8076) (cid:1826)(cid:1842)(cid:8117)(cid:1824)(cid:3)(cid:1830)(cid:1826)(cid:1842)(cid:8122)(cid:8086)(cid:8076)
Sl.No. Actuals Budget Estimate Revised Estimate Budget Estimate
2020-2021 2021-2022 2021-2022 2022-2023
(cid:11)(cid:8095)(cid:1829)(cid:1841)(cid:8124)(cid:3)(cid:1847)(cid:1819)(cid:1841)(cid:8074)(cid:1831)(cid:1842)(cid:8127)(cid:12)
(Rs. in Crore)
(cid:8090)(cid:1834)(cid:1826)(cid:1828)(cid:3)(cid:8089)(cid:8121)(cid:1829)(cid:1825)(cid:8123)
CAPITAL ADVANCES
(cid:1829)(cid:1842)(cid:8074)(cid:8119)(cid:1826)(cid:8113)(cid:1819)(cid:8128)
Recoveries 3.91 8.00 27.50 30.00
4
(cid:1846)(cid:1821)(cid:1834)(cid:1837)(cid:1842)(cid:1828)(cid:8113)(cid:1819)(cid:8128)
Out-Goings 11.02 6.00 191.00 22.00
(cid:1830)(cid:1842)(cid:1848)(cid:1819)(cid:3)(cid:18)(cid:3)(cid:3)(cid:1829)(cid:8126)(cid:1833)(cid:1841)(cid:8065)(cid:1848)(cid:1833)
SURPLUS / DEFICIT -7.11 2.00 -163.50 8.00
(cid:8090)(cid:1834)(cid:1826)(cid:1828)(cid:3)(cid:1848)(cid:1837)(cid:8122)(cid:8087)(cid:8119)(cid:3)(cid:1846)(cid:1826)(cid:1841)(cid:1848)(cid:1819)
CAPITAL DEPOSITS
(cid:1829)(cid:1842)(cid:8074)(cid:8119)(cid:1826)(cid:8113)(cid:1819)(cid:8128)
Recoveries 78.92 95.00 52.50 63.00
5
(cid:1846)(cid:1821)(cid:1834)(cid:1837)(cid:1842)(cid:1828)(cid:8113)(cid:1819)(cid:8128)
Out-Goings 22.99 13.00 21.00 24.00
(cid:1830)(cid:1842)(cid:1848)(cid:1819)
SURPLUS 55.93 82.00 31.50 39.00
(cid:1837)(cid:8094)(cid:1837)(cid:1841)(cid:8124)(cid:3)(cid:1819)(cid:1825)(cid:8112)(cid:8065)(cid:3)(cid:1819)(cid:1824)(cid:8121)(cid:3)
6
REVENUE ACCOUNT BORROWINGS 482.12 550.00 550.00 550.00
(cid:8090)(cid:1834)(cid:1826)(cid:1828)(cid:8112)(cid:3)(cid:1819)(cid:1824)(cid:8121)(cid:3)(cid:1826)(cid:1842)(cid:8094)(cid:8122)(cid:1829)(cid:1842)(cid:3)(cid:1846)(cid:1821)(cid:8100)(cid:8119)(cid:8080)(cid:1826)(cid:8127)
7
LOAN REPAYMENT 193.14 384.55 203.54 390.40
(cid:8089)(cid:8074)(cid:8107)(cid:3)(cid:1809)(cid:8094)(cid:8122)(cid:8087)(cid:3)(cid:16)(cid:3)(cid:1830)(cid:1842)(cid:1848)(cid:1819)(cid:3)(cid:18)(cid:3)(cid:1829)(cid:8126)(cid:1833)(cid:1841)(cid:8112)(cid:8065)(cid:1848)(cid:1833)
CLOSING BALANCE - SURPLUS / DEFICIT 991.14 -554.62 133.80 -363.53A - 330
வ(cid:129)வா(cid:143) கண"# - வர%
REVENUE RECEIPTS
(cid:1837)(cid:1841)(cid:1842)(cid:1848)(cid:1821) (cid:1819)(cid:1825)(cid:8112)(cid:8065)(cid:3)(cid:1826)(cid:1848)(cid:1834)(cid:8122)(cid:8087) (cid:1819)(cid:1825)(cid:8112)(cid:8065)(cid:1819)(cid:8128) (cid:1837)(cid:1832)(cid:8107)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:8107) (cid:1826)(cid:1842)(cid:8094)(cid:8119)(cid:1826)(cid:1842)(cid:1831)(cid:3)(cid:1826)(cid:1842)(cid:8117)(cid:1824) (cid:1837)(cid:1832)(cid:8107)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:8107)
(cid:1813)(cid:8118) Account Head (cid:1826)(cid:1842)(cid:8117)(cid:1824)(cid:3)(cid:1830)(cid:1826)(cid:1842)(cid:8122)(cid:8086)(cid:8076) (cid:1830)(cid:1826)(cid:1842)(cid:8122)(cid:8086)(cid:8076) (cid:1826)(cid:1842)(cid:8117)(cid:1824)(cid:3)(cid:1830)(cid:1826)(cid:1842)(cid:8122)(cid:8086)(cid:8076)
Sl.No. Actuals Budget Estimate Revised Estimate Budget Estimate
2020-2021 2021-2022 2021-2022 2022-2023
(cid:11)(cid:8095)(cid:1829)(cid:1841)(cid:8124)(cid:3)(cid:1847)(cid:1819)(cid:1841)(cid:8074)(cid:1831)(cid:1842)(cid:8127)(cid:12)
(Rs. in Crore)
(cid:1837)(cid:1841)(cid:1842)(cid:3)(cid:1837)(cid:8094)(cid:1837)(cid:1841)(cid:8124)
1
TAX REVENUE 848.33 1142.02 1216.25 1292.10
(cid:1807)(cid:1832)(cid:8070)(cid:3)(cid:1816)(cid:8080)(cid:8112)(cid:8065)(cid:8123)(cid:3)(cid:1837)(cid:8094)(cid:1837)(cid:1841)(cid:8124)(cid:3)(cid:1830)(cid:8126)(cid:8096)(cid:8123)(cid:3)(cid:1810)(cid:8076)(cid:3)(cid:1846)(cid:1821)(cid:8124)(cid:8092)(cid:8123)(cid:3)(cid:1846)(cid:1826)(cid:1841)(cid:1848)(cid:1819)
2
ASSIGNED REVENUES AND COMPENSATIONS 652.58 700.00 660.00 670.00
(cid:1830)(cid:1841)(cid:1827)(cid:1819)(cid:1832)(cid:1841)(cid:8117)(cid:1821)(cid:1842)(cid:3)(cid:1846)(cid:1821)(cid:1841)(cid:8119)(cid:1826)(cid:1842)(cid:8121)(cid:3)(cid:8090)(cid:1834)(cid:8123)(cid:3)(cid:1837)(cid:1841)(cid:1824)(cid:1848)(cid:1819)(cid:3)(cid:1837)(cid:8094)(cid:1837)(cid:1841)(cid:8124)
3
RENTAL INCOME FROM MUNICIPAL PROPERTIE 76.45 114.34 98.35 56.66
(cid:1829)(cid:1831)(cid:8121)(cid:1829)(cid:1841)(cid:8076)(cid:3)(cid:8090)(cid:1834)(cid:8123)(cid:3)(cid:1837)(cid:8094)(cid:1837)(cid:1841)(cid:8124)
4
FEES AND USER CHARGES 264.82 243.42 242.28 269.45
(cid:1837)(cid:1842)(cid:8126)(cid:1829)(cid:1848)(cid:1828)(cid:3)(cid:1830)(cid:8126)(cid:8096)(cid:8123)(cid:3)(cid:1837)(cid:1841)(cid:1824)(cid:1848)(cid:1819)(cid:3)(cid:1819)(cid:8117)(cid:1824)(cid:1825)(cid:8113)(cid:1819)(cid:8128)
5
SALE AND HIRE CHARGES 48.08 55.08 14.01 1.58
(cid:1807)(cid:1832)(cid:8070)(cid:3)(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)(cid:15)(cid:1829)(cid:8113)(cid:1819)(cid:1835)(cid:1842)(cid:8122)(cid:8087)(cid:3)(cid:1830)(cid:8126)(cid:8096)(cid:8123)(cid:3)(cid:1827)(cid:1842)(cid:1826)(cid:1842)(cid:8092)(cid:1826)(cid:1837)(cid:1842)
6
REVENUE GRANTS, CONTRIBUTIONS AND SUBSIDIES 1004.53 522.50 657.22 323.00
(cid:8089)(cid:1826)(cid:8099)(cid:8076)(cid:1819)(cid:1835)(cid:1842)(cid:8098)(cid:8094)(cid:8120)(cid:8080)(cid:3)(cid:1837)(cid:8094)(cid:1837)(cid:1841)(cid:8124)
7
INCOME FROM INVESTMENT 1.44 0.05 0.05 0.05
(cid:1837)(cid:8117)(cid:8074)(cid:3)(cid:1837)(cid:1832)(cid:8107)
8
INTEREST EARNED 11.18 5.24 5.27 5.24
(cid:1829)(cid:1842)(cid:1833)(cid:3)(cid:1837)(cid:8094)(cid:1837)(cid:1841)(cid:8124)
9
OTHER INCOME 124.43 152.61 173.72 206.69
(cid:1846)(cid:1830)(cid:1841)(cid:8119)(cid:1826)(cid:8123)
TOTAL 3031.84 2935.26 3067.15 2824.77A - 331
வ(cid:129)வா(cid:143) கண"# -ெசல%
REVENUE - EXPENDITURE
(cid:1837)(cid:1841)(cid:1842)(cid:1848)(cid:1821) (cid:1819)(cid:1825)(cid:8112)(cid:8065)(cid:3)(cid:1826)(cid:1848)(cid:1834)(cid:8122)(cid:8087) (cid:1819)(cid:1825)(cid:8112)(cid:8065)(cid:1819)(cid:8128) (cid:1837)(cid:1832)(cid:8107)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:8107) (cid:1826)(cid:1842)(cid:8094)(cid:8119)(cid:1826)(cid:1842)(cid:1831)(cid:3)(cid:1826)(cid:1842)(cid:8117)(cid:1824) (cid:1837)(cid:1832)(cid:8107)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:8107)
(cid:1813)(cid:8118) Account Head (cid:1826)(cid:1842)(cid:8117)(cid:1824)(cid:3)(cid:1830)(cid:1826)(cid:1842)(cid:8122)(cid:8086)(cid:8076) (cid:1830)(cid:1826)(cid:1842)(cid:8122)(cid:8086)(cid:8076) (cid:1826)(cid:1842)(cid:8117)(cid:1824)(cid:3)(cid:1830)(cid:1826)(cid:1842)(cid:8122)(cid:8086)(cid:8076)
Sl.No. Actuals Budget Estimate Revised Estimate Budget Estimate
2020-2021 2021-2022 2021-2022 2022-2023
(cid:11)(cid:8095)(cid:1829)(cid:1841)(cid:8124)(cid:3)(cid:1847)(cid:1819)(cid:1841)(cid:8074)(cid:1831)(cid:1842)(cid:8127)(cid:12)
(Rs. in Crore)
(cid:1829)(cid:1825)(cid:1842)(cid:1831)(cid:1841)(cid:1835)(cid:8125)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:1837)(cid:1842)(cid:1828)(cid:8123)
1
ESTABLISHMENT EXPENSES 1346.88 1758.24 1587.98 1836.84
(cid:1807)(cid:8100)(cid:1837)(cid:1834)(cid:1819)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:8107)(cid:1819)(cid:8128)
2
ADMINISTRATIVE EXPENSES 90.19 124.58 65.64 121.30
(cid:1809)(cid:1831)(cid:8112)(cid:8065)(cid:1826)(cid:8127)(cid:3)(cid:1830)(cid:8126)(cid:8096)(cid:8123)(cid:3)(cid:1829)(cid:1832)(cid:1841)(cid:1830)(cid:1841)(cid:1842)(cid:8122)(cid:8087)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:1837)(cid:1842)(cid:1828)(cid:8113)(cid:1819)(cid:8128)
3
OPERATION AND MAINTENANCE EXPENSES 1124.62 1055.94 1391.45 1079.31
(cid:1837)(cid:8117)(cid:8074)(cid:3)(cid:1830)(cid:8126)(cid:8096)(cid:8123)(cid:3)(cid:1809)(cid:1826)(cid:1832)(cid:3)(cid:1827)(cid:1842)(cid:1826)(cid:1842)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:1837)(cid:1842)(cid:1828)(cid:8113)(cid:1819)(cid:8128)
4
INTEREST AND FINANCE CHARGES 152.43 168.50 149.14 148.40
(cid:1826)(cid:1842)(cid:8117)(cid:1824)(cid:8114)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:1837)(cid:1842)(cid:1828)(cid:8113)(cid:1819)(cid:8128)
5
PROGRAMME EXPENSES 2.34 14.32 34.08 14.60
(cid:1814)(cid:1848)(cid:1828)(cid:1831)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:1837)(cid:1842)(cid:1828)(cid:8113)(cid:1819)(cid:8128)
6
MISCELLANEOUS EXPENSES 1.19 1.05 4.54 5.30
(cid:1846)(cid:1826)(cid:1841)(cid:1824)(cid:8112)(cid:1819)(cid:8112)(cid:3)(cid:1819)(cid:8127)(cid:1837)(cid:1842)(cid:3)(cid:1827)(cid:1842)(cid:1826)(cid:1842)(cid:8112)(cid:8065)(cid:3)(cid:1807)(cid:1835)(cid:1842)(cid:8119)(cid:1826)(cid:8127)
7
PAYMENT TO ELEMENTARY EDUCATION FUND 101.30 128.00 155.25 165.60
(cid:8083)(cid:1834)(cid:1819)(cid:3)(cid:1837)(cid:1841)(cid:1842)
8
LIBRARY CESS 11.63 29.20 75.00 80.00
(cid:8090)(cid:1834)(cid:1826)(cid:1828)(cid:3)(cid:1827)(cid:1842)(cid:1826)(cid:1842)(cid:8112)(cid:8065)(cid:3)(cid:1829)(cid:8113)(cid:1819)(cid:1835)(cid:1842)(cid:8122)(cid:8087)
9
CONTRIBUTION TO CAPITAL FUND 185.40 200.00 250.00 160.00
(cid:1847)(cid:1830)(cid:1831)(cid:8125)(cid:3)(cid:1821)(cid:1842)(cid:1833)(cid:8122)(cid:8087)(cid:3)(cid:1847)(cid:1830)(cid:8123)(cid:1829)(cid:1841)(cid:8117)(cid:8076)(cid:3)(cid:1827)(cid:1842)(cid:1826)(cid:1842)(cid:8112)(cid:8065)(cid:3)(cid:1829)(cid:8113)(cid:1819)(cid:1835)(cid:1842)(cid:8122)(cid:8087)
10
CONTRIBUTION TO MAYOR'S SPECIAL DEVELOPMENT FUND 0.00 2.00 0.00 2.00
(cid:1846)(cid:1830)(cid:1841)(cid:8119)(cid:1826)(cid:8123)
TOTAL 3015.98 3481.83 3713.08 3613.35A - 332
-லதன" கண"# -வர%
CAPITAL - RECEIPTS
(cid:1837)(cid:1841)(cid:1842)(cid:1848)(cid:1821) (cid:1819)(cid:1825)(cid:8112)(cid:8065)(cid:3)(cid:1826)(cid:1848)(cid:1834)(cid:8122)(cid:8087) (cid:1819)(cid:1825)(cid:8112)(cid:8065)(cid:1819)(cid:8128) (cid:1837)(cid:1832)(cid:8107)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:8107) (cid:1826)(cid:1842)(cid:8094)(cid:8119)(cid:1826)(cid:1842)(cid:1831)(cid:3)(cid:1826)(cid:1842)(cid:8117)(cid:1824) (cid:1837)(cid:1832)(cid:8107)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:8107)
(cid:1813)(cid:8118) Account Head (cid:1826)(cid:1842)(cid:8117)(cid:1824)(cid:3)(cid:1830)(cid:1826)(cid:1842)(cid:8122)(cid:8086)(cid:8076) (cid:1830)(cid:1826)(cid:1842)(cid:8122)(cid:8086)(cid:8076) (cid:1826)(cid:1842)(cid:8117)(cid:1824)(cid:3)(cid:1830)(cid:1826)(cid:1842)(cid:8122)(cid:8086)(cid:8076)
Sl.No. Actuals Budget Estimate Revised Estimate Budget Estimate
2020-2021 2021-2022 2021-2022 2022-2023
(cid:11)(cid:8095)(cid:1829)(cid:1841)(cid:8124)(cid:3)(cid:1847)(cid:1819)(cid:1841)(cid:8074)(cid:1831)(cid:1842)(cid:8127)(cid:12)
(Rs. in Crore)
மா*ய,
GRANT
(cid:1830)(cid:8119)(cid:1826)(cid:1842)(cid:1831)(cid:3)(cid:1807)(cid:1832)(cid:8070)(cid:3)(cid:16)(cid:3)(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)(cid:3)(cid:16)(cid:3)(cid:1807)(cid:17)(cid:8123)(cid:17)(cid:8094)(cid:17)(cid:8117)(cid:17)
1
Central Government Grant - AMRUT 1.50 0.00 0.00 0.00
(cid:1830)(cid:8119)(cid:1826)(cid:1842)(cid:1831)(cid:3)(cid:1807)(cid:1832)(cid:8070)(cid:3)(cid:16)(cid:3)(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)(cid:3)(cid:16)(cid:3)(cid:1807)(cid:17)(cid:8123)(cid:17)(cid:8094)(cid:17)(cid:8117)(cid:17)(cid:3)(cid:21)(cid:17)(cid:19)
2
Central Government Grant - AMRUT 2.0 0.00 0.00 0.00 30.00
(cid:1830)(cid:1841)(cid:1827)(cid:1842)(cid:1834)(cid:3)(cid:1807)(cid:1832)(cid:8070)(cid:3)(cid:16)(cid:3)(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)(cid:3)(cid:16)(cid:3)(cid:1807)(cid:17)(cid:8123)(cid:17)(cid:8094)(cid:17)(cid:8117)(cid:17)(cid:3)(cid:21)(cid:17)(cid:19)
3
State Government Grant - AMRUT 2.0 0.00 0.00 0.00 20.00
(cid:1830)(cid:8119)(cid:1826)(cid:1842)(cid:1831)(cid:3)(cid:1807)(cid:1832)(cid:8070)(cid:3)(cid:16)(cid:3)(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)(cid:3)(cid:16)(cid:3)(cid:8132)(cid:1837)(cid:8114)(cid:3)(cid:1829)(cid:1841)(cid:1832)(cid:8119)(cid:3)(cid:1830)(cid:1842)(cid:1838)(cid:8121)
4
Central Government Grant - Swatchh Bharat Mission 92.47 60.00 5.50 0.00
(cid:1830)(cid:1841)(cid:1827)(cid:1842)(cid:1834)(cid:3)(cid:1807)(cid:1832)(cid:8070)(cid:3)(cid:16)(cid:3)(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)(cid:3)(cid:16)(cid:3)(cid:8132)(cid:1837)(cid:8114)(cid:3)(cid:1829)(cid:1841)(cid:1832)(cid:8119)(cid:3)(cid:1830)(cid:1842)(cid:1838)(cid:8121)
5
State Government Grant - Swatchh Bharat Mission 296.52 50.00 25.00 0.00
(cid:1830)(cid:8119)(cid:1826)(cid:1842)(cid:1831)(cid:3)(cid:1807)(cid:1832)(cid:8070)(cid:3)(cid:16)(cid:3)(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)(cid:3)(cid:16)(cid:3)(cid:8132)(cid:1837)(cid:8114)(cid:3)(cid:1829)(cid:1841)(cid:1832)(cid:8119)(cid:3)(cid:1830)(cid:1842)(cid:1838)(cid:8121)(cid:3)(cid:21)(cid:17)(cid:19)
6
Central Government Grant - Swatchh Bharat Mission 2.0 0.00 0.00 0.00 30.00
(cid:1830)(cid:1841)(cid:1827)(cid:1842)(cid:1834)(cid:3)(cid:1807)(cid:1832)(cid:8070)(cid:3)(cid:16)(cid:3)(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)(cid:3)(cid:16)(cid:3)(cid:8132)(cid:1837)(cid:8114)(cid:3)(cid:1829)(cid:1841)(cid:1832)(cid:8119)(cid:3)(cid:1830)(cid:1842)(cid:1838)(cid:8121)(cid:3)(cid:21)(cid:17)(cid:19)
7
State Government Grant - Swatchh Bharat Mission 2.0 0.00 0.00 0.00 30.00
(cid:1830)(cid:8119)(cid:1826)(cid:1842)(cid:1831)(cid:3)(cid:1807)(cid:1832)(cid:8070)(cid:3)(cid:16)(cid:3)(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)(cid:3)(cid:16)(cid:3)(cid:1827)(cid:1842)(cid:8125)(cid:1829)(cid:1831)(cid:1841)(cid:3)(cid:1826)(cid:1842)(cid:8117)(cid:1824)(cid:8123)
8
Central Government Grant - Nirbhaya Scheme 71.41 0.00 0.00 14.00
(cid:1830)(cid:1841)(cid:1827)(cid:1842)(cid:1834)(cid:3)(cid:1807)(cid:1832)(cid:8070)(cid:3)(cid:16)(cid:3)(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)(cid:3)(cid:16)(cid:3)(cid:1827)(cid:1842)(cid:8125)(cid:1829)(cid:1831)(cid:1841)(cid:3)(cid:1826)(cid:1842)(cid:8117)(cid:1824)(cid:8123)
9
State Government Grant - Nirbhaya Scheme 0.00 57.00 43.00 14.00
(cid:1830)(cid:1841)(cid:1827)(cid:1842)(cid:1834)(cid:3)(cid:1807)(cid:1832)(cid:8070)(cid:3)(cid:16)(cid:3)(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)(cid:3)(cid:16)(cid:3)(cid:8074)(cid:17)(cid:8092)(cid:17)(cid:1841)(cid:1842)(cid:17)(cid:1813)(cid:8122)(cid:17)
10
State Government Grant - TURIF 137.00 150.00 96.00 110.00
(cid:1830)(cid:1841)(cid:1827)(cid:1842)(cid:1834)(cid:3)(cid:1807)(cid:1832)(cid:8070)(cid:3)(cid:16)(cid:3)(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)(cid:3)(cid:16)(cid:1846)(cid:1821)(cid:8121)(cid:1848)(cid:1828)(cid:3)(cid:1846)(cid:1829)(cid:8094)(cid:1827)(cid:1819)(cid:1832)(cid:3)(cid:1837)(cid:1835)(cid:8125)(cid:8114)(cid:1821)(cid:1842)(cid:3)(cid:1809)(cid:1831)(cid:8112)(cid:1819)(cid:8123)
11 State Government Grant - Chennai Mega City Development
90.02 35.00 9.00 48.00
Mission (CMCDM - 2018-19)A - 333
(cid:1837)(cid:1841)(cid:1842)(cid:1848)(cid:1821) (cid:1819)(cid:1825)(cid:8112)(cid:8065)(cid:3)(cid:1826)(cid:1848)(cid:1834)(cid:8122)(cid:8087) (cid:1819)(cid:1825)(cid:8112)(cid:8065)(cid:1819)(cid:8128) (cid:1837)(cid:1832)(cid:8107)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:8107) (cid:1826)(cid:1842)(cid:8094)(cid:8119)(cid:1826)(cid:1842)(cid:1831)(cid:3)(cid:1826)(cid:1842)(cid:8117)(cid:1824) (cid:1837)(cid:1832)(cid:8107)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:8107)
(cid:1813)(cid:8118) Account Head (cid:1826)(cid:1842)(cid:8117)(cid:1824)(cid:3)(cid:1830)(cid:1826)(cid:1842)(cid:8122)(cid:8086)(cid:8076) (cid:1830)(cid:1826)(cid:1842)(cid:8122)(cid:8086)(cid:8076) (cid:1826)(cid:1842)(cid:8117)(cid:1824)(cid:3)(cid:1830)(cid:1826)(cid:1842)(cid:8122)(cid:8086)(cid:8076)
Sl.No. Actuals Budget Estimate Revised Estimate Budget Estimate
2020-2021 2021-2022 2021-2022 2022-2023
(cid:11)(cid:8095)(cid:1829)(cid:1841)(cid:8124)(cid:3)(cid:1847)(cid:1819)(cid:1841)(cid:8074)(cid:1831)(cid:1842)(cid:8127)(cid:12)
(Rs. in Crore)
(cid:1830)(cid:1841)(cid:1827)(cid:1842)(cid:1834)(cid:3)(cid:1807)(cid:1832)(cid:8070)(cid:3)(cid:16)(cid:3)(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)(cid:3)(cid:16)(cid:1846)(cid:1821)(cid:8121)(cid:1848)(cid:1828)(cid:3)(cid:1846)(cid:1829)(cid:8094)(cid:1827)(cid:1819)(cid:1832)(cid:3)(cid:1837)(cid:1835)(cid:8125)(cid:8114)(cid:1821)(cid:1842)(cid:3)(cid:1809)(cid:1831)(cid:8112)(cid:1819)(cid:8123)
12 State Government Grant - Chennai Mega City Development
0.00 100.00 100.00 67.00
Mission (CMCDM - 2019-20)
(cid:1830)(cid:1841)(cid:1827)(cid:1842)(cid:1834)(cid:3)(cid:1807)(cid:1832)(cid:8070)(cid:3)(cid:16)(cid:3)(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)(cid:3)(cid:16)(cid:1846)(cid:1821)(cid:8121)(cid:1848)(cid:1828)(cid:3)(cid:1846)(cid:1829)(cid:8094)(cid:1827)(cid:1819)(cid:1832)(cid:3)(cid:1837)(cid:1835)(cid:8125)(cid:8114)(cid:1821)(cid:1842)(cid:3)(cid:1809)(cid:1831)(cid:8112)(cid:1819)(cid:8123)
13 State Government Grant - Chennai Mega City Development Mission
50.34 150.00 50.00 105.00
(CMCDM-2020-21)
(cid:1821)(cid:1842)(cid:8113)(cid:1819)(cid:1841)(cid:1832)(cid:3)(cid:1846)(cid:1821)(cid:8121)(cid:1848)(cid:1828)(cid:3)(cid:21)(cid:17)(cid:19)
14
Singara Chennai 2.0. 0.00 0.00 0.00 250.00
(cid:1827)(cid:1819)(cid:8125)(cid:8122)(cid:8087)(cid:1833)(cid:3)(cid:8070)(cid:1819)(cid:1841)(cid:1826)(cid:1841)(cid:1832)(cid:3)(cid:1827)(cid:1834)(cid:3)(cid:1848)(cid:1830)(cid:1831)(cid:8113)(cid:1819)(cid:8128)
15
Urban Health Wellness Centres 0.00 0.00 27.16 0.00
(cid:8074)(cid:17)(cid:1813)(cid:8121)(cid:17)(cid:8092)(cid:17)(cid:1815)(cid:17)(cid:1813)(cid:8122)(cid:17)(cid:1813)(cid:8132)(cid:17)(cid:1813)(cid:8127)(cid:17)(cid:3)(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)
16
Grant - TNUIFSL (World bank) SWD 142.62 0.00 0.00 73.02
(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)(cid:3)(cid:16)(cid:3)(cid:1846)(cid:1821)(cid:8121)(cid:1848)(cid:1828)(cid:3)(cid:1827)(cid:1826)(cid:1842)(cid:1819)(cid:8128)(cid:3)(cid:1821)(cid:1843)(cid:1832)(cid:1848)(cid:1830)(cid:8122)(cid:8087)(cid:3)(cid:1807)(cid:1833)(cid:8112)(cid:1819)(cid:8117)(cid:1824)(cid:1848)(cid:1835)
17
Grant - Chennai River Restoration Trust 8.17 10.00 10.00 15.00
(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)(cid:3)(cid:16)(cid:3)(cid:1821)(cid:1843)(cid:8125)(cid:1830)(cid:1842)(cid:8065)(cid:3)(cid:1827)(cid:1819)(cid:1832)(cid:8119)(cid:3)(cid:1826)(cid:1842)(cid:8117)(cid:1824)(cid:8123)
18
Grant - Smart City Scheme 222.04 250.00 100.00 210.00
(cid:1830)(cid:1841)(cid:1827)(cid:1842)(cid:1834)(cid:3)(cid:1807)(cid:1832)(cid:8070)(cid:3)(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)(cid:3)(cid:3)(cid:16)(cid:3)(cid:8090)(cid:1834)(cid:1826)(cid:1828)(cid:3)(cid:1830)(cid:8126)(cid:8096)(cid:8123)(cid:3)(cid:1829)(cid:1832)(cid:1841)(cid:1830)(cid:1841)(cid:1842)(cid:8122)(cid:8087)(cid:3)(cid:1827)(cid:1842)(cid:1826)(cid:1842)
19
Grant - Capital Grant & O&M Gap Filling Fund 111.86 30.00 45.00 100.00
(cid:1811)(cid:1834)(cid:1819)(cid:3)(cid:1837)(cid:8113)(cid:1819)(cid:1842)(cid:3)(cid:1827)(cid:1842)(cid:1826)(cid:1842)(cid:3)(cid:16)(cid:3)(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)
20
World Bank Fund - Grant - Chennai City Partnership 0.00 100.00 0.00 0.00
(cid:1808)(cid:1821)(cid:1842)(cid:1831)(cid:3)(cid:1837)(cid:1835)(cid:8125)(cid:8114)(cid:1821)(cid:1842)(cid:3)(cid:1837)(cid:8113)(cid:1819)(cid:1842)(cid:3)(cid:1827)(cid:1842)(cid:1826)(cid:1842)(cid:3)(cid:16)(cid:3)(cid:1830)(cid:1848)(cid:1836)(cid:3)(cid:1827)(cid:1843)(cid:8125)(cid:3)(cid:1837)(cid:8074)(cid:1819)(cid:1841)(cid:8127)(cid:3)(cid:16)(cid:3)(cid:1846)(cid:1819)(cid:1841)(cid:1821)(cid:8132)(cid:1826)(cid:1848)(cid:1834)(cid:1831)(cid:1841)(cid:8125)
21
Asian Development Bank - Storm Water Drain - Kosasthalaiyar 250.00 300.00 287.00 600.00
(cid:1846)(cid:1830)(cid:1841)(cid:8119)(cid:1826)(cid:8123)(cid:3)(cid:16)(cid:3)(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)(cid:3)(cid:16)(cid:3)(cid:1807)
TOTAL-GRANT-A 1473.95 1292.00 797.66 1716.02(cid:1837)(cid:1832)(cid:8107)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:8107)(cid:8119)(cid:3)(cid:1826)(cid:1842)(cid:8117)(cid:1824)(cid:8123)(cid:3)(cid:16)(cid:3)(cid:1819)(cid:8118)(cid:1847)(cid:1825)(cid:1841)(cid:8117)(cid:1824)(cid:8123)
A - 334
BUDGET AT A GLANCE
(cid:1837)(cid:1837)(cid:1841)(cid:1842)(cid:1848)(cid:1821) (cid:1819)(cid:1819)(cid:1825)(cid:8112)(cid:8065)(cid:3)(cid:1826)(cid:1848)(cid:1834)(cid:8122)(cid:8087) (cid:1819)(cid:1825)(cid:8112)(cid:8065)(cid:1819)(cid:8128) (cid:1837)(cid:1832)(cid:8107)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:8107) (cid:1826)(cid:1826)(cid:1842)(cid:8094)(cid:8119)(cid:1826)(cid:1842)(cid:1831)(cid:3)(cid:1826)(cid:1842)(cid:8117)(cid:1824) (cid:1837)(cid:1832)(cid:8107)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:8107)
(cid:1813)(cid:8118) Account Head (cid:1826)(cid:1842)(cid:8117)(cid:1824)(cid:3)(cid:1830)(cid:1826)(cid:1842)(cid:8122)(cid:8086)(cid:8076) (cid:1830)(cid:1826)(cid:1842)(cid:8122)(cid:8086)(cid:8076) (cid:1826)(cid:1842)(cid:8117)(cid:1824)(cid:3)(cid:1830)(cid:1826)(cid:1842)(cid:8122)(cid:8086)(cid:8076)
Sl.No. Actuals Budget Estimate Revised Estimate Budget Estimate
2021-2022 2022-2023 2022-2023 2023-2024
(cid:11)(cid:8095)(cid:1829)(cid:1841)(cid:8124)(cid:3)(cid:1847)(cid:1819)(cid:1841)(cid:8074)(cid:1831)(cid:1842)(cid:8127)(cid:12)
(Rs. in Crore)
(cid:8089)(cid:8121)(cid:3)(cid:1809)(cid:8094)(cid:8122)(cid:8087)
OPENING BALANCE 285.29 133.80 331.42 -104.82
(cid:1837)(cid:8094)(cid:1837)(cid:1841)(cid:8124)(cid:3)(cid:1819)(cid:1825)(cid:8112)(cid:8065)
REVENUE ACCOUNT
(cid:1837)(cid:1832)(cid:8107)(cid:1819)(cid:8128)
Receipts 2984.60 2824.77 3790.12 4131.70
1
(cid:1846)(cid:1821)(cid:1834)(cid:8107)
Expenditure 3246.04 3613.35 4307.76 4466.29
(cid:3)(cid:1829)(cid:8126)(cid:1833)(cid:1841)(cid:8065)(cid:1848)(cid:1833)
DEFICIT -261.44 -788.58 -517.64 -334.59
(cid:8090)(cid:1834)(cid:1826)(cid:1828)(cid:8112)(cid:3)(cid:1819)(cid:1825)(cid:8112)(cid:8065)
CAPITAL ACCOUNT
(cid:1837)(cid:1832)(cid:8107)(cid:1819)(cid:8128)
Receipts 1074.40 2528.80 3007.20 3554.50
2
(cid:1846)(cid:1821)(cid:1834)(cid:8107)
Expenditure 1093.67 2510.24 3163.88 3560.16
(cid:1830)(cid:1842)(cid:1848)(cid:1819)(cid:3)(cid:18)(cid:3)(cid:3)(cid:1829)(cid:8126)(cid:1833)(cid:1841)(cid:8065)(cid:1848)(cid:1833)
SURPLUS / DEFICIT -19.27 18.56 -156.68 -5.66
(cid:1827)(cid:1842)(cid:1819)(cid:1832)(cid:3)(cid:1830)(cid:1842)(cid:1848)(cid:1819)(cid:3)(cid:18)(cid:3)(cid:1829)(cid:8126)(cid:1833)(cid:1841)(cid:8112)(cid:8065)(cid:1848)(cid:1833)(cid:3)(cid:11)(cid:1837)(cid:8094)(cid:1837)(cid:1841)(cid:8124)(cid:3)(cid:1830)(cid:8126)(cid:8096)(cid:8123)(cid:3)(cid:8090)(cid:1834)(cid:1826)(cid:1828)(cid:8123)(cid:12)
NET SURPLUS / DEFICIT (REVENUE AND CAPITAL) 4.58 -636.22 -342.90 -445.07
(cid:1837)(cid:8094)(cid:1837)(cid:1841)(cid:8124)(cid:3)(cid:8089)(cid:8121)(cid:1829)(cid:1825)(cid:8123)
REVENUE ADVANCES
(cid:1829)(cid:1842)(cid:8074)(cid:8119)(cid:1826)(cid:8113)(cid:1819)(cid:8128)
Recoveries 273.56 253.64 201.37 224.37
3
(cid:1846)(cid:1821)(cid:1834)(cid:1837)(cid:1842)(cid:1828)(cid:8113)(cid:1819)(cid:8128)
Out-Goings 233.93 187.55 170.14 178.14
(cid:1830)(cid:1842)(cid:1848)(cid:1819)
SURPLUS 39.63 66.09 31.23 46.23
1(cid:1837)(cid:1832)(cid:8107)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:8107)(cid:8119)(cid:3)(cid:1826)(cid:1842)(cid:8117)(cid:1824)(cid:8123)(cid:3)(cid:16)(cid:3)(cid:1819)(cid:8118)(cid:1847)(cid:1825)(cid:1841)(cid:8117)(cid:1824)(cid:8123)
A - 335
BUDGET AT A GLANCE
(cid:1837)(cid:1837)(cid:1841)(cid:1842)(cid:1848)(cid:1821) (cid:1819)(cid:1819)(cid:1825)(cid:8112)(cid:8065)(cid:3)(cid:1826)(cid:1848)(cid:1834)(cid:8122)(cid:8087) (cid:1819)(cid:1825)(cid:8112)(cid:8065)(cid:1819)(cid:8128) (cid:1837)(cid:1832)(cid:8107)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:8107) (cid:1826)(cid:1826)(cid:1842)(cid:8094)(cid:8119)(cid:1826)(cid:1842)(cid:1831)(cid:3)(cid:1826)(cid:1842)(cid:8117)(cid:1824) (cid:1837)(cid:1832)(cid:8107)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:8107)
(cid:1813)(cid:8118) Account Head (cid:1826)(cid:1842)(cid:8117)(cid:1824)(cid:3)(cid:1830)(cid:1826)(cid:1842)(cid:8122)(cid:8086)(cid:8076) (cid:1830)(cid:1826)(cid:1842)(cid:8122)(cid:8086)(cid:8076) (cid:1826)(cid:1842)(cid:8117)(cid:1824)(cid:3)(cid:1830)(cid:1826)(cid:1842)(cid:8122)(cid:8086)(cid:8076)
Sl.No. Actuals Budget Estimate Revised Estimate Budget Estimate
2021-2022 2022-2023 2022-2023 2023-2024
(cid:11)(cid:8095)(cid:1829)(cid:1841)(cid:8124)(cid:3)(cid:1847)(cid:1819)(cid:1841)(cid:8074)(cid:1831)(cid:1842)(cid:8127)(cid:12)
(Rs. in Crore)
(cid:8090)(cid:1834)(cid:1826)(cid:1828)(cid:3)(cid:8089)(cid:8121)(cid:1829)(cid:1825)(cid:8123)
CAPITAL ADVANCES
(cid:1829)(cid:1842)(cid:8074)(cid:8119)(cid:1826)(cid:8113)(cid:1819)(cid:8128)
Recoveries 27.30 30.00 90.30 41.00
4
(cid:1846)(cid:1821)(cid:1834)(cid:1837)(cid:1842)(cid:1828)(cid:8113)(cid:1819)(cid:8128)
Out-Goings 204.96 22.00 18.00 20.00
(cid:1830)(cid:1842)(cid:1848)(cid:1819)(cid:3)(cid:18)(cid:3)(cid:3)(cid:1829)(cid:8126)(cid:1833)(cid:1841)(cid:8065)(cid:1848)(cid:1833)
SURPLUS / DEFICIT -177.66 8.00 72.30 21.00
(cid:8090)(cid:1834)(cid:1826)(cid:1828)(cid:3)(cid:1848)(cid:1837)(cid:8122)(cid:8087)(cid:8119)(cid:3)(cid:1846)(cid:1826)(cid:1841)(cid:1848)(cid:1819)
CAPITAL DEPOSITS
(cid:1829)(cid:1842)(cid:8074)(cid:8119)(cid:1826)(cid:8113)(cid:1819)(cid:8128)
Recoveries 150.00 63.00 111.00 116.50
5
(cid:1846)(cid:1821)(cid:1834)(cid:1837)(cid:1842)(cid:1828)(cid:8113)(cid:1819)(cid:8128)
Out-Goings 33.78 24.00 41.60 43.00
(cid:1830)(cid:1842)(cid:1848)(cid:1819)
SURPLUS 116.22 39.00 69.40 73.50
(cid:1837)(cid:8094)(cid:1837)(cid:1841)(cid:8124)(cid:3)(cid:1819)(cid:1825)(cid:8112)(cid:8065)(cid:3)(cid:1819)(cid:1824)(cid:8121)(cid:3)
6
REVENUE ACCOUNT BORROWINGS 536.06 550.00 450.00 400.00
(cid:8090)(cid:1834)(cid:1826)(cid:1828)(cid:8112)(cid:3)(cid:1819)(cid:1824)(cid:8121)(cid:3)(cid:1826)(cid:1842)(cid:8094)(cid:8122)(cid:1829)(cid:1842)(cid:3)(cid:1846)(cid:1821)(cid:8100)(cid:8119)(cid:8080)(cid:1826)(cid:8127)
7
LOAN REPAYMENT 187.41 390.40 384.85 462.69
(cid:8089)(cid:8074)(cid:8107)(cid:3)(cid:1809)(cid:8094)(cid:8122)(cid:8087)(cid:3)(cid:16)(cid:3)(cid:1830)(cid:1842)(cid:1848)(cid:1819)(cid:3)(cid:18)(cid:3)(cid:1829)(cid:8126)(cid:1833)(cid:1841)(cid:8112)(cid:8065)(cid:1848)(cid:1833)
CLOSING BALANCE - SURPLUS / DEFICIT 331.42 -363.53 -104.82 -367.03
2வ(cid:177)வா(cid:222)(cid:3)கண(cid:212)(cid:164)(cid:3)-வர(cid:182)
A - 336
REVENUE RECEIPTS
(cid:1837)(cid:1837)(cid:1841)(cid:1842)(cid:1848)(cid:1821) (cid:1819)(cid:1819)(cid:1825)(cid:8112)(cid:8065)(cid:3)(cid:1826)(cid:1848)(cid:1834)(cid:8122)(cid:8087) (cid:1819)(cid:1825)(cid:8112)(cid:8065)(cid:1819)(cid:8128) (cid:1837)(cid:1832)(cid:8107)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:8107) (cid:1826)(cid:1826)(cid:1842)(cid:8094)(cid:8119)(cid:1826)(cid:1842)(cid:1831)(cid:3)(cid:1826)(cid:1842)(cid:8117)(cid:1824) (cid:1837)(cid:1832)(cid:8107)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:8107)
(cid:1813)(cid:8118) Account Head (cid:1826)(cid:1842)(cid:8117)(cid:1824)(cid:3)(cid:1830)(cid:1826)(cid:1842)(cid:8122)(cid:8086)(cid:8076) (cid:1830)(cid:1826)(cid:1842)(cid:8122)(cid:8086)(cid:8076) (cid:1826)(cid:1842)(cid:8117)(cid:1824)(cid:3)(cid:1830)(cid:1826)(cid:1842)(cid:8122)(cid:8086)(cid:8076)
Sl.No. Actuals Budget Estimate Revised Estimate Budget Estimate
2021-2022 2022-2023 2022-2023 2023-2024
(cid:11)(cid:8095)(cid:1829)(cid:1841)(cid:8124)(cid:3)(cid:1847)(cid:1819)(cid:1841)(cid:8074)(cid:1831)(cid:1842)(cid:8127)(cid:12)
(Rs. in Crore)
(cid:1837)(cid:1841)(cid:1842)(cid:3)(cid:1837)(cid:8094)(cid:1837)(cid:1841)(cid:8124)
1
TAX REVENUE 1174.54 1292.10 2024.20 2231.80
(cid:1807)(cid:1832)(cid:8070)(cid:3)(cid:1816)(cid:8080)(cid:8112)(cid:8065)(cid:8123)(cid:3)(cid:1837)(cid:8094)(cid:1837)(cid:1841)(cid:8124)(cid:3)(cid:1830)(cid:8126)(cid:8096)(cid:8123)(cid:3)(cid:1810)(cid:8076)(cid:3)(cid:1846)(cid:1821)(cid:8124)(cid:8092)(cid:8123)(cid:3)(cid:1846)(cid:1826)(cid:1841)(cid:1848)(cid:1819)
2
ASSIGNED REVENUES AND COMPENSATIONS 711.95 670.00 830.00 1100.00
(cid:1830)(cid:1841)(cid:1827)(cid:1819)(cid:1832)(cid:1841)(cid:8117)(cid:1821)(cid:1842)(cid:3)(cid:1846)(cid:1821)(cid:1841)(cid:8119)(cid:1826)(cid:1842)(cid:8121)(cid:3)(cid:8090)(cid:1834)(cid:8123)(cid:3)(cid:1837)(cid:1841)(cid:1824)(cid:1848)(cid:1819)(cid:3)(cid:1837)(cid:8094)(cid:1837)(cid:1841)(cid:8124)
3
RENTAL INCOME FROM MUNICIPAL PROPERTIE 96.73 56.66 63.76 97.43
(cid:1829)(cid:1831)(cid:8121)(cid:1829)(cid:1841)(cid:8076)(cid:3)(cid:8090)(cid:1834)(cid:8123)(cid:3)(cid:1837)(cid:8094)(cid:1837)(cid:1841)(cid:8124)
4
FEES AND USER CHARGES 167.52 269.45 156.93 187.62
(cid:1837)(cid:1842)(cid:8126)(cid:1829)(cid:1848)(cid:1828)(cid:3)(cid:1830)(cid:8126)(cid:8096)(cid:8123)(cid:3)(cid:1837)(cid:1841)(cid:1824)(cid:1848)(cid:1819)(cid:3)(cid:1819)(cid:8117)(cid:1824)(cid:1825)(cid:8113)(cid:1819)(cid:8128)
5
SALE AND HIRE CHARGES 4.68 1.58 1.19 0.66
(cid:1807)(cid:1832)(cid:8070)(cid:3)(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)(cid:15)(cid:1829)(cid:8113)(cid:1819)(cid:1835)(cid:1842)(cid:8122)(cid:8087)(cid:3)(cid:1830)(cid:8126)(cid:8096)(cid:8123)(cid:3)(cid:1827)(cid:1842)(cid:1826)(cid:1842)(cid:8092)(cid:1826)(cid:1837)(cid:1842)
6
REVENUE GRANTS, CONTRIBUTIONS AND SUBSIDIES 657.82 323.00 602.80 387.50
(cid:8089)(cid:1826)(cid:8099)(cid:8076)(cid:1819)(cid:1835)(cid:1842)(cid:8098)(cid:8094)(cid:8120)(cid:8080)(cid:3)(cid:1837)(cid:8094)(cid:1837)(cid:1841)(cid:8124)
7
INCOME FROM INVESTMENT 17.37 0.05 0.05 0.05
(cid:1837)(cid:8117)(cid:8074)(cid:3)(cid:1837)(cid:1832)(cid:8107)
8
INTEREST EARNED 26.92 5.24 3.28 3.21
(cid:1829)(cid:1842)(cid:1833)(cid:3)(cid:1837)(cid:8094)(cid:1837)(cid:1841)(cid:8124)
9
OTHER INCOME 127.07 206.69 107.91 123.43
(cid:1846)(cid:1830)(cid:1841)(cid:8119)(cid:1826)(cid:8123)
TOTAL 2984.60 2824.77 3790.12 4131.70
3வ(cid:177)வா(cid:222)(cid:3)கண(cid:212)(cid:164)(cid:3)-ெசல(cid:182)
A - 337
REVENUE - EXPENDITURE
(cid:1837)(cid:1837)(cid:1841)(cid:1842)(cid:1848)(cid:1821) (cid:1819)(cid:1819)(cid:1825)(cid:8112)(cid:8065)(cid:3)(cid:1826)(cid:1848)(cid:1834)(cid:8122)(cid:8087) (cid:1819)(cid:1825)(cid:8112)(cid:8065)(cid:1819)(cid:8128) (cid:1837)(cid:1832)(cid:8107)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:8107) (cid:1826)(cid:1826)(cid:1842)(cid:8094)(cid:8119)(cid:1826)(cid:1842)(cid:1831)(cid:3)(cid:1826)(cid:1842)(cid:8117)(cid:1824) (cid:1837)(cid:1832)(cid:8107)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:8107)
(cid:1813)(cid:8118) Account Head (cid:1826)(cid:1842)(cid:8117)(cid:1824)(cid:3)(cid:1830)(cid:1826)(cid:1842)(cid:8122)(cid:8086)(cid:8076) (cid:1830)(cid:1826)(cid:1842)(cid:8122)(cid:8086)(cid:8076) (cid:1826)(cid:1842)(cid:8117)(cid:1824)(cid:3)(cid:1830)(cid:1826)(cid:1842)(cid:8122)(cid:8086)(cid:8076)
Sl.No. Actuals Budget Estimate Revised Estimate Budget Estimate
2021-2022 2022-2023 2022-2023 2023-2024
(cid:11)(cid:8095)(cid:1829)(cid:1841)(cid:8124)(cid:3)(cid:1847)(cid:1819)(cid:1841)(cid:8074)(cid:1831)(cid:1842)(cid:8127)(cid:12)
(Rs. in Crore)
(cid:1829)(cid:1825)(cid:1842)(cid:1831)(cid:1841)(cid:1835)(cid:8125)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:1837)(cid:1842)(cid:1828)(cid:8123)
1
ESTABLISHMENT EXPENSES 1402.72 1836.84 1717.58 1939.98
(cid:1807)(cid:8100)(cid:1837)(cid:1834)(cid:1819)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:8107)(cid:1819)(cid:8128)
2
ADMINISTRATIVE EXPENSES 47.34 121.30 154.52 231.72
(cid:1809)(cid:1831)(cid:8112)(cid:8065)(cid:1826)(cid:8127)(cid:3)(cid:1830)(cid:8126)(cid:8096)(cid:8123)(cid:3)(cid:1829)(cid:1832)(cid:1841)(cid:1830)(cid:1841)(cid:1842)(cid:8122)(cid:8087)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:1837)(cid:1842)(cid:1828)(cid:8113)(cid:1819)(cid:8128)
3
OPERATION AND MAINTENANCE EXPENSES 1228.44 1079.31 1564.21 1434.06
(cid:1837)(cid:8117)(cid:8074)(cid:3)(cid:1830)(cid:8126)(cid:8096)(cid:8123)(cid:3)(cid:1809)(cid:1826)(cid:1832)(cid:3)(cid:1827)(cid:1842)(cid:1826)(cid:1842)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:1837)(cid:1842)(cid:1828)(cid:8113)(cid:1819)(cid:8128)
4
INTEREST AND FINANCE CHARGES 151.99 148.40 146.24 148.82
(cid:1826)(cid:1842)(cid:8117)(cid:1824)(cid:8114)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:1837)(cid:1842)(cid:1828)(cid:8113)(cid:1819)(cid:8128)
5
PROGRAMME EXPENSES 9.55 14.60 29.69 8.66
(cid:1814)(cid:1848)(cid:1828)(cid:1831)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:1837)(cid:1842)(cid:1828)(cid:8113)(cid:1819)(cid:8128)
6
MISCELLANEOUS EXPENSES 4.06 5.30 43.53 8.05
(cid:1846)(cid:1826)(cid:1841)(cid:1824)(cid:8112)(cid:1819)(cid:8112)(cid:3)(cid:1819)(cid:8127)(cid:1837)(cid:1842)(cid:3)(cid:1827)(cid:1842)(cid:1826)(cid:1842)(cid:8112)(cid:8065)(cid:3)(cid:1807)(cid:1835)(cid:1842)(cid:8119)(cid:1826)(cid:8127)
7
PAYMENT TO ELEMENTARY EDUCATION FUND 156.77 165.60 319.99 358.00
(cid:8083)(cid:1834)(cid:1819)(cid:3)(cid:1837)(cid:1841)(cid:1842)
8
LIBRARY CESS 18.00 80.00 50.00 50.00
(cid:8090)(cid:1834)(cid:1826)(cid:1828)(cid:3)(cid:1827)(cid:1842)(cid:1826)(cid:1842)(cid:8112)(cid:8065)(cid:3)(cid:1829)(cid:8113)(cid:1819)(cid:1835)(cid:1842)(cid:8122)(cid:8087)
9
CONTRIBUTION TO CAPITAL FUND 227.17 160.00 280.00 285.00
(cid:1847)(cid:1830)(cid:1831)(cid:8125)(cid:3)(cid:1821)(cid:1842)(cid:1833)(cid:8122)(cid:8087)(cid:3)(cid:1847)(cid:1830)(cid:8123)(cid:1829)(cid:1841)(cid:8117)(cid:8076)(cid:3)(cid:1827)(cid:1842)(cid:1826)(cid:1842)(cid:8112)(cid:8065)(cid:3)(cid:1829)(cid:8113)(cid:1819)(cid:1835)(cid:1842)(cid:8122)(cid:8087)
10
CONTRIBUTION TO MAYOR'S SPECIAL DEVELOPMENT FUND 0.00 2.00 2.00 2.00
(cid:1846)(cid:1830)(cid:1841)(cid:8119)(cid:1826)(cid:8123)
TOTAL 3246.04 3613.35 4307.76 4466.29
4(cid:194)லதன(cid:212)(cid:3)கண(cid:212)(cid:164)(cid:3)-வர(cid:182)
A - 338
CAPITAL - RECEIPTS
(cid:1837)(cid:1837)(cid:1841)(cid:1842)(cid:1848)(cid:1821) (cid:1819)(cid:1819)(cid:1825)(cid:8112)(cid:8065)(cid:3)(cid:1826)(cid:1848)(cid:1834)(cid:8122)(cid:8087) (cid:1819)(cid:1825)(cid:8112)(cid:8065)(cid:1819)(cid:8128) (cid:1837)(cid:1832)(cid:8107)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:8107) (cid:1826)(cid:1826)(cid:1842)(cid:8094)(cid:8119)(cid:1826)(cid:1842)(cid:1831)(cid:3)(cid:1826)(cid:1842)(cid:8117)(cid:1824) (cid:1837)(cid:1832)(cid:8107)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:8107)
(cid:1813)(cid:8118) Account Head (cid:1826)(cid:1842)(cid:8117)(cid:1824)(cid:3)(cid:1830)(cid:1826)(cid:1842)(cid:8122)(cid:8086)(cid:8076) (cid:1830)(cid:1826)(cid:1842)(cid:8122)(cid:8086)(cid:8076) (cid:1826)(cid:1842)(cid:8117)(cid:1824)(cid:3)(cid:1830)(cid:1826)(cid:1842)(cid:8122)(cid:8086)(cid:8076)
Sl.No. Actuals Budget Estimate Revised Estimate Budget Estimate
2021-2022 2022-2023 2022-2023 2023-2024
(cid:11)(cid:8095)(cid:1829)(cid:1841)(cid:8124)(cid:3)(cid:1847)(cid:1819)(cid:1841)(cid:8074)(cid:1831)(cid:1842)(cid:8127)(cid:12)
(Rs. in Crore)
மா(cid:229)ய(cid:221)
GRANT
(cid:1830)(cid:8119)(cid:1826)(cid:1842)(cid:1831)(cid:3)(cid:1807)(cid:1832)(cid:8070)(cid:3)(cid:16)(cid:3)(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)(cid:3)(cid:16)(cid:3)(cid:1807)(cid:17)(cid:8123)(cid:17)(cid:8094)(cid:17)(cid:8117)(cid:17)(cid:3)(cid:21)(cid:17)(cid:19)
1
Central Government Grant - AMRUT 2.0 0.00 30.00 0.00 2.50
(cid:1830)(cid:1841)(cid:1827)(cid:1842)(cid:1834)(cid:3)(cid:1807)(cid:1832)(cid:8070)(cid:3)(cid:16)(cid:3)(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)(cid:3)(cid:16)(cid:3)(cid:1807)(cid:17)(cid:8123)(cid:17)(cid:8094)(cid:17)(cid:8117)(cid:17)(cid:3)(cid:21)(cid:17)(cid:19)
2
State Government Grant - AMRUT 2.0 0.00 20.00 0.00 3.00
(cid:1830)(cid:8119)(cid:1826)(cid:1842)(cid:1831)(cid:3)(cid:1807)(cid:1832)(cid:8070)(cid:3)(cid:16)(cid:3)(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)(cid:3)(cid:16)(cid:3)(cid:8132)(cid:1837)(cid:8114)(cid:3)(cid:1829)(cid:1841)(cid:1832)(cid:8119)(cid:3)(cid:1830)(cid:1842)(cid:1838)(cid:8121)
3
Central Government Grant - Swatchh Bharat Mission 2.34 0.00 0.00 0.00
(cid:1830)(cid:1841)(cid:1827)(cid:1842)(cid:1834)(cid:3)(cid:1807)(cid:1832)(cid:8070)(cid:3)(cid:16)(cid:3)(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)(cid:3)(cid:16)(cid:3)(cid:8132)(cid:1837)(cid:8114)(cid:3)(cid:1829)(cid:1841)(cid:1832)(cid:8119)(cid:3)(cid:1830)(cid:1842)(cid:1838)(cid:8121)
4
State Government Grant - Swatchh Bharat Mission 15.78 0.00 0.00 0.00
(cid:1830)(cid:8119)(cid:1826)(cid:1842)(cid:1831)(cid:3)(cid:1807)(cid:1832)(cid:8070)(cid:3)(cid:16)(cid:3)(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)(cid:3)(cid:16)(cid:3)(cid:8132)(cid:1837)(cid:8114)(cid:3)(cid:1829)(cid:1841)(cid:1832)(cid:8119)(cid:3)(cid:1830)(cid:1842)(cid:1838)(cid:8121)(cid:3)(cid:21)(cid:17)(cid:19)
5
Central Government Grant - Swatchh Bharat Mission 2.0 0.00 30.00 68.36 50.00
(cid:1830)(cid:1841)(cid:1827)(cid:1842)(cid:1834)(cid:3)(cid:1807)(cid:1832)(cid:8070)(cid:3)(cid:16)(cid:3)(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)(cid:3)(cid:16)(cid:3)(cid:8132)(cid:1837)(cid:8114)(cid:3)(cid:1829)(cid:1841)(cid:1832)(cid:8119)(cid:3)(cid:1830)(cid:1842)(cid:1838)(cid:8121)(cid:3)(cid:21)(cid:17)(cid:19)
6
State Government Grant - Swatchh Bharat Mission 2.0 0.00 30.00 0.00 0.00
(cid:1830)(cid:8119)(cid:1826)(cid:1842)(cid:1831)(cid:3)(cid:1807)(cid:1832)(cid:8070)(cid:3)(cid:16)(cid:3)(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)(cid:3)(cid:16)(cid:3)(cid:1827)(cid:1842)(cid:8125)(cid:1829)(cid:1831)(cid:1841)(cid:3)(cid:1826)(cid:1842)(cid:8117)(cid:1824)(cid:8123)
7
Central Government Grant - Nirbhaya Scheme 0.00 14.00 17.13 0.00
(cid:1830)(cid:1841)(cid:1827)(cid:1842)(cid:1834)(cid:3)(cid:1807)(cid:1832)(cid:8070)(cid:3)(cid:16)(cid:3)(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)(cid:3)(cid:16)(cid:3)(cid:1827)(cid:1842)(cid:8125)(cid:1829)(cid:1831)(cid:1841)(cid:3)(cid:1826)(cid:1842)(cid:8117)(cid:1824)(cid:8123)
8
State Government Grant - Nirbhaya Scheme 42.82 14.00 11.42 0.00
(cid:1830)(cid:1841)(cid:1827)(cid:1842)(cid:1834)(cid:3)(cid:1807)(cid:1832)(cid:8070)(cid:3)(cid:16)(cid:3)(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)(cid:3)(cid:16)(cid:3)(cid:8074)(cid:17)(cid:8092)(cid:17)(cid:1841)(cid:1842)(cid:17)(cid:1813)(cid:8122)(cid:17)
9
State Government Grant - TURIF 95.27 110.00 109.61 250.00
(cid:1830)(cid:1841)(cid:1827)(cid:1842)(cid:1834)(cid:3)(cid:1807)(cid:1832)(cid:8070)(cid:3)(cid:16)(cid:3)(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)(cid:3)(cid:16)(cid:1846)(cid:1821)(cid:8121)(cid:1848)(cid:1828)(cid:3)(cid:1846)(cid:1829)(cid:8094)(cid:1827)(cid:1819)(cid:1832)(cid:3)(cid:1837)(cid:1835)(cid:8125)(cid:8114)(cid:1821)(cid:1842)(cid:3)(cid:1809)(cid:1831)(cid:8112)(cid:1819)(cid:8123)
10 State Government Grant - Chennai Mega City Development
8.60 48.00 25.82 0.00
Mission (CMCDM - 2018-19)
5(cid:1837)(cid:1837)(cid:1841)(cid:1842)(cid:1848)(cid:1821) (cid:1819)(cid:1819)(cid:1825)(cid:8112)(cid:8065)(cid:3)(cid:1826)(cid:1848)(cid:1834)(cid:8122)(cid:8087) (cid:1819)(cid:1819)(cid:1825)(cid:8112)(cid:8065)(cid:1819)(cid:8128) (cid:1837)(cid:1837)(cid:1832)(cid:8107)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:8107) (cid:1826)(cid:1826)(cid:1842)(cid:8094)(cid:8119)(cid:1826)(cid:1842)(cid:1831)(cid:3)(cid:1826)(cid:1842)(cid:8117)(cid:1824) (cid:1837)(cid:1837)(cid:1832)(cid:8107)(cid:3)(cid:1846)(cid:1821)(cid:1834)(cid:8107)
A - 339
(cid:1813)(cid:1813)(cid:8118) Account Head (cid:1826)(cid:1826)(cid:1842)(cid:8117)(cid:1824)(cid:3)(cid:1830)(cid:1826)(cid:1842)(cid:8122)(cid:8086)(cid:8076) (cid:1830)(cid:1826)(cid:1842)(cid:8122)(cid:8086)(cid:8076) (cid:1826)(cid:1842)(cid:8117)(cid:1824)(cid:3)(cid:1830)(cid:1826)(cid:1842)(cid:8122)(cid:8086)(cid:8076)
Sl.No. Actuals Budget Estimate Revised Estimate Budget Estimate
2021-2022 2022-2023 2022-2023 2023-2024
(cid:11)(cid:8095)(cid:1829)(cid:1841)(cid:8124)(cid:3)(cid:1847)(cid:1819)(cid:1841)(cid:8074)(cid:1831)(cid:1842)(cid:8127)(cid:12)
(Rs. in Crore)
(cid:1830)(cid:1841)(cid:1827)(cid:1842)(cid:1834)(cid:3)(cid:1807)(cid:1832)(cid:8070)(cid:3)(cid:16)(cid:3)(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)(cid:3)(cid:16)(cid:1846)(cid:1821)(cid:8121)(cid:1848)(cid:1828)(cid:3)(cid:1846)(cid:1829)(cid:8094)(cid:1827)(cid:1819)(cid:1832)(cid:3)(cid:1837)(cid:1835)(cid:8125)(cid:8114)(cid:1821)(cid:1842)(cid:3)(cid:1809)(cid:1831)(cid:8112)(cid:1819)(cid:8123)
11 State Government Grant - Chennai Mega City Development
102.12 67.00 85.38 0.00
Mission (CMCDM - 2019-20)
(cid:1830)(cid:1841)(cid:1827)(cid:1842)(cid:1834)(cid:3)(cid:1807)(cid:1832)(cid:8070)(cid:3)(cid:16)(cid:3)(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)(cid:3)(cid:16)(cid:1846)(cid:1821)(cid:8121)(cid:1848)(cid:1828)(cid:3)(cid:1846)(cid:1829)(cid:8094)(cid:1827)(cid:1819)(cid:1832)(cid:3)(cid:1837)(cid:1835)(cid:8125)(cid:8114)(cid:1821)(cid:1842)(cid:3)(cid:1809)(cid:1831)(cid:8112)(cid:1819)(cid:8123)
12 State Government Grant - Chennai Mega City Development Mission
49.26 105.00 102.36 0.00
(CMCDM-2020-21)
(cid:1830)(cid:1841)(cid:1827)(cid:1842)(cid:1834)(cid:3)(cid:1807)(cid:1832)(cid:8070)(cid:3)(cid:16)(cid:3)(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)(cid:3)(cid:16)(cid:54)(cid:41)(cid:38)
13
State Government Grant - SFC 0.00 0.00 150.00 150.00
(cid:1830)(cid:1841)(cid:1827)(cid:1842)(cid:1834)(cid:3)(cid:1807)(cid:1832)(cid:8070)(cid:3)(cid:16)(cid:3)(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)(cid:3)(cid:16)(cid:3)(cid:1821)(cid:1842)(cid:1833)(cid:8122)(cid:8087)(cid:3)(cid:1827)(cid:1842)(cid:1826)(cid:1842)(cid:3)(cid:11)(cid:1821)(cid:1841)(cid:1848)(cid:1834)(cid:1819)(cid:8128)(cid:12)
14
State Government Grant - Special Fund (Roads) 0.00 0.00 0.00 521.00
(cid:1821)(cid:1842)(cid:8113)(cid:1819)(cid:1841)(cid:1832)(cid:3)(cid:1846)(cid:1821)(cid:8121)(cid:1848)(cid:1828)(cid:3)(cid:21)(cid:17)(cid:19)
15
Singara Chennai 2.0. 0.00 250.00 434.00 314.00
(cid:1811)(cid:8128)(cid:1819)(cid:8117)(cid:1824)(cid:1848)(cid:1830)(cid:8122)(cid:8087)(cid:3)(cid:1830)(cid:8126)(cid:8096)(cid:8123)(cid:3)(cid:1837)(cid:1821)(cid:1826)(cid:1842)(cid:1819)(cid:8128)(cid:3)(cid:1827)(cid:1842)(cid:1826)(cid:1842)
16
Infrastructure and Amenities Fund 0.00 0.00 26.28 140.00
(cid:1846)(cid:1837)(cid:8128)(cid:1835)(cid:8119)(cid:3)(cid:1826)(cid:1825)(cid:1842)(cid:8122)(cid:8087)(cid:3)(cid:1827)(cid:1842)(cid:1826)(cid:1842)
17
Flood Mitigation Fund 0.00 0.00 291.35 0.00
(cid:1827)(cid:1819)(cid:8125)(cid:8122)(cid:8087)(cid:1833)(cid:3)(cid:8070)(cid:1819)(cid:1841)(cid:1826)(cid:1841)(cid:1832)(cid:3)(cid:1827)(cid:1834)(cid:3)(cid:1848)(cid:1830)(cid:1831)(cid:8113)(cid:1819)(cid:8128)
18
Urban Health Wellness Centres 0.00 0.00 35.88 0.00
(cid:8074)(cid:17)(cid:1813)(cid:8121)(cid:17)(cid:8092)(cid:17)(cid:1815)(cid:17)(cid:1813)(cid:8122)(cid:17)(cid:1813)(cid:8132)(cid:17)(cid:1813)(cid:8127)(cid:17)(cid:3)(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)
19
Grant - TNUIFSL (World bank) SWD 0.00 73.02 73.02 0.00
(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)(cid:3)(cid:16)(cid:3)(cid:1846)(cid:1821)(cid:8121)(cid:1848)(cid:1828)(cid:3)(cid:1827)(cid:1826)(cid:1842)(cid:1819)(cid:8128)(cid:3)(cid:1821)(cid:1843)(cid:1832)(cid:1848)(cid:1830)(cid:8122)(cid:8087)(cid:3)(cid:1807)(cid:1833)(cid:8112)(cid:1819)(cid:8117)(cid:1824)(cid:1848)(cid:1835)
20
Grant - Chennai River Restoration Trust 9.27 15.00 22.00 0.00
(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)(cid:3)(cid:16)(cid:3)(cid:1821)(cid:1843)(cid:8125)(cid:1830)(cid:1842)(cid:8065)(cid:3)(cid:1827)(cid:1819)(cid:1832)(cid:8119)(cid:3)(cid:1826)(cid:1842)(cid:8117)(cid:1824)(cid:8123)
21
Grant - Smart City Scheme 68.46 210.00 200.00 100.00
(cid:1830)(cid:1841)(cid:1827)(cid:1842)(cid:1834)(cid:3)(cid:1807)(cid:1832)(cid:8070)(cid:3)(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)(cid:3)(cid:3)(cid:16)(cid:3)(cid:8090)(cid:1834)(cid:1826)(cid:1828)(cid:3)(cid:1830)(cid:8126)(cid:8096)(cid:8123)(cid:3)(cid:1829)(cid:1832)(cid:1841)(cid:1830)(cid:1841)(cid:1842)(cid:8122)(cid:8087)(cid:3)(cid:1827)(cid:1842)(cid:1826)(cid:1842)
22
Grant - Capital Grant & O&M Gap Filling Fund 41.58 100.00 0.00 0.00
(cid:1811)(cid:1834)(cid:1819)(cid:3)(cid:1837)(cid:8113)(cid:1819)(cid:1842)(cid:3)(cid:1827)(cid:1842)(cid:1826)(cid:1842)(cid:3)(cid:16)(cid:3)(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)
23
World Bank Fund - Grant - Chennai City Partnership 0.00 0.00 0.00 100.00
(cid:1808)(cid:1821)(cid:1842)(cid:1831)(cid:3)(cid:1837)(cid:1835)(cid:8125)(cid:8114)(cid:1821)(cid:1842)(cid:3)(cid:1837)(cid:8113)(cid:1819)(cid:1842)(cid:3)(cid:1827)(cid:1842)(cid:1826)(cid:1842)(cid:3)(cid:16)(cid:3)(cid:1830)(cid:1848)(cid:1836)(cid:3)(cid:1827)(cid:1843)(cid:8125)(cid:3)(cid:1837)(cid:8074)(cid:1819)(cid:1841)(cid:8127)(cid:3)(cid:16)(cid:3)(cid:1846)(cid:1819)(cid:1841)(cid:1821)(cid:8132)(cid:1826)(cid:1848)(cid:1834)(cid:1831)(cid:1841)(cid:8125)
24
Asian Development Bank - Storm Water Drain - Kosasthalaiyar 287.00 600.00 374.00 720.00
(cid:1846)(cid:1830)(cid:1841)(cid:8119)(cid:1826)(cid:8123)(cid:3)(cid:16)(cid:3)(cid:1830)(cid:1841)(cid:8121)(cid:1831)(cid:8123)(cid:3)(cid:16)(cid:3)(cid:1807)
TOTAL-GRANT-A 722.50 1716.02 2026.61 2350.50
6A - 340
வர(cid:182)ெசல(cid:182)த்திட்டம்- கண்ேணாட்டம்
BUDGET AT A GLANCE
வரிைச கணக்கு தைலப்(cid:174) கணக்குகள் வர(cid:182) ெசல(cid:182) தி(cid:177)த்திய திட்ட வர(cid:182) ெசல(cid:182)
எண் Account Head திட்ட மதிப்(cid:152)(cid:169) மதிப்(cid:152)(cid:169) திட்ட மதிப்(cid:152)(cid:169)
Sl.No. Actuals Budget Estimate Revised Estimate Budget Estimate
2022-2023 2023-2024 2023-2024 2024-2025
((cid:196)பாய் ேகாடியில்)
(Rs. in Crore)
(cid:175)ன் இ(cid:177)ப்(cid:174)
OPENING BALANCE 236.45 -104.82 756.07 -455.63
வ(cid:177)வாய் கணக்கு
REVENUE ACCOUNT
வர(cid:182)கள்
Receipts 3779.02 4131.70 4508.30 4464.60
1
ெசல(cid:182)கள்
Expenditure 3790.08 4466.29 4617.27 4727.12
பற்றாகுைற
DEFICIT -11.06 -334.59 -108.97 -262.52
(cid:194)லதனக் கணக்கு
CAPITAL ACCOUNT
வர(cid:182)கள்
Receipts 3151.26 3554.50 3266.53 3455.00
2
ெசல(cid:182)கள்
Expenditure 2829.57 3560.16 3925.33 3140.58
மிைக / பற்றாகுைற
SURPLUS / DEFICIT 321.69 -5.66 -658.80 314.42
நிகர மிைக / பற்றாக்குைற (வ(cid:177)வாய் மற்(cid:178)ம் (cid:194)லதனம்)
NET SURPLUS / DEFICIT (REVENUE AND CAPITAL) 547.08 -445.07 -11.70 -403.73
வ(cid:177)வாய் (cid:175)ன்பணம்
REVENUE ADVANCES
பிடித்தங்கள்
Recoveries 274.65 224.37 212.36 253.37
3
ெசலவினங்கள்
Out-Goings 199.10 178.14 202.24 217.24
மிைக
SURPLUS 75.55 46.23 10.12 36.13A - 341
வர(cid:182)ெசல(cid:182)த்திட்டம்- கண்ேணாட்டம்
BUDGET AT A GLANCE
வரிைச கணக்கு தைலப்(cid:174) கணக்குகள் வர(cid:182) ெசல(cid:182) தி(cid:177)த்திய திட்ட வர(cid:182) ெசல(cid:182)
எண் Account Head திட்ட மதிப்(cid:152)(cid:169) மதிப்(cid:152)(cid:169) திட்ட மதிப்(cid:152)(cid:169)
Sl.No. Actuals Budget Estimate Revised Estimate Budget Estimate
2022-2023 2023-2024 2023-2024 2024-2025
((cid:196)பாய் ேகாடியில்)
(Rs. in Crore)
(cid:194)லதன (cid:175)ன்பணம்
CAPITAL ADVANCES
பிடித்தங்கள்
Recoveries 95.85 41.00 105.00 125.00
4
ெசலவினங்கள்
Out-Goings 25.14 20.00 20.00 28.00
மிைக / பற்றாகுைற
SURPLUS / DEFICIT 70.71 21.00 85.00 97.00
(cid:194)லதன ைவப்(cid:174)த் ெதாைக
CAPITAL DEPOSITS
பிடித்தங்கள்
Recoveries 204.98 121.50 150.00 160.00
5
ெசலவினங்கள்
Out-Goings 94.72 42.70 20.00 25.00
மிைக
SURPLUS 110.26 78.80 130.00 135.00
வ(cid:177)வாய் கணக்கு கடன்
6
REVENUE ACCOUNT BORROWINGS 349.45 400.00 0.00 0.00
(cid:194)லதனக் கடன் தி(cid:177)ப்பி ெச(cid:179)த்(cid:171)தல்
7
LOAN REPAYMENT 396.98 462.69 669.05 231.15
(cid:175)டி(cid:182) இ(cid:177)ப்(cid:174) - மிைக / பற்றாக்குைற
CLOSING BALANCE - SURPLUS / DEFICIT 756.07 -361.73 -455.63 -366.75A - 342
வ(cid:177)வாய்கணக்கு- வர(cid:182)
REVENUE RECEIPTS
வரிைச கணக்கு தைலப்(cid:174) கணக்குகள் வர(cid:182) ெசல(cid:182) தி(cid:177)த்திய திட்ட வர(cid:182) ெசல(cid:182)
எண் Account Head திட்ட மதிப்(cid:152)(cid:169) மதிப்(cid:152)(cid:169) திட்ட மதிப்(cid:152)(cid:169)
Sl.No. Actuals Budget Estimate Revised Estimate Budget Estimate
2022-2023 2023-2024 2023-2024 2024-2025
((cid:196)பாய் ேகாடியில்)
(Rs. in Crore)
வரி வ(cid:177)வாய்
1
TAX REVENUE 2006.20 2231.80 2231.80 2352.00
அரசு ஒ(cid:171)க்கும் வ(cid:177)வாய் மற்(cid:178)ம் ஈ(cid:169) ெசய்(cid:176)ம் ெதாை(cid:31)
2
ASSIGNED REVENUES AND COMPENSATIONS 858.70 1100.00 1218.00 1280.00
மாந(cid:31)ராட்சி ெசாத்தின் (cid:194)லம் வா(cid:31)ை(cid:31) வ(cid:177)வாய்
3
RENTAL INCOME FROM MUNICIPAL PROPERTIE 85.70 97.43 56.80 74.38
பயன்பா(cid:169) (cid:194)லம் வ(cid:177)வாய்
4
FEES AND USER CHARGES 174.67 187.62 201.15 218.71
விற்பைன மற்(cid:178)ம் வா(cid:31)ை(cid:31) (cid:31)ட்(cid:31)ணங்(cid:31)ள்
5
SALE AND HIRE CHARGES 39.85 0.66 2.53 2.50
அரசு மான்யம்,பங்(cid:31)ளிப்(cid:174) மற்(cid:178)ம் நிதி(cid:176)தவி
6
REVENUE GRANTS, CONTRIBUTIONS AND SUBSIDIES 411.19 387.50 628.56 370.05
(cid:175)த(cid:157)(cid:169)(cid:31)ளிலி(cid:177)ந்(cid:171) வ(cid:177)வாய்
7
INCOME FROM INVESTMENT 7.50 0.05 0.05 0.05
வட்டி வர(cid:182)
8
INTEREST EARNED 38.15 3.21 15.43 20.44
பிற வ(cid:177)வாய்
9
OTHER INCOME 157.06 123.43 153.98 146.47
ெமாத்தம்
TOTAL 3779.02 4131.70 4508.30 4464.60A - 343
வ(cid:177)வாய்கணக்கு- ெசல(cid:182)
REVENUE - EXPENDITURE
வரிைச கணக்கு தைலப்(cid:174) கணக்குகள் வர(cid:182) ெசல(cid:182) தி(cid:177)த்திய திட்ட வர(cid:182) ெசல(cid:182)
எண் Account Head திட்ட மதிப்(cid:152)(cid:169) மதிப்(cid:152)(cid:169) திட்ட மதிப்(cid:152)(cid:169)
Sl.No. Actuals Budget Estimate Revised Estimate Budget Estimate
2022-2023 2023-2024 2023-2024 2024-2025
((cid:196)பாய் ேகாடியில்)
(Rs. in Crore)
பணியாளர் ெசலவினம்
1
ESTABLISHMENT EXPENSES 1562.21 1939.98 1907.10 2046.95
அ(cid:179)வலக ெசல(cid:182)கள்
2
ADMINISTRATIVE EXPENSES 125.94 231.72 260.39 282.18
இயக்குதல் மற்(cid:178)ம் பராமரிப்(cid:174) ெசலவினங்கள்
3
OPERATION AND MAINTENANCE EXPENSES 1333.59 1434.06 1583.73 1507.72
வட்டி மற்(cid:178)ம் இதர நிதி ெசலவினங்கள்
4
INTEREST AND FINANCE CHARGES 145.22 148.82 111.75 94.55
திட்டச் ெசலவினங்கள்
5
PROGRAMME EXPENSES 21.27 8.66 10.37 9.61
ஏைனய ெசலவினங்கள்
6
MISCELLANEOUS EXPENSES 43.20 8.05 19.03 20.05
ெதாடக்கக் கல்வி நிதிக்கு அளித்தல்
7
PAYMENT TO ELEMENTARY EDUCATION FUND 303.89 358.00 362.90 383.06
(cid:191)லக வரி
8
LIBRARY CESS 38.00 50.00 60.00 60.00
(cid:194)லதன நிதிக்கு பங்களிப்(cid:174)
9
CONTRIBUTION TO CAPITAL FUND 216.76 285.00 300.00 320.00
ேமயர் சிறப்(cid:174) ேமம்பாட்(cid:169) நிதிக்கு பங்களிப்(cid:174)
10
CONTRIBUTION TO MAYOR'S SPECIAL DEVELOPMENT FUND 0.00 2.00 2.00 3.00
ெமாத்தம்
TOTAL 3790.08 4466.29 4617.27 4727.12A - 344
(cid:194)லதனக்கணக்கு- வர(cid:182)
CAPITAL - RECEIPTS
கணக்கு குறி(cid:154)(cid:169) கணக்கு தைலப்(cid:174) கணக்குகள் வர(cid:182)ெசல(cid:182) தி(cid:177)த்தியதிட்ட வர(cid:182)ெசல(cid:182)
D.P. Code Account Head திட்ட மதிப்(cid:152)(cid:169) மதிப்(cid:152)(cid:169) திட்ட மதிப்(cid:152)(cid:169)
Revised
Actuals Budget Estimate Budget Estimate
Estimate
2022-2023 2023-2024 2023-2024 2024-2025
((cid:196)பாய்ேகாடியில்)
(Rs. in Crore)
மான்யம்
GRANT
மத்திய அரசு - மான்யம் - என்.(cid:176).எச்.எம். - சுகாதாரத் (cid:171)ைற கட்டடங்கள்
320-10-02-07
Central Government Grant - NUHM 13.67 0.00 0.00 0.00
மத்திய/மாநில அரசு - மான்யம் - (cid:190)ய்ைம இந்தியா திட்டம் - 2.0
320-10-02-08
Central/State Government Grant - Swatchh Bharat Mission - 2.0 27.53 50.00 65.00 110.00
மத்திய/மாநில அரசு - மான்யம் - அ.ம்.(cid:177).ட். - 2.0
320-10-02-09
Central/State Government Grant - AMRUT - 2.0 0.00 5.50 5.50 0.00
மத்திய அரசு - மான்யம் - நிர்பயா திட்டம்
320-10-02-10
Central Government Grant - Nirbhaya Scheme 0.00 0.00 14.25 0.00
நகர்ப்(cid:174)ற சுகாதார நல ைமயங்கள்
320-10-02-13
Urban Health Wellness Centres 35.88 0.00 15.00 0.00
மான்யம் - CMDA (DC & OSR)
320-20-00-01
Grant - CMDA (DC & OSR) 21.26 0.00 40.00 0.00
மாநில அரசு - மான்யம் - டி.(cid:176).ரி.எப்.
320-20-06-00
State Government Grant - TURIF 178.79 250.00 120.00 100.00
டி.என்.(cid:176).ஐ.எப்.எஸ்.எல். மான்யம்
350-20-15-00
Grant - TNUIFSL (SWD-World bank) 55.24 0.00 0.00 0.00
மாநில அரசு - மான்யம் - நிர்பயா திட்டம்
320-20-18-02
State Government Grant - Nirbhaya Scheme 118.43 0.00 14.30 0.00
மாநில அரசு - மான்யம் -ெசன்ைன ெப(cid:177)நகர வளர்ச்சி இயக்கம்
320-20-18-03
State Government Grant - Chennai Mega City Development Mission (CMCDM-2019-20) 40.97 0.00 28.09 0.00
மாநில அரசு - மான்யம் -ெசன்ைன ெப(cid:177)நகர வளர்ச்சி இயக்கம்
320-20-18-04
State Government Grant - Chennai Mega City Development Mission (CMCDM-2020-21) 43.17 0.00 19.59 0.00
ஆசிய வளர்ச்சி வங்கி நிதி - மைழ (cid:150)ர் வடிகால் - ெகாசஸ்தைலயார்
320-20-18-05
Asian Development Bank - Storm Water Drain - Kosasthalaiyar 571.00 720.00 555.00 507.00
சிங்கார ெசன்ைன 2.0
320-20-18-06
Singara Chennai 2.0. 464.56 314.00 350.00 300.00A - 345
கணக்கு குறி(cid:154)(cid:169) கணக்குதைலப்(cid:174) கணக்குகள் வர(cid:182)ெசல(cid:182) தி(cid:177)த்தியதிட்ட வர(cid:182)ெசல(cid:182)
D.P. Code Account Head திட்ட மதிப்(cid:152)(cid:169) மதிப்(cid:152)(cid:169) திட்ட மதிப்(cid:152)(cid:169)
Revised
Actuals Budget Estimate Budget Estimate
Estimate
2022-2023 2023-2024 2023-2024 2024-2025
((cid:196)பாய்ேகாடியில்)
(Rs. in Crore)
உள்கட்டைமப்(cid:174) மற்(cid:178)ம் வசதிகள் நிதி
320-20-18-07
Infrastructure and Amenities Fund 77.48 140.00 155.00 340.00
மாநில ேபரிடர் தணிப்(cid:174) நிதி
320-20-18-08
State Disaster Mitigation Fund 291.35 0.00 160.00 0.00
மான்யம் - ெசன்ைன நதிகள் சீரைமப்(cid:174) அறக்கட்டைள
320-30-00-02
Grant - Chennai River Restoration Trust 29.53 0.00 10.00 0.00
மான்யம் - சீர்மிகு நகரத் திட்டம்
320-30-00-03
Grant - Smart City Scheme 153.84 100.00 60.00 40.00
மாநில அரசு - மான்யம் -SFC
State Government Grant - SFC 150.00 150.00 80.00 200.00
மாநில அரசு - மான்யம் - நகர்(cid:174)ர சாைலகள் ேமம்பாட்(cid:169) திட்டம்
NEW CODES
State Government Grant - NSMT 0.00 521.00 410.00 305.00
மான்யம் - ெசன்ைன மாநகர பங்களிப்(cid:174) (உலக வங்கி நிதி)
Grant - Chennai City Partnership (World Bank Fund) 0.00 100.00 0.00 50.00
ெமாத்தம் - மான்யம் - அ
TOTAL-GRANT-A 2272.70 2350.50 2101.73 1952.00A - 346
வர(cid:182) ெசல(cid:182)த் திட்டம் - கண்ேணாட்டம்
BUDGET AT A GLANCE
வரிைச கணக்கு தைலப்(cid:174) கணக்குகள் வர(cid:182) ெசல(cid:182) தி(cid:177)த்த திட்ட வர(cid:182) ெசல(cid:182)
எண் Account Head திட்ட மதிப்(cid:152)(cid:169) மதிப்(cid:152)(cid:169) திட்ட மதிப்(cid:152)(cid:169)
Sl.No. Actuals Budget Estimate Revised Estimate Budget Estimate
2023-2024 2024-2025 2024-2025 2025-2026
((cid:196)பாய் ேகாடியில்)
(Rs. in Crore)
(cid:175)ன் இ(cid:177)ப்(cid:174)
OPENING BALANCE 677.36 -455.63 512.57 -363.55
வ(cid:177)வாய் கணக்கு
REVENUE ACCOUNT
வர(cid:182)கள்
Receipts 4675.47 4464.60 4987.09 5145.52
1
ெசல(cid:182)கள்
Expenditure 4342.40 4727.12 5439.10 5214.09
மிைக / பற்றாகுைற
SURPLUS / DEFICIT 333.07 -262.52 -452.01 -68.57
(cid:194)லதனக் கணக்கு
CAPITAL ACCOUNT
வர(cid:182)கள்
Receipts 2829.25 3455.00 2548.00 3121.65
2
ெசல(cid:182)கள்
Expenditure 2940.47 3140.58 2953.17 3190.61
மிைக / பற்றாகுைற
SURPLUS / DEFICIT -111.22 314.42 -405.17 -68.96
நிகர மிைக / பற்றாக்குைற (வ(cid:177)வாய் மற்(cid:178)ம் (cid:194)லதனம்)
NET SURPLUS / DEFICIT (REVENUE AND CAPITAL) 899.21 -403.73 -344.61 -501.08A - 347
வர(cid:182) ெசல(cid:182)த் திட்டம் - கண்ேணாட்டம்
BUDGET AT A GLANCE
வரிைச கணக்கு தைலப்(cid:174) கணக்குகள் வர(cid:182) ெசல(cid:182) தி(cid:177)த்த திட்ட வர(cid:182) ெசல(cid:182)
எண் Account Head திட்ட மதிப்(cid:152)(cid:169) மதிப்(cid:152)(cid:169) திட்ட மதிப்(cid:152)(cid:169)
Sl.No. Actuals Budget Estimate Revised Estimate Budget Estimate
2023-2024 2024-2025 2024-2025 2025-2026
((cid:196)பாய் ேகாடியில்)
(Rs. in Crore)
வ(cid:177)வாய் (cid:175)ன்பணம்
REVENUE ADVANCES
பிடித்தங்கள்
Recoveries 248.03 253.37 263.45 270.45
3
ெசலவினங்கள்
Out-Goings 222.57 217.24 223.24 233.24
மிைக
SURPLUS 25.46 36.13 40.21 37.21
(cid:194)லதன (cid:175)ன்பணம்
CAPITAL ADVANCES
பிடித்தங்கள்
Recoveries 107.22 125.00 125.00 125.00
4
ெசலவினங்கள்
Out-Goings 11.88 28.00 16.00 16.00
மிைக
SURPLUS 95.34 97.00 109.00 109.00A - 348
வர(cid:182) ெசல(cid:182)த் திட்டம் - கண்ேணாட்டம்
BUDGET AT A GLANCE
வரிைச கணக்கு தைலப்(cid:174) கணக்குகள் வர(cid:182) ெசல(cid:182) தி(cid:177)த்த திட்ட வர(cid:182) ெசல(cid:182)
எண் Account Head திட்ட மதிப்(cid:152)(cid:169) மதிப்(cid:152)(cid:169) திட்ட மதிப்(cid:152)(cid:169)
Sl.No. Actuals Budget Estimate Revised Estimate Budget Estimate
2023-2024 2024-2025 2024-2025 2025-2026
((cid:196)பாய் ேகாடியில்)
(Rs. in Crore)
(cid:194)லதன ைவப்(cid:174)த் ெதாைக
CAPITAL DEPOSITS
பிடித்தங்கள்
Recoveries 230.64 160.00 200.00 220.00
5
ெசலவினங்கள்
Out-Goings 74.94 25.00 25.00 30.00
மிைக
SURPLUS 155.70 135.00 175.00 190.00
(cid:194)லதனக் கடன் தி(cid:177)ப்பி ெச(cid:179)த்(cid:171)தல்
6
LOAN REPAYMENT 663.14 231.15 343.15 213.35
(cid:175)டி(cid:182) இ(cid:177)ப்(cid:174) - மிைக / பற்றாக்குைற
CLOSING BALANCE - SURPLUS / DEFICIT 512.57 -366.75 -363.55 -378.22A - 349
வ(cid:177)வாய் கணக்கு - வர(cid:182)
REVENUE RECEIPTS
வரிைச கணக்கு தைலப்(cid:174) கணக்குகள் வர(cid:182) ெசல(cid:182) தி(cid:177)த்த திட்ட வர(cid:182) ெசல(cid:182)
எண் Account Head திட்ட மதிப்(cid:152)(cid:169) மதிப்(cid:152)(cid:169) திட்ட மதிப்(cid:152)(cid:169)
Sl.No. Actuals Budget Estimate Revised Estimate Budget Estimate
2023-2024 2024-2025 2024-2025 2025-2026
((cid:196)பாய் ேகாடியில்)
(Rs. in Crore)
வரி வ(cid:177)வாய்
1
TAX REVENUE 2220.98 2352.00 2505.00 2676.00
அரசு ஒ(cid:171)க்கும் வ(cid:177)வாய் மற்(cid:178)ம் ஈ(cid:169) ெசய்(cid:176)ம் ெதாை(cid:31)
2
ASSIGNED REVENUES AND COMPENSATIONS 1313.55 1280.00 1413.00 1550.00
மாந(cid:31)ராட்சி ெசாத்தின் (cid:194)லம் வா(cid:31)ை(cid:31) வ(cid:177)வாய்
3
RENTAL INCOME FROM MUNICIPAL PROPERTIE 23.91 74.38 57.86 59.58
பயன்பா(cid:169) (cid:194)லம் வ(cid:177)வாய்
4
FEES AND USER CHARGES 188.16 218.71 344.10 360.02
விற்பைன மற்(cid:178)ம் வா(cid:31)ை(cid:31) (cid:31)ட்(cid:31)ணங்(cid:31)ள்
5
SALE AND HIRE CHARGES 89.54 2.50 61.70 1.69
அரசு மான்யம்,பங்(cid:31)ளிப்(cid:174) மற்(cid:178)ம் நிதி(cid:176)தவி
6
REVENUE GRANTS, CONTRIBUTIONS AND SUBSIDIES 753.41 370.05 521.37 410.00
(cid:175)த(cid:157)(cid:169)(cid:31)ளிலி(cid:177)ந்(cid:171) வ(cid:177)வாய்
7
INCOME FROM INVESTMENT 3.21 0.05 3.50 3.70
வட்டி வர(cid:182)
8
INTEREST EARNED 30.07 20.44 30.58 32.52
பிற வ(cid:177)வாய்
9
OTHER INCOME 52.64 146.47 49.98 52.01
ெமாத்தம்
TOTAL 4675.47 4464.60 4987.09 5145.52A - 350
வ(cid:177)வாய்கணக்கு- ெசல(cid:182)
REVENUE - EXPENDITURE
வரிைச கணக்கு தைலப்(cid:174) கணக்குகள் வர(cid:182) ெசல(cid:182) தி(cid:177)த்த திட்ட வர(cid:182) ெசல(cid:182)
எண் Account Head திட்ட மதிப்(cid:152)(cid:169) மதிப்(cid:152)(cid:169) திட்ட மதிப்(cid:152)(cid:169)
Sl.No. Actuals Budget Estimate Revised Estimate Budget Estimate
2023-2024 2024-2025 2024-2025 2025-2026
((cid:196)பாய் ேகாடியில்)
(Rs. in Crore)
பணியாளர் ெசலவினம்
1
ESTABLISHMENT EXPENSES 1705.53 2046.95 2074.77 2232.21
அ(cid:179)வலக ெசல(cid:182)கள்
2
ADMINISTRATIVE EXPENSES 223.59 282.18 299.83 297.01
இயக்குதல் மற்(cid:178)ம் பராமரிப்(cid:174) ெசலவினங்கள்
3
OPERATION AND MAINTENANCE EXPENSES 1342.68 1507.72 1949.08 1864.44
வட்டி மற்(cid:178)ம் இதர நிதி ெசலவினங்கள்
4
INTEREST AND FINANCE CHARGES 110.01 94.55 82.33 67.65
திட்டச் ெசலவினங்கள்
5
PROGRAMME EXPENSES 3.35 9.61 7.93 7.52
ஏைனய ெசலவினங்கள்
6
MISCELLANEOUS EXPENSES 21.64 20.05 29.10 25.00
ெதாடக்கக் கல்வி நிதிக்கு அளித்தல்
7
PAYMENT TO ELEMENTARY EDUCATION FUND 354.30 383.06 383.06 407.26
(cid:191)லக வரி
8
LIBRARY CESS 156.00 60.00 60.00 60.00
(cid:194)லதன நிதிக்கு பங்களிப்(cid:174)
9
CONTRIBUTION TO CAPITAL FUND 424.32 320.00 550.00 250.00
ேமயர் சிறப்(cid:174) ேமம்பாட்(cid:169) நிதிக்கு பங்களிப்(cid:174)
10
CONTRIBUTION TO MAYOR'S SPECIAL DEVELOPMENT FUND 0.98 3.00 3.00 3.00
ெமாத்தம்
TOTAL 4342.40 4727.12 5439.10 5214.09A - 351
(cid:194)லதனக்கணக்கு- வர(cid:182)
CAPITAL - RECEIPTS
கணக்கு குறி(cid:154)(cid:169) கணக்கு தைலப்(cid:174) கணக்குகள் வர(cid:182) ெசல(cid:182) தி(cid:177)த்த திட்ட வர(cid:182) ெசல(cid:182)
D.P. Code Account Head திட்ட மதிப்(cid:152)(cid:169) மதிப்(cid:152)(cid:169) திட்ட மதிப்(cid:152)(cid:169)
Actuals Budget Estimate Revised Estimate Budget Estimate
2023-2024 2024-2025 2024-2025 2025-2026
((cid:196)பாய் ேகாடியில்)
(Rs. in Crore)
மான்யம்
GRANT
மத்திய/மாநில அரசு - மான்யம் - (cid:190)ய்ைம இந்தியா திட்டம் - 2.0
320-10-02-08
Central/State Government Grant - Swatchh Bharat Mission - 2.0 0.00 110.00 5.00 150.00
நகர்ப்(cid:174)ற சுகாதார நல ைமயங்கள்
320-10-02-13
Urban Health Wellness Centres 16.68 0.00 0.00 0.00
மாநில அரசு - மான்யம் - டி.(cid:176).ரி.எப்.
320-20-06-00
State Government Grant - TURIF 169.95 100.00 140.00 150.00
டி.என்.(cid:176).ஐ.எப்.எஸ்.எல். மான்யம்
350-20-15-00
Grant - TNUIFSL (SWD-World bank) 10.80 0.00 0.00 0.00
மாநில அரசு - மான்யம் -ெசன்ைன ெப(cid:177)நகர வளர்ச்சி இயக்கம்
320-20-18-01
State Government Grant - Chennai Mega City Development Mission (CMCDM-2018-19) 16.34 0.00 0.00 0.00
மாநில அரசு - மான்யம் -ெசன்ைன ெப(cid:177)நகர வளர்ச்சி இயக்கம்
320-20-18-03
State Government Grant - Chennai Mega City Development Mission (CMCDM-2019-20) 22.72 0.00 0.00 0.00
மாநில அரசு - மான்யம் -ெசன்ைன ெப(cid:177)நகர வளர்ச்சி இயக்கம்
320-20-18-04
State Government Grant - Chennai Mega City Development Mission (CMCDM-2020-21) 37.35 0.00 0.00 0.00
ஆசிய வளர்ச்சி வங்கி நிதி - மைழ (cid:150)ர் வடிகால் - ெகாசஸ்தைலயார்
320-20-18-05
Asian Development Bank - Storm Water Drain - Kosasthalaiyar 374.00 507.00 307.00 0.00
சிங்கார ெசன்ைன 2.0
320-20-18-06
Singara Chennai 2.0. 430.42 300.00 300.00 300.00
உள்கட்டைமப்(cid:174) மற்(cid:178)ம் வசதிகள் நிதி
320-20-18-07
Infrastructure and Amenities Fund 142.09 340.00 115.00 120.00
மாநில ேபரிடர் தணிப்(cid:174) நிதி
320-20-18-08
State Disaster Mitigation Fund 160.00 0.00 0.00 33.00
மாநில அரசு - மான்யம் - நகர்(cid:174)ர சாைலகள் ேமம்பாட்(cid:169) திட்டம்
320-20-18-09
State Government Grant - NSMT 271.94 305.00 310.00 320.00A - 352
(cid:194)லதனக்கணக்கு- வர(cid:182)
CAPITAL - RECEIPTS
கணக்கு குறி(cid:154)(cid:169) கணக்கு தைலப்(cid:174) கணக்குகள் வர(cid:182) ெசல(cid:182) தி(cid:177)த்த திட்ட வர(cid:182) ெசல(cid:182)
D.P. Code Account Head திட்ட மதிப்(cid:152)(cid:169) மதிப்(cid:152)(cid:169) திட்ட மதிப்(cid:152)(cid:169)
Actuals Budget Estimate Revised Estimate Budget Estimate
2023-2024 2024-2025 2024-2025 2025-2026
((cid:196)பாய் ேகாடியில்)
(Rs. in Crore)
மான்யம் - CMDA -வட ெசன்ைன வளர்ச்சி திட்டம்
320-30-00-00
Grant - CMDA-Vada Chennai Valarchi Thittam 43.05 0.00 0.00 165.65
மான்யம் - ெசன்ைன நதிகள் சீரைமப்(cid:174) அறக்கட்டைள
320-30-00-02
Grant - Chennai River Restoration Trust 10.01 0.00 18.00 20.00
மான்யம் - சீர்மிகு நகரத் திட்டம்
320-30-00-03
Grant - Smart City Scheme 76.75 40.00 50.00 0.00
மாநில அரசு - மான்யம் -SFC
State Government Grant - SFC 0.00 200.00 0.00 0.00
NEW CODES
மான்யம் - ெசன்ைன மாநகர பங்களிப்(cid:174) (உலக வங்கி நிதி)
Grant - Chennai City Partnership (World Bank Fund) 0.00 50.00 50.00 100.00
ெமாத்தம் - மான்யம் - அ
TOTAL-GRANT-A 1782.10 1952.00 1295.00 1358.65A - 353
ANNEXURE - VIII
Indicative CovenantsA - 354
An indicative list of covenants is set forth below:
1. Affirmative Covenants
The Issuer shall, at all times until the Final Settlement Date:
1.1 utilise the funds raised through the Issue solely towards the Purpose, subject to fulfilling the requirements set
out in the Debenture Trust Deed;
1.2 comply with all Applicable Laws which are applicable to the Issuer (including, without limitation, the Act, the
SEBI Municipal Debt Regulations, and the circulars and rules issued in terms thereof including, any laws
which become applicable as a result of this Issue or as a result of using the proceeds hereof for the Purpose
and shall keep in full force and effect all consents, authorisations, Government Approvals for entry into and
performance of its obligations under the Transaction Documents;
1.3 keep proper books of account as required by Applicable Law and make true and proper entries therein of all
dealings and transactions of and in relation to the Debentures and keep the said books of account and all other
books, registers and other documents relating to the affairs of the Issuer at its office and the Issuer will ensure
that the same shall at reasonable times be open for inspection by the Debenture Trustee and such person or
persons, as the Debenture Trustee shall, from time to time, in writing for that purpose appoint;
1.4 discharge and perform all its obligations and covenants as undertaken by it in terms of any of the other
Transaction Documents and shall ensure that its obligations under the Transaction Documents shall rank
above and prior to all its other present and future obligations, in terms of the Debenture Trust Deed;
1.5 carry on and conduct its business with due diligence and efficiency and in accordance with sound technical,
managerial and financial standards and business practices with qualified and experienced management and
personnel and duly and punctually pay any rent, rate, cess, revenue impost, duty, tax, premium, payables and
outgoings which become lawfully payable by the Issuer including in respect of the assets of the Issuer or any
part thereof;
1.6 promptly and expeditiously attend to and redress the grievances, if any, of the Debenture Holders and shall be
registered on the SEBI Complaints Redress System (SCORES) platform or such other electronic platform or
system as may be prescribed from time to time in order to handle investor complaints electronically. The
Issuer further undertakes that it shall promptly comply with the suggestions that may be given in this regard,
from time to time, by the Debenture Trustee and shall advise the Debenture Trustee periodically of the
compliance;
1.7 ensure all amounts deposited in the Collection Accounts are transferred to the Escrow Account;
1.8 ensure that the accounts of the Issuer are prepared in accordance with the National Municipal Accounts
Manual or such other similar municipal accounts manual adopted by the GoTN and that the accounts of the
Issuer are audited by the persons appointed by the Issuer, as permissible under the Act;
1.9 ensure that the bank account of the Issuer wherein the proceeds of the Issue have been received and the
payment accounts are audited by persons appointed by the Issuer within 90 (Ninety) days of the end of each
financial year and the reports generated in respect of such audit shall be promptly shared with the Debenture
Trustee;
1.10 the Issuer shall ensure that the payment accounts are maintained with a scheduled commercial bank which has
been assigned a credit rating of at least AA+ by 2 (Two) rating agencies (“Rating Criteria”). In case, at any
point of time, the rating of senior debt of the Bank falls below AA+ by any rating agency the Issuer shall,
with the written consent of Debenture Trustee, move the funds toA - 355
any other bank satisfying the rating criteria;
1.11 the Issuer shall create and maintain a reserve to be called the Recovery Expense Fund as per the provisions of
and in the manner provided in the SEBI (Debenture Trustee) Regulations, 1993, the SEBI Master Circular on
Debenture Trustees and any guidelines and regulations issued by SEBI, as applicable. The Issuer shall submit
to the trustee certificate duly certified by the statutory auditors/independent chartered accountant/letter from
designated stock exchange certifying creation and the form of such Recovery Expense Fund by the Issuer, as
per the Applicable Law. The balance in the Recovery Expense Fund shall be refunded to the Issuer on
repayment of obligations to the debenture holders for which a ‘No Objection Certificate (NOC)’ shall be
issued by the debenture trustee(s) to the designated stock exchange. The debenture trustee(s) shall satisfy that
there is no ‘default’ on any other listed debt securities of the Issuer before issuing the said NOC;
1.12 The Issuer shall furnish to the Debenture Trustee all information/ documents required to be submitted to the
Debenture Trustee, to enable it to carry out the due diligence in terms of SEBI Master Circular on Debenture
Trustee bearing reference number SEBI/HO/DDHS-PoD- 1/P/CIR/2025/117 dated August 13, 2025;
1.13 The Issuer shall supply to the Trustee (sufficient copies for all Debenture Holder(s) if the Trustee so requests)
half yearly un-audited financial results within forty five (45) days of the end of the first half year and the
audited financial statements for the financial year (including statutory auditors report, directors’ annual report,
profit and loss accounts and a balance sheet) by no later than 60 (sixty) days from the end of the relevant
financial year;
1.14 The Issuer shall ensure that the Property Tax from Zone 3 and Zone 9 is collected / pooled in the Collection
Accounts.
2. Information Covenants
The Issuer hereby covenants with the Debenture Trustee that (except as may be previously agreed in writing by
the Debenture Trustee):
2.1 the Issuer shall ensure that the collections from the Property Tax from Zone 3 and Zone 9, collected by the
Issuer shall be transferred on daily basis to the Escrow Account and shall inform to the Debenture Trustee on
such transfer being made to the Escrow Account every month. On the last Business Day of the Month, the
amounts as required are to be transferred to the IPA and SFA. However, the Issuer, with the prior written consent
of the Debenture Trustee, can transfer the Minimum Balance maintained in Escrow Account to the IPA and SFA
on any day prior to the Transfer Date. The Issuer shall provide relevant documents/ information, as applicable, to
enable the Debenture Trustee(s) to conduct continuous and periodic due diligence and monitoring of Security
created. The Issuer shall submit the following reports/ certification within the timelines mentioned below (as
applicable):
Reports/Certificates Timelines for submission Timeline for submission of
requirements by Issuer to reports/ certifications by
Debenture Trustee Debenture Trustee to stock
exchange
A statement of value of pledged Quarterly basis within 60 days Quarterly basis within 75 days
securities from end of each quarter or from end of each quarter or within
such timelines as prescribed under
A statement of value for Debt within such timelines as
Applicable Law. For the last
Service Reserve Account or any prescribed under Applicable Law
quarter in a financial year, the
other form of security offered
timeline for submission shall be
90 (ninety) days from the end of
the quarter.
2.2 the Issuer shall furnish a report to the Debenture Trustee on a quarterly basis, within 30 (Thirty) days
from the end of each quarter, containing the following particulars:
a. Updated list of names and addresses of the Debenture Holder(s);
b. Details of Coupon due but unpaid and reasons for non-payment thereof; and
c. Details of payment of Coupon made on the Debentures in the immediately preceding calendar
quarter, and
d. The number and nature of grievances received from the Debenture Holder(s), grievances
resolved by the Issuer and those grievances not yet resolved and the reasons for the same;
2.3 the Issuer shall furnish a report to the Debenture Trustee, the Rating Agencies and NSE on a half- yearly
basis within 30 (Thirty) days from the end of each half-year, containing the following particulars:A - 356
a. Certificate from the statutory auditor of the Issuer on the utilisation of the proceeds of the Issue for the
execution of the Projects;
b. A report containing status of implementation of the ongoing Projects which are being financed by the
proceeds of the Issue along with reasons for delay, if any and the amount of utilisation of issue proceeds
related to such Projects as stated in the Placement Memorandum;
c. details with respect to the development of the Projects along with certifications from the relevant project
engineers, as applicable;
d. The occurrence of any event which constitutes a Material Adverse Change;
e. Any proposal for prepayment of the Debentures, valuation of the Debentures in case of sale/purchase
before the Maturity Dates etc;
f. Compliance of the Issuer with the financial covenants set out in the Debenture Trust Deed;
g. The half yearly returns of the Issuer on the servicing of the Debentures, the credit enhancement facilities(as
applicable) and the number and nature of grievances received from the Debenture Holder(s), grievances
resolved by the Issuer and those grievances not yet resolved and the reasons for the same (including details
of the number of complaints pending at the beginning of the half year, the number of complaints received
during the half year, the number of complaints disposed of during the half year and the number of
complaints pending at the end of the half year); and
h. A certificate issued by the statutory auditor certifying that the Issuer is servicing the Debentures timely and
on the relevant Due Dates;
i. A certificate from the statutory auditor of the Issuer certifying the compliance with the covenants of the
Debenture Trust Deed
2.4 the Issuer shall submit to the Debenture Trustee, for every successive period of 1 (One) year from the date
of the first credit rating letters from the Rating Agencies, a fresh credit rating letter assigning a credit rating to
the Debentures;
2.5 the Issuer shall submit to the Debenture Trustee and the Debenture Holders the soft copies of full annual
reports to the Debenture Holders who have registered their e-mail address for such purpose and the hard copy
of the full annual reports to those Debenture Holders who request for the same;
2.6 the Issuer shall submit a certificate to the Debenture Trustee and to NSE, within 1 (One) Working Day of
each Due Date, intimating the status of payment of the Obligations on the relevant Due Date;
2.7 the Issuer shall provide a written intimation to NSE of atleast 7 (Seven) Working days (excluding the date of
intimation and the Record Date) of the Record Date, specifying the purpose of the Record Date;
2.8 the Issuer shall disclose the balances in the payment accounts and the general fund account(s) of the Issuer
along with notes pertaining to transfers made to/from these accounts, to the Debenture Trustee and NSE within
45 (Forty Five) calendar days from end of each financial quarter;
2.9 the Issuer shall submit to the Debenture Trustee and NSE, its unaudited financial results and the
comparative information for the immediately preceding corresponding half year which have been taken on
record by the relevant committee/ general board of the Issuer on a half-yearly basis, forthwith when the same
are available but in any event within 45 (Forty Five) days from end of first half-year;
2.10 the Issuer shall submit to the Debenture Trustee and NSE, its duly audited annual financial statements
along with the annual report of the Issuer and the comparative information for the immediately preceding
financial year which have been taken on record by the relevant committee/ general board of the Issuer, forthwith
upon completion of such audit and in any event within 60 (Sixty) days from end of the financial year along with
audit report. The comparative information required to be submitted by the Issuer and the annual report shall
consist of all the details required in terms of Applicable Law (including, without limitation, the circular issued
on 'Continuous disclosures and compliance by issuers under SEBI (Issue and Listing of Debt Securities by
Municipalities) Regulations, 2015 by SEBI dated June 19, 2017 and bearing reference no.
CIR/IMD/DF1/60/2017 read with the circular on Continuous disclosures and compliances by listed entities
under SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015 issued by SEBI dated November
13, 2019 and bearing reference no. SEBI/HO/DDHS/CIR/P/134/2019, as amended from time to time;
2.11 the Issuer shall promptly provide a written notice to the Debenture Trustee on the occurrence of any event
which constitutes a Material Adverse Change;
2.12 the Issuer shall promptly provide a written notice to the Debenture Trustee on any change in the
composition of the Issuer;
2.13 the Issuer shall provide written notice to the Debenture Trustee and NSE, of its intention to raise funds
through debt securities (either through a public issue or on private placement basis) prior to the meeting of the
standing committee/ general board of the Issuer wherein the proposal to raise funds through new debt securitiesA - 357
shall be considered;
2.14 the Issuer shall provide written notice to the Debenture Trustee and NSE, of all events or information
having a bearing on the performance/ operation of the Issuer, material or price sensitive information or any
action that shall affect the payment of Coupon or redemption of debt securities including, without limitation, the
events set out in the Annexure I to the circular issued by SEBI dated June 19, 2017 and bearing reference no.
CIR/IMD/DF1/60/2017 read with the circular issued by SEBI dated November 13, 2019 and bearing reference
no. SEBI/HO/DDHS/CIR/P/134/2019, as amended from time to time, as soon as reasonably possible but in any
event no later than 24 (Twenty Four) hours from the occurrence of such event or information;
2.15 in the event that the credit rating assigned by any rating agency is revised due to any reason, the Issuer
shall intimate the Debenture Trustee, the NSE and each of the Debenture Holders, in writing of such revision,
the reasons for such revision and the steps proposed to be taken for recovering the rating in case of a downgrade
of the credit rating, promptly;
2.16 the Issuer shall provide to the Debenture Trustee such information as may be required by the Debenture
Trustee for the effective discharge of the duties and obligations of the Debenture Trustee, from time to time; and
upon there being any change in the credit rating assigned to the Debentures, as soon as reasonably practicable
thereafter, a letter notifying the Trustee of such change in the credit rating of the Debentures, and further also
inform the Debenture Trustee promptly in case there is any default in timely payment of interest or redemption
amount or both, or there is a breach of any covenants, terms or conditions by the Issuer in relation to the
Debentures under any Transaction Documents.
2.17 In case of initiation of forensic audit (by whatever name called) in respect of the Issuer, the Issuer
shall provide following information and make requisite disclosures to the stock exchanges:
a. the fact of initiation of forensic audit along-with name of entity initiating the audit and reasons for the
same, if available; and
b. final forensic audit report (other than for forensic audit initiated by regulatory / enforcement agencies) on
receipt by the Issuer along with comments of the management, if any
2.18 The Issuer shall, whenever required by the Debenture Trustee, give full particulars to the Debenture
Trustee of the Hypothecated Property (as defined in the Debenture Trust Deed) and shall furnish and verify all
statements, reports, certificates and information from time to time as reasonably required by the Debenture
Trustee in relation to the Hypothecated Property and make, furnish and execute all necessary documents for
creation and perfection of security.
Without prejudice to the aforesaid, the Issuer shall ensure that it provides and procures all information,
representations, confirmations and disclosures as may be required in the sole discretion of the Debenture
Trustee to carry out the requisite diligence in connection with the issuance and allotment of the Debentures, in
accordance with the relevant laws/ Applicable Law.
3. Negative Covenants
At all times until the Final Settlement Date, the Issuer shall not, without the prior written consent of the
Debenture Trustee (acting upon the instructions of the Majority Debenture Holders):
3.1 create any encumbrance over the Hypothecated Property;
3.2 enter into any agreement or commitment of any sort, the terms of which conflicts with the provisions of
the Transaction Documents;
3.3 Close the Collection Accounts and/or collect Property Tax from Zone 3 and Zone 9 in any other account;
3.4 Abolish, alter or reduce the Property Tax from Zone 3 and Zone 9 levied by the Issuer.
3.5 undertake or enter into any transaction of merger, de-merger, consolidation, re-organization or
compromise with its creditors.A - 358
ANNEXURE – IX
Third Party Review ReportA - 359
Date: 15-Dec-2025
To,
Greater Chennai Corporation (GCC)
Ripon Building, No. 1131, EVR Periyar Salai
(Near Central Railway Station),
Park Town, Chennai - 600003
A. K. Capital Services Limited
601-603, 6th Floor,
Windsor, Off CST Road, Kalina,
Santacruz (East), Mumbai 400098, India
Dear Sir/ Madam,
Sub: Proposed issue by Greater Chennai Corporation (“Corporation”/ “Issuer”/ “GCC”) of 2,937 (Two
Thousand Nine Hundred and Thirty-Seven) rated, listed, taxable, unsecured, redeemable, non-
convertible green municipal bonds in the nature of debentures of face value of ₹ 7,00,000/-
(Rupees Seven Lakhs Only) (“Green Bonds”/ “NCDs”/ “Debentures”) comprising of 7 (Seven)
Separately Transferable And Redeemable Principal Parts (“STRPPs”) of face value of Rs.
1,00,000/- each namely STRPP A, STRPP B, STRPP C, STRPP D, STRPP E, STRPP F and STRPP G)
for cash, for the base issue size of ₹ 100.03 crores (Rupees One Hundred Crores and Three Lakhs
Only) (“Base Issue Size”) with green shoe option of up to ₹ 105.56 crores (Rupees One Hundred
and Five Crores and Fifty-Six Lakhs Only) (“Green Shoe Option”) for an amount aggregating up
to ₹205.59 Crores (Rupees Two Hundred and Five Crores and Fifty-Nine Lakhs Only) (“Issue”)
under Securities And Exchange Board Of India (Issue And Listing Of Municipal Debt Securities)
Regulations, 2015, as amended from time to time.
1. We, M/s CareEdge Analytics and Advisory Pvt. Ltd. (herein referred to as ‘CareEdge Advisory’, ‘the
undersigned’ or ‘We’ or ‘Our’), do hereby consent to our name being inserted as the ‘Third Party Reviewer’
for green certification in the Preliminary Placement Memorandum (PPM) and in the placement memorandum
(whether as a draft or otherwise) to be filed with the Securities and Exchange Board of India (“SEBI”) and the
stock exchange/s where the Bonds are proposed to be listed (“Stock Exchanges”) and also in all related
advertisements and communications sent pursuant to the Issue, subject to the following:
Ensuring that whereever our name has been inserted/referred in any communication/document in relation to
the Issue, caveat given below is also reproduced along with reference to our name, at the relevant place.
“CARE Analytics and Advisory Private Limited should not be construed as ESG rating provider as defined under
Regulation 28B(c) of the Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999,as
amended from time to time”
THE FOLLOWING SECTION SERVES AS A LEGAL DISCLAIMER FOR CAREEDGE ADVISORY, DIVISION OF CARE
ANALYTICS AND ADVISORY PRIVATE LIMITED (HEREINAFTER REFERRED TO AS "THE THIRD PARTY
REVIEWER") IN CONNECTION WITH THE ISSUANCE OF A THIRD PARTY REVIEWER FOR GREEN BOND
CARE Analytics and Advisory Private Limited
(previously known as CARE Risk Solutions Private Limited)
Unit 303B, 3rd floor, B Wing, Times Square, Andheri Registered Office: Office No. 602, 6th Floor,
Kurla Road, Marol, Andheri East, Mumbai 400 059 Rustomjee Aspiree, Off Eastern Express Highway,
Sion East,
Mumbai - 400 022
Phone: +91-22-6174 8900
Email: care@careedge.in • www.careedge.in
CIN- U74210MH1999PTC118349A - 360
ISSUANCE FOR GREATER CHENNAI CORPORATION (HEREINAFTER REFERRED TO AS "THE MUNICIPAL
CORPORATION" OR "GCC").
RELIANCE ON INFORMATION:
THE THIRD PARTY REVIEWER HEREBY DECLARES, THAT, IT HAS RELIED UPON THE INFORMATION PROVIDED
BY THE MUNICIPAL CORPORATION ON “AS IS” BASIS FOR THE PURPOSE OF FORMING ITS OPINION AND ARE
BASED ON VARIOUS ASSUMPTIONS, BEING BASED UPON FACTORS AND EVENTS SUBJECT TO UNCERTAINTY.
THE THIRD PARTY REVIEWER DOES NOT INDEPENDENTLY VERIFY THE ACCURACY OR COMPLETENESS OF
THE INFORMATION SUBMITTED BY THE MUNICIPAL CORPORATION.
NO ASSUMPTION OF RESPONSIBILITY:
THE THIRD PARTY REVIEWER EXPRESSLY DISCLAIMS ANY RESPONSIBILITY FOR ERRORS, OMISSIONS, OR
INACCURACIES IN THE INFORMATION PROVIDED BY THE MUNICIPAL CORPORATION. THE OPINION
CONTAINED HEREIN WERE UNDERTAKEN BY THE THIRD PARTY REVIEWER AS OF THE DATE NOTED HEREIN
AND THE THIRD PARTY REVIEWER DOES NOT ASSUME ANY OBLIGATION TO UPDATE OR REVISE ITS OPINION
BASED ON SUBSEQUENT DEVELOPMENTS OR CHANGES IN CIRCUMSTANCES, AS THE CASE MAY BE. THIS
DOCUMENT WILL NOT BE UPDATED UNDER SUCH CIRCUMSTANCES IN FUTURE.
INDEMNIFICATION:
GCC, TRUSTEES, BANKERS, PURCHASER OF THE BOND, OR THEIR LEGAL AGENT(S) SHALL INDEMNIFY AND
HOLD THE THIRD PARTY REVIEWER, ITS OFFICERS, EMPLOYEES, AND AGENTS HARMLESS FROM ANY AND
ALL LIABILITIES, CLAIMS, DAMAGES, COSTS, AND EXPENSES (INCLUDING REASONABLE ATTORNEY'S FEES)
ARISING OUT OF OR IN CONNECTION WITH ANY NON-COMPLIANCE BY THE MUNICIPAL CORPORATION WITH
APPLICABLE LAWS, REGULATIONS, OR ANY INACCURACIES IN THE INFORMATION PROVIDED
NOT AN ‘INVESTMENT ADVICE’:
NOTHING CONTAINED IN THIS THIRD PARTY OPINION SHOULD BE CONSTRUED AS, OR RELIED UPON AS,
INVESTMENT ADVICE TO BUY OR INVEST IN THIS INDUSTRY, SECTOR OR ENTITIES OPERATING IN THIS
SECTOR OR INDUSTRY. THE THIRD PARTY REVIEWER DOES NOT PROVIDE INVESTMENT
RECOMMENDATIONS OR ENDORSE THE PURCHASE OR SALE OF ANY SECURITIES OR TO ENTER INTO ANY
TRANSACTION IN THIS INDUSTRY OR SECTOR IN ANY MANNER WHATSOEVER.
NOT AN ASSESSMENT OF PERFORMANCE OR CREDIT WORTHINESS:
THE THIRD PARTY OPINION PROVIDED BY THE THIRD PARTY REVIEWER IS NOT TO BE CONSTRUED AS AN
ASSESSMENT OF (I) TECHNICAL SOUNDNESS OF THE PROPOSED PROJECT(S), (II) FINANCIAL PERFORMANCE/
SOLVENCY, AND/OR; (III) CREDITWORTHINESS OF THE MUNICIPAL CORPORATION. IT IS SOLELY AN
OPINION ON THE ENVIRONMENTAL, SOCIAL, AND/OR GOVERNANCE ASSESSMENT RELATED TO THE
MUNICIPAL GREEN BOND IN ACCORDANCE WITH SEBI NON-CONVERTIBLE SECURITIES REGULATIONS, 2021;
THE ICMA GREEN BOND PRINCIPLES, 2025 AND GOVERNMENT OF INDIA’S (GOI) FRAMEWORK FOR
SOVEREIGN GREEN BOND (SGRB), 2022.
THIS DISCLAIMER IS SUBJECT TO APPLICABLE INDIAN LAWS, AND ANY PROVISION HEREIN FOUND TO BE
UNENFORCEABLE SHALL NOT AFFECT THE ENFORCEABILITY OF THE REMAINING PROVISIONS. THE THIRD
PARTY OPINION PROVIDER RETAINS THE RIGHT TO AMEND THIS DISCLAIMER AS NECESSARY AND
APPROPRIATE. BY ACCEPTING AND RELYING ON THE THIRD PARTY OPINION, THE RECIPIENT
CARE Analytics and Advisory Private Limited
(previously known as CARE Risk Solutions Private Limited)
Unit 303B, 3rd floor, B Wing, Times Square, Andheri Registered Office: Office No. 602, 6th Floor,
Kurla Road, Marol, Andheri East, Mumbai 400 059 Rustomjee Aspiree, Off Eastern Express Highway,
Sion East,
Mumbai - 400 022
Phone: +91-22-6174 8900
Email: care@careedge.in • www.careedge.in
CIN- U74210MH1999PTC118349A - 361
ACKNOWLEDGES AND AGREES TO BE BOUND BY THE TERMS AND CONDITIONS SET FORTH IN THIS
DISCLAIMER.
2. The following details with respect to us may be disclosed:
Logo:
Name: CARE Analytics and Advisory Private Limited
Address: Unit 303 B, 3rd floor, B Wing, Times Square, Andheri Kurla Road, Marol,
Andheri East, Mumbai 400 059
E-mail: Kedar.Deshpande@careedge.in
Website: https://www.careedge.in/
Contact Person: Kedar Deshpande
CIN: U74210MH1999PTC118349
3. Further, we have prepared and issued a report titled “Greater Chennai Municipal Corporation’s (GCC)
Green Bond Framework Third Party Review” dated 15 December 2025 (“Report”) for their proposed
Issue and we hereby also consent to include the contents of the said Report in the preliminary placement
memorandum and in the placement memorandum (whether as a draft or otherwise), as required, to be filed
with the Securities and Exchange Board of India ("SEBI") and the stock exchange/s where the Bonds are
proposed to be listed ("Stock Exchanges") and in all other documents in relation to the Issue (“Issue
Documents”), subject to the following conditions. We hereby also consent to include the said Report, as a
whole, in the Issue Documents, as required, to be filed with SEBI and Stock Exchange and in all other
documents in relation to the proposed Issues, subject to the following conditions:
• Our Report should not be construed as any form of ESG rating as defined under regulation
28B(b) of the Securities and Exchange Board of India (Credit Rating Agencies) Regulations,
1999, as amended from time to time.
• Reproducing and/or extracting the content from the Report (“Material”) is on an ‘as is where is
basis’ clearly mentioning the source and the date of release.
• Ensuring that there is no misrepresentation / modification to our views and/or opinions and that
the Material is not mentioned out of context or misguiding the user.
• Ensuring that the disclaimer as given in the Report is also reproduced along with the Report, at
the relevant place in the Issue Documents.
4. We also confirm that we have not been prohibited by any regulatory authority to act as an intermediary
including, without limitation, in capital market issues, nor we have been debarred from functioning by any
regulatory authority. We hereby authorize you/ your representatives to deliver this letter of consent and make
disclosures in relation to the same to Stock Exchanges, SEBI or any other statutory/regulatory authority, if
CARE Analytics and Advisory Private Limited
(previously known as CARE Risk Solutions Private Limited)
Unit 303B, 3rd floor, B Wing, Times Square, Andheri Registered Office: Office No. 602, 6th Floor,
Kurla Road, Marol, Andheri East, Mumbai 400 059 Rustomjee Aspiree, Off Eastern Express Highway,
Sion East,
Mumbai - 400 022
Phone: +91-22-6174 8900
Email: care@careedge.in • www.careedge.in
CIN- U74210MH1999PTC118349A - 362
required by such authority pursuant to the provisions of applicable laws, and to share, as necessary, with the
advisors and intermediaries duly appointed in this regard for their reliance, in respect of the Issue.
5. We hereby confirm that there are no disciplinary actions, or any enforcement action/ adjudication taken by
SEBI or any regulatory authority against us from the time of our registration.
6. We also agree to keep strictly confidential, until such time as the proposed transaction is publicly announced
by the Issuer in the form of a press release, (i) the nature and scope of this transaction; and (ii) our
knowledge of the proposed transaction of the Issuer.
7. We undertake that we shall immediately intimate the Issuer and the merchant banker to the Issue of any
changes in the aforementioned details (other than any changes or update to the said Report) until the listing
and trading of the Bonds on the Stock Exchanges. In the absence of any such communication from us, the
above information should be taken as updated information until the listing and trading of Bonds on the Stock
Exchanges.
8. This letter may be relied upon by the Issuer, the merchant banker, and the legal advisor to the Issue.
Sincerely,
For and on behalf of CARE Analytics & Advisory Private Limited
Name: Kedar Deshpande
Designation: Director - ESG
CC:
Legal Advisor to the Issue.
MVK KiniLaw Firm
Kini House, 6/39, Near Rajdoot Hotel,
Nizamuddin, Block C, Jangpura B, Andrews Ganj,
New Delhi, Delhi 110014
CARE Analytics and Advisory Private Limited
(previously known as CARE Risk Solutions Private Limited)
Unit 303B, 3rd floor, B Wing, Times Square, Andheri Registered Office: Office No. 602, 6th Floor,
Kurla Road, Marol, Andheri East, Mumbai 400 059 Rustomjee Aspiree, Off Eastern Express Highway,
Sion East,
Mumbai - 400 022
Phone: +91-22-6174 8900
Email: care@careedge.in • www.careedge.in
CIN- U74210MH1999PTC118349A - 363
GREATER
CHENNAI
CORPORATION
GREEN BOND
FRAMEWORK –
Third Party Review Report
December 15, 2025
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Contents
1 INTRODUCTION .................................................................................................................................................................................................................................................................................................... 3
2 SCOPE & OBJECTIVE ............................................................................................................................................................................................................................................................................................ 3
3 APPROACH .............................................................................................................................................................................................................................................................................................................. 4
4 CAREEDGE ADVISORY’S THIRD PARTY REVIEW ...................................................................................................................................................................................................................................... 6
4.1 Use of Proceeds .................................................................................................................................................................................................................................................................................................... 7
4.2 Process for Project Evaluation and Selection ................................................................................................................................................................................................................................................. 9
4.3 Management of Proceeds ................................................................................................................................................................................................................................................................................. 10
4.4 Reporting ............................................................................................................................................................................................................................................................................................................ 11
4.5 External Review Mechanism ........................................................................................................................................................................................................................................................................... 12
5 EXCLUSIONS ......................................................................................................................................................................................................................................................................................................... 13
6 CONCLUSION ....................................................................................................................................................................................................................................................................................................... 13
7 ANNEXURE 1: GCC’S GREEN BOND FRAMEWORK’S COMPLIANCE WITH SEBI REQUIREMENTS ......................................................................................................................................... 14
8 ANNEXURE 2: BENEFITS OF THE PROJECT ................................................................................................................................................................................................................................................. 18
9 ANNEXURE 3: ICMA EXTERNAL REVIEW FORM ....................................................................................................................................................................................................................................... 21
10 DISCLAIMER OF CAREEDGE ADVISORY: .............................................................................................................................................................................................................................................. 27
List of Tables
Table 1 - Scope and Objective ......................................................................................................................................................................................................................................................................................... 3
Table 2 – Documents Examined ...................................................................................................................................................................................................................................................................................... 5
Table 3 – Meetings Conducted ........................................................................................................................................................................................................................................................................................ 5
Table 4 - Alignment of GCC’s Eligible Green Activities with Industry Standards .............................................................................................................................................................................................. 7
Table 5- Alignment with SEBI NCS Master Circular dt. October 15, 2025 ............................................................................................................................................................................................................ 14
Table 6 – Benefits of the Biomining Project at KDG ................................................................................................................................................................................................................................................. 18
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1 Introduction
The Greater Chennai Corporation (GCC), India’s oldest municipal institution established in 1688, operates under the Madras Municipal Corporation Act of
1919 (as amended). Chennai generates about 5,500 tons/day of municipal solid waste, which has long been dumped at the Kodungaiyur and Perungudi
Dump sites, both in use for over four decades. Under the Municipal Solid Waste Management (SWM) Rules 2016, these legacy dump sites must be
reclaimed through biomining. Although GCC is promoting decentralized waste processing, the Kodungaiyur site still receives about 2,200 MT of fresh
waste daily. To address this, GCC is reclaiming the dumpsites using the cost-effective biomining method and plans to utilize the recovered land to
establish integrated waste processing and disposal facilities.1
2 Scope & Objective
GCC is proposing to issue Green Municipal Bond and developed a Green Bond Framework (the Framework) (available on the website) for raising the
Green Bonds. GCC has appointed CARE Analytics and Advisory Pvt. Ltd. (hereinafter mentioned ‘CareEdge Advisory’ or ‘we’ or ‘us’); to provide ‘Third
Party Review (TPR) on their Green Bond Framework’.
Table 1 - Scope and Objective
Category Response
Review Date December 15, 2025
Issuer Name Greater Chennai Corporation (GCC)
Issuer Location Chennai
Scope of Review Providing Third Party Review on conformance of GCC’s Green Bond Framework with respect to:
(i) SEBI Non-Convertible Securities (NCS) Regulations2, 20213;
(ii) Master Circular for issue and listing of Non-convertible Securities, Securitised Debt Instruments, Security
Receipts, Municipal Debt Securities and Commercial Paper, 2025 (SEBI Master Circular 2025)4 (Please refer
Sec. 7 of this report for GCC’s Green Bond Framework’s compliance with SEBI Requirements).
1 Source: KDG Detailed Feasibility Report (DFR), 2022
2 As per the SEBI circular dated November 24, 2022 "an issuer under the Issue and Listing of Municipal Debt Securities (ILMDS) Regulations may issue a green debt security if it falls within the definition of “green debt
security”, as per Regulation 2(1)(q) of the NCS Regulations".
3https://www.sebi.gov.in/legal/regulations/aug-2021/securities-and-exchange-board-of-india-issue-and-listing-of-non-convertible-securities-regulations-2021_51764.html
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4https://www.sebi.gov.in/legal/master-circulars/oct-2025/master-circular-for-issue-and-listing-of-non-convertible-securities-securitised-debt-instruments-security-receipts-municipal-debt-securities-and-commercial-
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(iii) Government of India’s (GoI) Framework for Sovereign Green Bond (SGrB), 20225 and;
(iv) International Capital Market Association (ICMA) Green Bond Principles (GBP), 20256
Third-Party Reviewer Care Analytics and Advisory Pvt. Ltd. (CareEdge Advisory)
Please note that CareEdge Advisory’s opinion should not be construed as an assessment of: (i) technical soundness of the proposed project(s), (ii) financial
performance/solvency of project(s), and/or; (iii) creditworthiness of GCC. It is solely an opinion on the Environmental, Social, and/or Governance aspects
related to the green bond in compliance with the SEBI NCS, ICMA GBP, and GoI’s SGrB. Please refer to CareEdge Advisory’s Disclaimer (refer Sec. 10) for
further details.
3 Approach
To form its opinion on GCC’s Green Bond Framework (the Framework), CareEdge Advisory has sought and examined information, explanations, and
supporting evidence that were considered necessary within the defined scope specified in Table 1. The work performed was guided by professional
judgment and involved a combination of inquiries, observation of relevant processes, examination of records, assessment of the suitability of reporting
policies, and reconciliation with underlying documentation. Based on the procedures undertaken and the evidences obtained, we are satisfied that they
provide a sound basis for our conclusion.
As part of our assessment, CareEdge Advisory has reviewed the GCC’s Green Bond Framework (the Framework); and held discussions with management
[GCC’s Solid Waste Management Department, Project Management Unit (PMU), Anna University (Project Management Consultant (PMC)), Contractors,
Merchant Bankers] and relevant personnel responsible for the Green Bond issuance to understand the processes and controls established for the:
(i) Use of Proceeds and KPIs
(ii) Selection of Projects and Environmental & Social Risk Mechanism
(iii) Management of Proceeds and treatment of temporarily unallocated proceeds
(iv) Approach to allocation, permitted investments areas and impact reporting.
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5 https://dea.gov.in/files/inline-documents/Framework_for_Sovereign_Green_Bonds.pdf
6 Green-Bond-Principles-GBP-June-2025.pdf
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Documents Examined
As part of the review process, the key documents listed in Table 2, were reviewed to form an opinion and evaluate alignment with applicable industry
standards and requirements.
Table 2 – Documents Examined
Category Key Documents Examined
Reference Framework GCC’s Green Bond Framework (the Framework)
Governance Structure Composition of Bond Issue Committee and Financial Management (FM) Unit
Regulatory Requirements & Alignment with As per Scope listed above.
Frameworks
Other Documents Detailed Feasibility Report (DFR) of Kodungaiyur Dumping Ground (KDG) (Nov 2022)
and Bond Term Sheet
Stakeholder Consultation
The following stakeholder consultations (either through virtual meetings or telephonic conversations), detailed in Table 3, were conducted to support the
review of the Framework.
Table 3 – Meetings Conducted
Date Stakeholder Focus
October 23, 2025 All Stakeholders (includes GCC Team, PMC, Introduction to the Green Bond Framework
PMU, Merchant Bankers and Contractors)
October 30, 2025 Anna University (PMC), Project Management Data Requirements
Unit (PMU) and GCC Team
November 06, 2025 All Stakeholders Discussion on Eligible Green Project Categories
November 10, 2025 All Stakeholders Alignment with Industry Standards
November 19, 2025 Merchant Bankers, PMU, PMC and GCC Management of Proceeds
Team
November 19, 2025 Anna University (PMC), PMU and GCC Team Key Performance Indicators (KPIs)
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4 CareEdge Advisory’s Third Party Review
For forming the opinion on GCC’s Green Bond Framework, CareEdge Advisory has evaluated the following five components, viz.:
(i) Use of Proceeds,
(ii) Process for Project Evaluation and Selection,
(iii) Mitigation of Environmental and Social Risk,
(iv) Management of Proceeds,
(v) Reporting,
(vi) External Review Mechanism.
CareEdge Advisory’s Opinion:
CareEdge Advisory has found GCC’s practices to be credible, effective, and in line with the extant market practices. Details of these are provided
below.
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4.1 Use of Proceeds
The following Table 4 details the alignment of GCC’s Eligible Green activities with the industry standards including: (a) SEBI’s Non-Convertible Security
Regulations, 20217; (b) Government of India’s (GoI) Framework for Sovereign Green Bond (SGrB), 20228 and; (c) ICMA Green Bond Principles, 20259.
Table 4 - Alignment of GCC’s Eligible Green Activities with Industry Standards
Pertinent Category where this project fits Succinct Rationale
Regulations and
Framework
SEBI NCS • Sustainable waste management (incl. recycling, • The Kodungaiyur Dumping Ground (KGD) bio-mining project is a
Regulations, 2021 waste to energy (Refuse Derived Fuel (RDF)), legacy dumpsite biomining involving excavation, processing, recovery
– clause 2(q)(v) and efficient disposal) of recyclables / RDF / soil-like fraction, leachate management, site
and (viii) remediation and land reclamation – which includes (i) waste
• Pollution prevention and control (including
management and (ii) pollution-control.
reduction of air emissions, greenhouse gas control,
soil remediation, waste prevention, waste • Biomining activities at KDG such as recycling waste, waste to energy,
reduction, waste recycling and energy efficient efficient disposal etc. aligns with the SEBI’s eligible green categories
or emission efficient waste to energy) and (per Board circular defining clause 2(q)) category (v) “Recycling and
sectors mentioned under the India Cooling Waste to Energy”. This project will help reclaim the land and generate
Action Plan launched by the Ministry of Refuse Derived Fuel (RDF).
Environment, Forest and Climate Change
• Project Interventions such as i) Particulate Matter reduction, (ii)
abatement of Methane generation & dispersion, and (iii) leachate
capture and containment, are anticipated to generate multifaceted
environmental performance enhancements, thereby diminishing long-
term risks of groundwater contamination. Such interventions align to
SEBI Category (viii)‘Pollution Prevention and Control’.
7https://www.sebi.gov.in/legal/regulations/dec-2024/securities-and-exchange-board-of-india-issue-and-listing-of-non-convertible-securities-regulations-2021-last-amended-on-december-11-2024-_89954.html
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8 https://dea.gov.in/files/inline-documents/Framework_for_Sovereign_Green_Bonds.pdf
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Green-Bond-Principles-GBP-June-2025.pdf
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Pertinent Category where this project fits Succinct Rationale
Regulations and
Framework
ICMA Green • Pollution prevention and control (including • Project interventions such as soil remediation, waste prevention /
Bond Principles reduction of air emissions, greenhouse gas reduction / recycling and efficient Waste to Energy along with leachate
(GBP), 2025 control, soil remediation, waste prevention, collection (which could diminishing long-term risks of groundwater
waste reduction, waste recycling and contamination) aligns with the ICMA Green Bond Principles 2025
energy/emission-efficient waste to energy) “Pollution Prevention and Control” and “circular economy” adapted
products.
• Circular economy adapted products /
production technologies / processes • Biomining & resource recovery for RDF are classic “circular economy”
(secondarily) projects.
Framework for Pollution prevention & control (incl. waste As the KDG Biomining project includes soil remediation, waste
Sovereign Green management, waste prevention/reduction/recycling management and prevention, waste recycling, waste reduction, and
Bonds, 2022 and energy/ emission-efficient Waste to Energy) efficient waste-to-energy, it directly aligns with the “Pollution Prevention
and Control” eligible category specified in Table 1 of the Sovereign Green
Bonds Framework, 2022.
CareEdge Advisory’s Opinion:
CareEdge Advisory is of the opinion that GCC’s Use of Proceeds is clearly defined and robust. GCC’s categorisation of green activities is consistent with
both Indian regulatory requirements and leading International market standards. This alignment enhances the credibility of GCC’s green financing,
supports investor confidence, and ensures compatibility with both domestic and global capital markets.
The recognition of eligible environmental categories and relevant KPIs under the SEBI NCS, ICMA GBP and SGrB framework positions GCC to efficiently
mobilise blended financing for the project that advance India’s commitments under the Paris Agreement 2015, Sustainable Development Goals (SDGs),
88 and national priorities on climate resilience and inclusive growth.
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4.2 Process for Project Evaluation and Selection
4.2.1 Project Evaluation and Selection
Green bonds are being raised to fund the biomining project at the Kodungaiyur Dumping Ground (KDG), as it:
1. Directly contributes to the city’s long-term vision of building sustainable urban development,
2. Suffice the statutory requirement under the SWM Rules 2016 to scientifically process legacy waste,
3. Lay the groundwork for establishing modern Integrated Waste Processing and Disposal Facilities in the future
GCC plans to utilise green bond proceeds for the Kodungaiyur (KDG) reclamation project. To facilitate this initiative, GCC has constituted a Bond Issue
Committee (“Bond Committee”) (refer Sec 3.2.2 of GCC’s Green Bond Framework for the composition of the committee) authorized to manage, oversee,
and execute all activities associated with the Green Bond issuance. The FM unit of GCC acts as a nodal department for BIC. A Bond Issuance Committee
(BIC) will ensure that the selected Eligible Project to comply not only with the section of Use of Proceeds but also the environmental and social guidelines
under proposed framework. In addition, the committee will be responsible for managing any future updates of the Framework.
4.2.2 Mitigation of Environmental & Social Risk
GCC has instituted a well-structured Environmental and Social (E&S) Risk Mechanism starting with: (i) Environmental and Social Impact Assessment
(ESIA), (ii) Environmental and Social Management Plan (ESMP) (iii) Appointment of experienced PMC (iv) Standard EHS Clause for Contractors (v)
Appointment of experienced Contractors and (vi) Supervision by Engineers from the Solid Waste Management Department. Please refer to Sec 3.3 of the
GCC’s Green Bond Framework.
CareEdge Advisory’s Opinion:
CareEdge Advisory is of the opinion that GCC’s process for project evaluation and selection is structured and appropriate for a municipal green
bond issuance. The Bond Issue Committee, chaired by the Commissioner and supported by the Financial Management unit, PMU, PMC, provides a
senior level forum to screen eligible activities against the Use of Proceeds criteria and the Environmental and Social Risk Mechanism in the Framework.
GCC’s BIC, its documented decision-making processes adheres alignment of KDG project with SEBI NCS, the SGrB Framework and ICMA GBP
requirements. In our assessment, the KDG biomining project has been selected through a process that is transparent, replicable and in line with
99 green bond principles.
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4.3 Management of Proceeds
For the purposes of transparent allocation of the proceeds for the eligible green project(s) and for proper accounting, a separate account shall be created and
maintained by the GCC.
Unallocated proceeds, if any, will be carried forward to successive years for investment in the eligible green project(s) only. It will be endeavored that all
proceeds are allocated within a span of two years from the date of issuance. Further, the unallocated proceeds will be held in a fixed deposit with a
scheduled commercial bank, or as per the Tamil Nadu Urban Local Bodies Act, 1998, as amended and Tamil Nadu Urban Local Bodies (TNLUB) Rules,
2023.
A qualified external Chartered Accountant appointed by GCC will issue annual allocation certificate at the end of the financial year over the lifetime of the
bond to certify the parking and deployment of proceeds and the management of unallocated funds, based on information provided by the FM Department.
CareEdge Advisory’s Opinion:
CareEdge Advisory is of the opinion that GCC’s approach to management of proceeds is consistent with both regulatory requirements and prevailing
practice in the Indian municipal bond market. GCC will maintain a dedicated account to track allocation of bond proceeds, commit to full allocation
within two years and restrict any temporary unallocated balances to low-risk instruments permitted under the Tamil Nadu Urban Local Bodies Act 1998
and related State guidance.
Under Indian regulations, municipalities are generally permitted to invest in low-risk, highly safe instruments, such as government securities and specific
Scheduled Bank deposits. The precise permissible instruments are governed by state-level Municipal Acts and supplementary regulations, with a core
focus on capital safety and liquidity. The same practice is being followed by GCC which is in line with extant market practices.
A qualified external Chartered Accountant will be appointed by GCC in post issuance state to issue annual allocation certificate over the life of the bond,
covering parking of funds, deployment in line with the Use of Proceeds and the treatment of unallocated proceeds, in line with SEBI’s continuous disclosure
requirements for listed Green Debt securities.
In our opinion, GCC relies on segregated accounts, external certification, quarterly audits, and third-party review. These steps offer clear visibility
all the way from issuance to actual project deployment. They highlight solid governance, transparency, and alignment with standard practices for
municipal green bonds in India.
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4.4 Reporting
As long as GCC’s green bond proceeds are outstanding, it will annually report on its website along with external review:
i. The use of proceeds (list of green activities, activity type, and amounts allocated);
ii. The current allocated and outstanding amounts (or percentages) and contractual maturity dates;
iii. Impact Reporting shall be disclosed annually until full allocation of the green bond proceeds. Where possible, and subject to the nature of
Eligible activities and availability of information, GCC shall endeavor to report on qualitative and quantitative environmental and social
impacts of the green bond proceeds issued under this Framework.
CareEdge Advisory’s Opinion:
CareEdge Advisory is of the opinion that GCC’s reporting commitments are robust and address known disclosure gaps in the Indian municipal bond
market. GCC has committed to disclose on its website, for as long as the bonds remain outstanding, covering (i) Allocation Reporting - covering
allocation of proceeds, outstanding balances and maturity profile, (ii) Impact Reporting: qualitative and quantitative impact and (iii) BRSR reporting.
The Framework specifies that impact reporting will track performance against Key Performance Indicators aligned to the ICMA Harmonized
Framework for Impact Reporting 2024 and mapped to relevant UN SDG targets.
Allocation reporting will be based on external Chartered Accountant’s certification and subject to external review, consistent with SEBI’s Master Circular
on continuous disclosure for green debt securities.
GCC’s planned allocation, impact reporting, supported by pre-issuance reporting (TPR Report) represents a higher standard of transparency for a
municipal green bond issuance and is in line with extant market best practices.
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4.5 External Review Mechanism
4.5.1 Third-Party Review
Third Party Review (TPR) on GCC’s Green Bond Framework obtained from CARE Analytics and Advisory Pvt. Ltd. (CareEdge Advisory),
will be made available on GCC’s website.
4.5.2 Post Issuance External Review
To provide a timely and transparent information about the reporting of the allocation of funds from green bond issued under this framework, GCC will
engage with a Third-Party external annual reviewer to provide an opinion on the following aspects:
• Verify that utilization of proceeds is in accordance with stated objectives of use of proceeds as mentioned in the Framework.
• Assess the management of proceeds and of unallocated proceeds, if any.
• Monitor the expenditure towards and impacts of selected green activities.
The annual review report will be published on its website (https://chennaicorporation.gov.in/gcc/)
CareEdge Advisory’s Opinion:
CareEdge Advisory is of the opinion that GCC’s practice of publishing (i) its Green Bond Framework and (ii) the Third-Party Review on its website is
in line with extant market practice. Pre-issuance review by a reputed external agency improves credibility and reinforces responsible ESG commitments.
Additionally, publication of an Annual post-issuance review will further enhance transparency.
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5 Exclusions
CareEdge Advisory’s Third Party Review (TPR) exclude the following:
i. Technical soundness of the proposed project(s),
ii. Financial performance / solvency of project(s) and Creditworthiness of the proposed project(s) or the project proponent
iii. Verify GCC’s financial statements, ESG rating or its economic performance
iv. Development of ESG Policy(s)
v. Validate GCC’s statements relating to opinions, beliefs, aspirations, expectations, aims, future intentions, nor the national or global socio-economic
and environmental aspects presented beyond scope
vi. For anything excluded from CareEdge Advisory’s scope, refer to the Disclaimer (refer Sec. 10).
6 Conclusion
Based on the documents reviewed, and interviews with key personnel, nothing has come to CareEdge Advisory’s attention that causes us to believe GCC’s
Green Bond Framework (the Framework) fails to meet the requirements or diverges from: (i) SEBI Non-Convertible Securities (NCS) Regulations, 2021; (ii)
SEBI Master Circular 2025 (iii) Government of India’s (GoI) Framework for Sovereign Green Bond (SGrB), 2022 and; (iv) International Capital Market
Association (ICMA) Green Bond Principles (GBP), 2025; (as amended to date).
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7 Annexure 1: GCC’s Green Bond Framework’s compliance with SEBI Requirements
SEBI has stipulated the following guidelines in their Circular No. SEBI/HO/DDHS/DDHS-PoD/P/CIR/2025/000000013710 dt. October 15, 2025 captioned
‘Chapter IX – Green Debt Securities of the Master Circular for issue and listing of Non-Convertible Securities (NCS)’, (hereinafter referred to as the ‘NCS
Master Circular’), as amended from time to time’. The ‘Response’ section in the Table 5 presents a summary on how GCC’s Green Bond conform with the
said SEBI requirement.
Table 5- Alignment with SEBI NCS Master Circular dt. October 15, 2025
# Clause Response Evidence
1.1 A statement on environmental sustainability GCC generates approximately 5,500 MT/day of municipal solid GCC’s Green Bond Framework
objectives of the issue of green debt securities waste, which has historically been disposed off at the Sec. 1.4 Objective
Kodungaiyur and Perungudi dumping grounds—both sites
operating for over four decades. In line with SWM 2016 Rule 15, Please read in conjunction with
which mandate the biomining of legacy waste, GCC has taken Table 4 which represents the
biomining initiatives at Kodungaiyur aiming to reclaim large
alignment of UNSDGs with the
tracts of land which are long buried under legacy waste,
eligible green activities.
reinforces GCC’s commitment to sustainable urban
development and essential civic services.
The overall sustainability objective of the proposed project is:
• Pollution prevention and control
• Sustainable waste management
• Circular economy
1.2 Brief details of decision-making process A Bond Issue Committee (BIC) has been constituted to oversee GCC’s Green Bond Framework
followed/proposed for determining the the decision-making process. The committee will ensure that Sec. 3.2 Process for Project
eligibility of project(s) and/or asset(s), for selected Eligible Projects comply not only with the Use of Evaluation and Selection
which the proceeds are being raised through Proceeds criteria but also with the environmental and social
issuance of green debt securities, such as: guidelines outlined in the proposed Framework. Additionally,
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10https://www.sebi.gov.in/legal/master-circulars/oct-2025/master-circular-for-issue-and-listing-of-non-convertible-securities-securitised-debt-instruments-security-receipts-municipal-debt-securities-and-commercial-
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the BIC will be responsible for managing and approving any
future updates to the Framework.
1.2 Process followed/to be followed for GCC’s eligible green activities aligns with the domestic GCC’s Green Bond Framework
(a) determining how the project(s) and/or asset(s) regulations like SEBI NCS 2(q)(v) and (viii) and SGrB and
• Sec. 2.1 Alignment with
fit within the eligible green projects categories international standards such as ICMA framework etc.
Domestic Regulations and
as defined under Regulation 2 (1) (q) of NCS International Financing
Please read in conjunction with Table 4, which presents the
Regulations Framework
alignment of the eligible green activities with these standards.
• Sec 3.2 Process for Project
Evaluation and Selection
1.2 The criteria making the project(s) and/or Biomining activities at KDG qualify under national and GCC’s Green Bond Framework
(b) asset(s) eligible for using the green debt international taxonomies such as SEBI NCS, ICMA GBP, SGrB
• Sec. 2.1 Alignment with
securities proceeds etc.
Domestic Regulations and
International Financing
Please read in conjunction with Table 4, which presents the
Framework
alignment of the eligible green activities with these standards.
• Sec. 3.1 Use of Proceeds
1.2 Details of taxonomies, green standards or CareEdge Advisory has referred to: (i) SEBI NCS Regulation dt. GCC’s Green Bond Framework
(c) certifications both Indian and global, if any 11 Dec 2024, Clause 2(1)(q) while categorizing projects under Sec. 3.1 Use of Proceeds
referenced and the alignment of projects with SEBI guidelines; (ii) ICMA Green Bond Principles, 2025 and; (iii)
said taxonomies, related eligibility criteria, Sovereign Green Bond Framework, 2022 for checking eligibility Please read in conjunction with
and exclusion criteria, if applicable. of the activities. GCC has not adopted any exclusion list. Table 4 of this document, which
represents the alignment of the
eligible green activities with these
standards.
1.2 Details of the alignment of the objective of the The funds are not raised through issuance of transition bonds GCC’s Green Bond Framework
(d) issue with the India’s Intended Nationally Sec. 6 Key Performance Indicators
Determined Contributions (NDC) in case of (KPIs)
the proceeds raised though issuance of
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1.3 Details of the system/procedures to be Refer to Sec. 4.3 for the details regarding system employed for GCC’s Green Bond Framework
employed for tracking the deployment of the tracking and management of proceeds.
• Sec. 3.4.1 Tracking of Proceeds
proceeds of the issue. • Sec. 3.4.3 Role of External
Chartered Accountant
• Sec 3.5 Reporting
1.4 Details of the project(s) and/or asset(s) or areas Proceeds from GCC’s green bond issuances will be allocated to GCC’s Green Bond Framework
where the issuer, proposes to utilise the finance the green activities specified under the GCC’s Green Sec. 1.2 About the Project
proceeds of the issue of green debt securities, Bond Framework for construction of Biomining project at KDG.
Please refer to GCC’s Green Bond Framework.
including towards refinancing of existing
green project(s) and/or asset(s), if any.
1.5 Details of an indicative estimate of GCC intends to use the green bond proceeds to fund the GCC’s Green Bond Framework
distribution of proceeds raised though construction of the Biomining project at KDG. Council Sec. 3.4 Management of Proceeds
issuance of green debt security between Resolution No. 877/2025 dated July 30,2025, provide details Sec. 7 Cost Breakup
financing and refinancing of project(s) and/or about the cost breakup of the project. As this is a greenfield
asset(s); if applicable. project, as per information provided, no refinancing is involved.
1.6 Details of the intended types of temporary Refer to Sec. 4.3 for the details regarding treatment of GCC’s Green Bond Framework
placement of the unallocated and unutilised Unallocated Proceeds. Sec. 3.4.2 Unallocated Proceeds
net proceeds from the issue of green debt
securities
1.7 Details related to the perceived social and At present, this project is in the construction phase (approx. 2 GCC’s Green Bond Framework
environmental risks and proposed mitigation yrs) and has minimal perceived environmental and social risks,
• Sec 3.3 Environmental and
plan associated with the project(s) proposed to like air pollution and odour pollution. During the operational
Social Risk Mechanism
be financed/refinanced through the proceeds phase, no perceived social and environmental risks are
• Sec. 3.3.1 Standard EHS
from the issue of green debt securities envisaged thereafter.
Conditions of Contract
• Sec. 3.3.2 Vintage &
However, there is a E&S Risk Management Mechanism (Refer
Achievements of Project
Sec. 4.2.2) in place for mitigation of any environmental and
Management Consultant
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(PMC)
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• Sec. 3.3.3 Structure of
Supervisory Control
(i) Comprehensive Environmental and Social Impact
• Sec. 3.3.4 Regulatory
Assessment (ESIA) and Environmental and Social
Management Plan (ESMP) were completed prior to Compliance
contractor engagement.
(ii) The Centre for Environmental Studies (CES), Anna
University, serves as the Project Management
Consultant, supporting oversight and compliance.
CES, Anna University has the solid vintage in
providing consultancy in Biomining and Solid Waste
Management Projects.
(iii) The Contractors have been chosen based on stringent
Environmental, Health and Safety (EHS) and Social
Criteria. The Same criteria have been included in
their standard clauses.
(iv) This framework is further reinforced through
continuous monitoring of EHS requirements by both
GCC and the PMC.
Collectively, these measures demonstrate that GCC meets all
prerequisites and operates a mature, accountable, and well-
governed E&S Risk Mechanism. The Project is aimed at
providing environmental and social benefits (Refer Sec. 8).
1.8 The issuer shall appoint an independent third- GCC has appointed CARE Analytics and Advisory Pvt. Ltd. GCC’s Green Bond Framework
party reviewer/ certifier, for (CareEdge Advisory) for providing its Third Party Review Sec. 3.6.2 Post Issuance External
reviewing/certifying the processes including Report on their Green Bond Framework. The scope included Verification
project evaluation and selection criteria,
reviewing the eligibility of project activities, evaluation and
selection procedures, and alignment with international
project categories eligible for financing by
standards such as SEBI NCS, ICMA GBP, and GoI’s SGrB
green debt securities, etc.
framework.
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8 Annexure 2: Benefits of the Project
Table 6 provides the Environmental and Social benefits accrued from the Biomining project at KDG and its alignment with the UN SDGs.
Table 6 – Benefits of the Biomining Project at KDG
Use-of-Proceeds activity Primary UN SDG targets Environmentally & Socially benefits mapping
Legacy-waste excavation & windrow UN SDG 11.6: By 2030, reduce the adverse per capita Stabilising and excavating legacy waste is the
stabilisation (EM culture + deodoriser) environmental impact of cities, including by paying first step to abate local pollution and odour. It
special attention to air quality and municipal and other reduces exposure to contaminated waste and
waste management enables safe downstream treatment.
UN SDG 3.9: By 2030, substantially reduce the number
of deaths and illnesses from hazardous chemicals and
air, water and soil pollution and contamination
Mechanical segregation of waste using UN SDG 12.5: By 2030, substantially reduce waste Separates combustibles, fines / coarse inerts,
trommels, magnets / eddy current generation through prevention, reduction, recycling and glass, metals, enabling recycling, compliant
reuse disposal and overall waste reduction.
UN SDG 11.6: By 2030, reduce the adverse per capita
environmental impact of cities, including by paying
special attention to air quality and municipal and other
waste management
Material recovery & circular flows metals / UN SDG 12.5 (primary): By 2030, substantially reduce Diverts materials from dumping to reuse /
tyres to recyclers waste generation through prevention, reduction, recycling / energy recovery, cutting down waste
recycling and reuse being dumped into landfill and associated
Construction & Demolition waste re-use emissions.
and/or processing UN SDG 13.2 (co-benefit when energy recovered)
RDF for compliant co-processing
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Responsible disposal as per SWM Rules UNSDG 11.6: By 2030, reduce the adverse per capita Ensures outputs are handled to national
2016 environmental impact of cities, including by paying standards, preventing re-pollution and locking
special attention to air quality and municipal and other in waste minimisation.
waste management
UN SDG 12.5: By 2030, substantially reduce waste
generation through prevention, reduction, recycling and
reuse
Responsible leachate collection & treatment UN SDG 6.3: By 2030, improve water quality by Prevents highly polluted leachate from
(LTP) incl. wash-water routing and spill reducing pollution, eliminating dumping and contaminating ground / surface water
control minimizing release of hazardous chemicals and
materials, halving the proportion of untreated
wastewater and substantially increasing recycling and
safe reuse globally
UN SDG 3.9: By 2030, substantially reduce the number
of deaths and illnesses from hazardous chemicals and
air, water and soil pollution and contamination
Groundwater quality improvement from UN SDG 6.3: By 2030, improve groundwater quality by Baseline shows severe organic / nutrient load—
vis-à-vis baseline conditions for parameter reducing leachate flowing into groundwater. demonstrates necessity and impact materiality
like (i) Biochemical Oxygen Demand 3-days of LTP.
@ 27 degree Centigrade, (ii) Chemical Oxygen
Demand, Nitrate (NO )
3
Reduce Fugitive dust and air pollution UN SDG 11.6: By 2030, reduce the adverse per capita Controls fugitive emissions and traffic-related
mitigation in and around Kodungaiyur environmental impact of cities, including by paying dust and improving local air quality for
(through water sprinkling, covered transport, special attention to air quality and municipal and other workers/communities.
ensuring PUC vehicles etc. initiatives) waste management
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UN SDG 3.9: By 2030, substantially reduce the number
of deaths and illnesses from hazardous chemicals and
air, water and soil pollution and contamination
Land reclamation enabling future waste UN SDG 11.6: By 2030, reduce the adverse per capita Eliminates an open dump and frees land for
processing facilities (70–80% land reclaim environmental impact of cities, including by paying compliant processing of future waste—locking
potential) special attention to air quality and municipal and other in long-term urban environmental gains.
waste management
UN SDG 12.5: By 2030, substantially reduce waste
generation through prevention, reduction, recycling and
reuse
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9 Annexure 3: ICMA External Review Form11
Section 1. Basic Information
Particulars Responses
Issuer name Greater Chennai Corporation (GCC)
Bond ISIN To be inserted when ISIN is available
Third-Party Reviewer’s name CARE Analytics and Advisory Pvt. Ltd. (CareEdge Advisory)
Completion date of this form December 15, 2025
Date of the review: [where appropriate, specify if it is an N/A
update and add reference to earlier relevant review]:
Section 2. Overview
SCOPE OF REVIEW
The review:
☒ assessed the 4 core components of the Principles (complete review) and confirmed the alignment with the GBP/SBP/SBG (delete where appropriate).
☐ assessed only some of them (partial review) and confirmed the alignment with the GBP/SBP/SBG (delete where appropriate); please indicate which ones:
☐ Process for Project Evaluation and
☐ Use of Proceeds
Selection
☐ Management of Proceeds ☐ Reporting
☐ assessed the alignment with other regulations or standards (CBI, EU GBS, ASEAN Green Bond Standard, ISO 14030, etc.); please indicate which ones:
2211
11 https://www.icmagroup.org/assets/documents/Sustainable-finance/2023-updates/External-Review-Form-Use-of-Proceeds-Bonds-2023-220623.docx
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ROLE(S) OF INDEPENDENT REVIEW PROVIDER
☒ Second Part Opinion /Third Party ☐ Certification
Review
☐ Verification ☐ Scoring/Rating
☐ Other (please specify):
Does the review include a sustainability quality score12?
☐ Of the issuer ☐ Of the project
☐ Of the framework ☐ Other (please specify):
☒ No scoring
ASSESSMENT OF THE PROJECT(S)
Does the review include:
☒ The environmental and/or social features of the type of project(s) intended for the Use of Proceeds?
☒ The environmental and/or social benefits and impact targeted by the eligible Green and/or Social Project(s) financed by the Green, Social or
Sustainability Bond?
☒ The potentially material environmental and/or social risks associated with the project(s) (where relevant)?
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12 The external review may indicate the provider’s opinion of the overall sustainability quality of a bond or bond framework and assess whether it has a meaningful impact on advancing contribution to long-term sustainable development.
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ISSUER’S OVERARCHING OBJECTIVES
Does the review include:
☐ An assessment of the issuer’s overarching sustainability objectives and strategy, and the policies and/or processes towards their delivery?
☒ An identification and assessment of environmental, social and governance related risks of adverse impact through the Issuer’s [actions] and explanations
on how they are managed and mitigated by the issuer?
☒ A reference to the issuer’s relevant regulations, standards, or frameworks for sustainability-related disclosure and reporting?
CLIMATE TRANSITION STRATEGY13
Does the review assess:
☐ The issuer’s climate transition strategy & governance?
☐ The alignment of both the long-term and short/medium-term targets with the relevant regional, sector, or international climate scenario?
☐ The credibility of the issuer’s climate transition strategy to reach its targets?
☐ The level/type of independent governance and oversight of the issuer’s climate transition strategy (e.g. by independent members of the board, dedicated
board sub-committees with relevant expertise, or via the submission of an issuer’s climate transition strategy to shareholders’ approval).
☐ If appropriate, the materiality of the planned transition trajectory in the context of the issuers overall business (including the relevant historical
datapoints)?
☐ The alignment of the issuer’s proposed strategy and targets with appropriate science-based targets and transition pathways14 that are deemed necessary
to limit climate change to targeted levels?
13 Where issuers wish to finance projects towards implementing a net zero emissions strategy aligned with the goals of the Paris Agreement, guidance on issuer level disclosures and climate transition strategies may be sought from the Climate
Transition Finance Handbook.
2233 14 GHG emissions reduction targets that are in line with the scale of reductions required to keep the average global temperature increase to ideally 1.5°C, or at the very least to well below 2°C above pre-industrial temperatures. Science Based
Targets Initiative (SBTi) is a branded verification body for science-based targets and SBTi verification is one way for issuers to validate the alignment of their emission reduction trajectories with science-based reference trajectories. In addition,
ICMA has published a Methodologies Registry which includes a list of tools to specifically help issuers, investors, or financial intermediaries validate their emission reduction trajectories.
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☐ The comprehensiveness of the issuer’s disclosure to help investors assess its performance holistically15?
Overall comment on this section:
The funds are not raised through issuance of transition bonds. Although this is not a transition bond, however one of the major KPI associated with this
project is ‘Methane avoided/GHG Reduced (tCO₂e/year)’ from Biomining of legacy waste. This would contribute towards India’s NDC. Refer Table 5 – 1.2
(d) for more details.
Section 3. Detailed Review
Reviewers are encouraged to provide the information below to the extent possible and use the comment section to explain the scope of their review.
1. USE OF PROCEEDS
Does the review assess:
☒ the environmental/social benefits of the project(s)?
☒ whether those benefits are quantifiable and meaningful?
☐ for social projects, whether the target population is properly identified?
Does the review assess if the issuer provides clear information on?
☐ the estimated proceeds allocation per project category (in case of multiple projects)?
☐ the estimated share of financing vs. re-financing (and the related lookback period)?
Overall comment on this section:
The proceeds from the issued green bonds will be exclusively used in the selected green eligible activities depicted in Table 4.
2244
15 Including information such as the respective contribution (e.g. %) of the different measures to the overall reduction, the total expenses associated with the plan, or the issuer’s climate policy engagement.
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2. PROCESS FOR PROJECT EVALUATION AND SELECTION
Does the review assess:
☒ whether the eligibility of the project(s) is aligned with official or market-based taxonomies or recognized international standards? Please specify which
ones16.
☐ whether the eligible projects are aligned with the overall sustainability strategy of the issuer and/or if the eligible projects are aligned with material ESG-
related objectives in the issuer’s industry?
☐ the process and governance to set the eligibility criteria including, if applicable, exclusion criteria?
☒ the processes by which the issuer identifies and manages perceived social and environmental risks associated with the relevant project(s)?
☒ any process in place to identify mitigants to known material risks of negative social and/or environmental impacts from the relevant project(s)?
Overall comment on this section:
Please refer to Table 4 for how the eligible green activities align with SEBI NCS Regulations, 2021; GoI’s SGrB, 2022 and ICMA GBP, 2025 (as amended).
Please refer to Sec. 4.2.2 and Sec 3.3 of GCC’s Green Bond Framework for E&S impact assessment (pre-factor) and risk management during operations.
3. MANAGEMENT OF PROCEEDS
Does the review assess:
☒ the issuer’s policy for segregating or tracking the proceeds in an appropriate manner?
☒ the intended types of temporary investment instruments for unallocated proceeds?
☒ Whether an external auditor will verify the internal tracking of the proceeds and the allocation of the funds?
Overall comment on this section:
Please refer to Sec. 4.3. This section elaborates the process of management of proceeds.
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16 The EU Taxonomy, CBI Taxonomy, UK Taxonomy, China catalogue, etc.
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4. REPORTING
Does the review assess:
☒ the expected type of allocation and impact reporting (bond-by-bond or on a portfolio basis)?
☒ the frequency and the means of disclosure?
☒ the disclosure of the methodology of the expected or achieved impact of the financed project(s)?
Overall comment on this section:
Please refer to Sec. 4.4. This section defines how GCC will disclose and report the proceeds of the green bonds.
Section 4. Additional Information
Useful links (e.g. to the external review provider’s methodology or credentials, to the full review, to issuer’s documentation, etc.). Please visit GCC’s website:
https://chennaicorporation.gov.in/gcc/
Analysis of the contribution of the project(s) to the UN Sustainable Development Goals:
Please refer to Table 5 [Point 1.2 (d)] and Table 6 for the contribution towards India’s growth and how the investments will help to combat the climate change.
Additional assessment in relation to the issuer/bond framework/eligible project(s):
Additional assessment not conducted.
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10 Disclaimer of CareEdge Advisory:
1. Reliance on Issuer Information
The Reviewer has relied exclusively on data, documentation and representations supplied by Client on an “as-is” basis and has not independently audited or
otherwise sought to establish the accuracy or completeness of such information.
2. Scope of Review
The engagement is strictly limited to act as Third Party Reviewer for Green Bond Issuance which includes reviewing the Client’s Green Bond Framework and
understanding the processes and controls established for the: (i) Use of Proceeds and KPIs, (ii) Selection of Projects and Environmental & Social Risk Mechanism,
(iii) Management of Proceeds and (iv) Reporting. Provide opinion on the alignment with SEBI’s Regulations and other International Frameworks. No opinion is
expressed on any other aspect of the issuer’s operations, governance or strategy. Refer Sec 2 Scope & Objective for more details.
3. No Independent Verification of Financial Records
The reviewer’s procedures do not constitute an audit, review or examination of financial statements in accordance with any generally accepted auditing or
assurance standard. Accordingly, no assurance is provided on the issuer’s financial statements, solvency or liquidity position.
4. No Investment Advice or Offer
Nothing in this report shall be construed as, or relied upon as, investment advice, a recommendation to transact in any security or an invitation to effect any
transaction.
5. No Credit Rating or Guarantee of Performance
The reviewer’s opinion does not constitute a credit rating, nor does it provide any guarantee or assurance regarding the future environmental or financial
performance of the bond or the underlying projects.
6. No Duty of Care to Third Parties
The conclusions herein are expressed solely for the use of Client and the bondholders. The reviewer accepts no duty of care and disclaims all liability to any other
party that may access or rely upon this report, whether directly or indirectly.
7. Indemnification
Client, its trustees and any person acting on its behalf shall indemnify and hold harmless the reviewer from and against all claims, losses, damages, costs and
expenses (including reasonable legal fees) arising out of or in connection with any inaccuracy, omission or non-compliance by Client with applicable law or with
the terms of its Green Bond Framework.
8. No Obligation to Update
The reviewer undertakes no responsibility to update, amend or supplement this report to reflect events or circumstances occurring after the date of issuance,
including changes in methodology, regulation or market practice.
9. Governing Law and Jurisdiction
2277 This report, and any dispute or claim arising out of or in connection with it (whether contractual, tortious or otherwise), shall be governed by and construed in
accordance with Indian law and shall be subject to the exclusive jurisdiction of the courts of Mumbai.
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Contact
About Us
CareEdge is a knowledge-based analytical group offering services in
Credit Ratings, Analytics, Consulting and Sustainability. Established
in 1993, the parent company CARE Ratings Ltd (CareEdge Ratings) is
India’s leading ratings agency, with a credible track record of rating
companies across diverse sectors The wholly-owned subsidiaries of
CareEdge Ratings are (I) CARE Analytics & Advisory Private Ltd, and
(II) CARE ESG Ratings Ltd. CareEdge Ratings’ other international
subsidiary entities include CARE Ratings Africa (Private) Ltd in
Mauritius, CARE Ratings South Africa (Private) Ltd, and CARE
Ratings Nepal Ltd.
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CARE Analytics and Advisory
Private Limited 28
(Wholly-owned subsidiary of CareEdge Ratings)
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28GreenG BonRd FEramAewTorkE R C HE NN AI COR PO RA TIOGreNater (ChGennCaAi CC o-rp )3o ra9tio1n
GREEN BOND FRAMEWORK December 2025
01Green Bond Framework Greater ChennaAi C o-rp 3ora9tio2n
Contents
1. Introduction ................................................................................................................................................... 4
1.1 Background of the Issuer ........................................................................................................................... 4
1.2 About the Project ...................................................................................................................................... 5
1.3 Context ...................................................................................................................................................... 7
1.3.1 Use of Recovered Fractions .......................................................................................................... 8
1.3.2 Success Cases of Biomining in India ............................................................................................. 9
1.4 Objective.................................................................................................................................................... 9
2. About the Framework .................................................................................................................................. 10
2.1 Alignment with Domestic Regulations and International Financing Framework .................................... 10
2.2 Framework Management ........................................................................................................................ 10
3. Structure of Financing Framework .............................................................................................................. 11
3.1 Use of Proceeds ....................................................................................................................................... 11
3.2 Process for Project Evaluation and Selection .......................................................................................... 13
3.2.1 Selection of the Project .............................................................................................................. 13
3.2.2 Bond Issue Committee ............................................................................................................... 13
3.3 Environmental and Social Risk Mechanism ............................................................................................. 14
3.3.1 Standard EHS Conditions of Contract ......................................................................................... 14
3.3.2 Vintage & Achievements of Project Management Consultant (PMC) ........................................ 15
3.3.3 Structure of Supervisory Control ................................................................................................ 15
3.3.4 Regulatory Compliance .............................................................................................................. 16
3.4 Management of Proceeds ....................................................................................................................... 16
3.4.1 Tracking of Proceeds .................................................................................................................. 16
3.4.2 Unallocated Proceeds ................................................................................................................. 16
3.4.3 Role of External Chartered Accountant ...................................................................................... 16
3.5 Reporting ................................................................................................................................................. 17
3.6 External Review ....................................................................................................................................... 17
3.6.1 Third Party Review ..................................................................................................................... 17
3.6.2 Post Issuance External Verification ............................................................................................ 17
4. Annexure 1: Success Stories of Biomining in India ...................................................................................... 18
5. Annexure 2: Environmental and Social Benefits .......................................................................................... 20
6. Annexure 3: Key Performance Indicators (KPIs) .......................................................................................... 23
7. Annexure 4: Cost Breakup ........................................................................................................................... 25
8. Annexure 5: Photographs of Project ............................................................................................................ 26
9. Annexure 6: List of Abbreviations ................................................................................................................ 28
2Green Bond Framework Greater ChennaAi C o-rp 3ora9tio3n
List of Tables
Table 1: Kodungaiyur Biomining Packages ............................................................................................................. 6
Table 2: Alignment of Project Activities................................................................................................................ 11
Table 3: Approvals Required ................................................................................................................................. 16
Table 4: Environmental and Social Benefits from Project .................................................................................... 20
Table 5: Key Performance Indicators (KPIs) .......................................................................................................... 23
Table 6: Total Costing Breakup ............................................................................................................................. 25
Table 7: Costing Breakup of GCC .......................................................................................................................... 25
List of Figures
Figure 1: Greater Chennai Corporation (GCC) ........................................................................................................ 4
Figure 2: Kodungaiyur Dumping Ground (KDG) ...................................................................................................... 5
Figure 3: Layout plan of the Six Biomining Packages at KDG .................................................................................. 6
Figure 4: Biomining Process .................................................................................................................................... 7
Figure 5: Representative Pictures of Recovered Fractions ..................................................................................... 8
List of Case Studies
Case Study 1 - Biomining Project at Perungudi .................................................................................................... 18
Case Study 2 - Biomining Project at Atladara ....................................................................................................... 19
3Green Bond Framework Greater ChennaAi C o-rp 3ora9tio4n
1. Introduction
1.1 Background of the Issuer
The Greater Chennai Corporation (previously ‘Madras Corporation’) is the oldest Municipal
Institution in India established on the 29th September 1688. A charter was issued on the 30th
December 1607 by East Indian Company constituting the "Town of Fort St. George" and all the
territories thereunto belonging, not exceeding the distance of ten miles from the Fort, into a
Corporation. The Parliamentary Act of 1792 gave the Corporation power to levy Municipal Taxes in
the City. The Municipal administration properly commenced from the Parliamentary Act, 1792
making provision for the good order and administration of the city. The Municipal Act has been
amended introducing from time-to-time major changes in the constitution and powers of the
Corporation. The Tamil Nadu Urban Local Bodies Act, 1998 provides the basic Statutory authority for
the administration now.
Greater Chennai Corporation (GCC) generates approximately 5,500 Metric Tons per day (MT/day) of
Municipal Solid Waste. This generated waste is being dumped at Kodungaiyur & Perungudi site
which are operational for more than four decades. These sites have been used as controlled dump
site and as per the SWM Rule 2016, under Rule 15 requires all legacy waste to be bio-mined to the
extent possible.
GCC has undertaken a conscious approach to go for decentralized waste processing of daily
generated fresh waste to possible extent. However, the Kodungaiyur site still receives 2200 MT of
fresh waste on daily basis. To overcome this, GCC plans to reclaim the dumpsites initially and then
establish that the reclaimed land can be used for establishment of Integrated Waste Processing and
Disposal Facilities. For land reclamation at Kodungaiyur site Biomining method has been adopted as
biomining process is cost efficient and simple process of legacy waste processing and disposal.
Figure 1: Greater Chennai Corporation (GCC)
4Green Bond Framework Greater ChennaAi C o-rp 3ora9tio5n
1.2 About the Project
Kodungaiyur Dumping Ground (KDG) receives waste from Zones 1 to 8 of GCC. The overall size of the
Kodungaiyur dump site is approx. 252 acres. The dump site has been operational since early 1980s
as per records. The project has been divided into six packages for easy execution. The details of the
packages are provided in Table 1 and their layout is provided in Figure 3. The Biomining operations
of these packages is expected to be completed by 2026.
Figure 2: Kodungaiyur Dumping Ground (KDG)1
1 Source: Chennai Climate Action Plan (https://cms.tngreencompany.com/uploads/Chennai_Climate_Action_Plan_ENG_5d827c7dec.pdf)
5Green Bond Framework Greater ChennaAi C o-rp 3ora9tio6n
Table 1: Kodungaiyur Biomining Packages2
# Proposed Packages at Waste Volume Waste Quantity Area Land
Kodungaiyur Dump Site (m3) (MT)3 (acres) belongs
to
1 Package 1 23,55,656.40 21,20,090.76 60.31 GCC
2 Package 2 4,60,236.76 4,14,213.08 17.99 GCC
3 Package 3 12,61,529.50 11,35,376.55 44.04 GCC
4 Package 4 4,90,225.50 4,41,202.95 30.09 GCC
5 Package 5 20,39,115.76 18,35,204.18 78.15 GCC
6 Package 6 7,84,909.06 7,06,418.15 21.32 GCC
Total 73,91,672.98 66,52,505.68 251.90
Figure 3: Layout plan of the Six Biomining Packages at KDG
2 Source: KDG Detailed Feasibility Report (DFR), 2022
3 Assumed density of 900 kg/m3 of municipal solid waste. Source: DFR.
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1.3 Context
Landfill mining or Bio-mining is the most common method followed in India for Land Reclamation.
The main reason for Indian Cities opting for Biomining is that most of the cities are devoid of new
land for development of processing facilities for fresh waste and for future generated waste. This is
the most-commonly practiced method of reclaiming land from legacy waste in India.
Biomining Process4
Figure 4: Biomining Process
4 tnuifsl.com/Disclosures/2023/20230703-ESIAR.pdf (Pg. 22)
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1.3.1 Use of Recovered Fractions
During bioremediation and biomining planning, GCC (through their Contractors) will identify end-use
or disposal routes for all waste fractions—Refuse Derived Fuel, recyclables, inert material, and bio-
soil—to ensure complete and cost-effective waste utilization.
GCC will link RDF with nearby industries, promote plastic road use for thin-film plastics, and
collaborate with waste-pickers and recyclers for material recovery.
Figure 5: Representative Pictures of Recovered Fractions5
5 Source: KDG DFR, 2022
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1.3.2 Success Cases of Biomining in India
Biomining marker in India is at an advance stage as most of Urban Local Bodies (ULB) have opted for
biomining of old dumpsite to comply with Solid Waste Management (SWM) rules, 20166 and Swachh
Bharat Mission (SBM) 2.0, 20217 guidelines.
Tamil Nadu was the first State to initiate the concept of biomining of legacy waste at Kumbakonam
municipality in 20158.
With SBM programme underway, an aspiring programme to undertake Municipal Solid Waste
(MSW) dump site closure and site reclamation for which financial assistance of 25% of total
estimated cost of project cost is being provided to the respective city Urban Local Bodies (ULB) by
Government of India (GoI). This has also led to increase in biomining activity across India. The
successful case studies of few dumping sites can be referred in the Sec. 4.
1.4 Objective
As Indian cities expand rapidly, addressing the twin challenges of delivering essential civic services
and maintaining environmental sustainability has become increasingly important. Urban Local
Bodies (ULBs), like the Greater Chennai Corporation (GCC), are at the forefront, integrating climate-
practices into urban governance.
GCC is committed to promoting sustainable urban development while ensuring the provision of
essential civic amenities for public good. By integrating climate into everyday urban operations, GCC
and other ULBs can ensure resilient, liveable cities for the future.
As part of this commitment, GCC is setting an example with its biomining projects at the Perungudi
and Kodungaiyur Dumping Grounds (KDG), designed to reclaim hundreds of acres of land previously
buried under legacy waste. After Perungudi dumping site, efforts are now focused on Kodungaiyur
dumping ground to reclaim 252 acres. These projects play a vital role in enhancing solid waste
management and environmental restoration in the city. The project will be funded through the
Swachh Bharat Mission 2.0 Scheme, including contributions from the Central and State Governments,
GCC's own funds, and external financing from the Kreditanstalt für Wiederaufbau (KfW). ₹205.59 Cr.
is proposed to be financed through proceeds from Green Municipal Bonds (please refer to Sec. 7).
To ensure timely completion and financial sustainability of these projects, GCC plans to issue its first
Green Municipal Bond (Bond life - 10 years) aligned with Domestic Regulations and International
Financing Framework (Refer Sec. 2.1).
6 https://cpcb.nic.in/uploads/MSW/SWM_2016.pdf
7 https://sbmurban.org/storage/app/media/pdf/swachh-bharat-2.pdf
8 https://inmathi.com/2022/08/05/legacy-of-delays-hamper-biomining-reclamation-of-waste-dumps/59862/
9Green Bond Framework Greater ChennaAi C o-rp 4ora0tio0n
2. About the Framework
2.1 Alignment with Domestic Regulations and International Financing
Framework
The GCC’s Green Bond Framework (‘GCC Framework’ or ‘the Framework’) is established by GCC
under which it will issue Municipal Debt Securities (MDS) including non-convertible securities such as
Green Bonds defined under:
1. SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 20219 (SEBI NCS)10
2. Master Circular for issue and listing of Non-convertible Securities, Securitised Debt
Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper, 2025
(SEBI Master Circular 2025)11
3. Framework for Sovereign Green Bonds, 2022 (SGrB)12
4. International Capital Markets Association’s Green Bond Principles, 2025 (ICMA GBP)13
The Framework broadly lays down GCC’s mechanism of raising funds from issuance of Green Municipal
Bonds and to use the proceeds of those issuance(s) to invest in a manner that is consistent with GCC’s
Framework. The bonds shall be issued in accordance with the applicable provisions of the SEBI (Issue
and Listing of Municipal Debt Securities) Regulations, 2015, as amended and the SEBI Master Circular
2025.
2.2 Framework Management
The Green Municipal Bond Framework along-with Third-Party Review (TPR) Report will be made
available on the GCC’s website. The framework will be reviewed as and when required. The framework
will be revised in case of following points:
(a) Significant internal or external regulatory changes affecting impact / allocation reporting and/or;
(b) In case of any material change(s) in the four pillars of the framework (refer Sec. 3).
Accordingly, the External Review / Third-Party Reviewer Certificate will be obtained for the revised
framework.
9 As per the SEBI circular dated November 24, 2022 "an issuer under the Issue and Listing of Municipal Debt Securities (ILMDS) Regulations
may issue a green debt security if it falls within the definition of “green debt security”, as per Regulation 2(1)(q) of the NCS Regulations".
10 https://www.sebi.gov.in/legal/regulations/aug-2021/securities-and-exchange-board-of-india-issue-and-listing-of-non-convertible-
securities-regulations-2021_51764.html
11 SEBI | Master Circular for issue and listing of Non-convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt
Securities and Commercial Paper
12 https://dea.gov.in/files/inline-documents/Framework_for_Sovereign_Green_Bonds.pdf
13 https://www.icmagroup.org/assets/documents/Sustainable-finance/2025-updates/Green-Bond-Principles-GBP-June-2025.pdf
10Green Bond Framework Greater ChennaAi C o-rp 4ora0tio1n
3. Structure of Financing Framework
The framework is designed to align with the four components of the ICMA’s GBP, 2025; SEBI NCS
Regulations, 2021; SEBI Master Circular, 2025 and GoI’s SGrB, 2022. These principles recommend
delineation of a clear process and disclosure by the issuer to enable investors and banks and others
to understand the characteristics of the Green Municipal Bond.
The four core components/pillars as outlined by ICMA GBP are:
1. Use of Proceeds (refer Sec. 3.1)
2. Process for Project Evaluation and Selection (refer Sec. 3.2)
3. Management of Proceeds (refer Sec. 3.4)
4. Reporting (refer Sec. 3.5)
In addition, the Framework also incorporates the following elements:
5. Green Municipal Bond’s alignment with eligibility criteria for projects provided under SEBI
Regulations and other International Frameworks (refer Sec. 2.1)
6. Environmental and Social benefits arising from the Project (refer Sec. 5)
7. Environmental and Social Risk Mechanism Framework (refer Sec. 3.3).
3.1 Use of Proceeds
GCC will use 100% of the proceeds from the green bond to reclaim 252 acres of Kodungaiyur
Dumping Ground (KGD). This green activity expenditure is aligned with green principles SEBI NCS,
ICMA GBP, and GoI’s SGrB principles.
GCC undertakes that proceeds of the Green Bond issue shall not be used for any purpose which may
be in contravention of the regulations / guidelines / norms issued by the SEBI / Tamil Nadu
Government / Stock Exchange(s).
Table 2: Alignment of Project Activities
Pertinent Regulations Category where this project Succinct Rationale
and Framework fits
SEBI NCS Regulations, • Sustainable waste • The Kodungaiyur Dumping Ground
2021 – clause 2(q)(v) management (incl. (KGD) bio-mining project is a legacy
and (viii) recycling, waste to energy dumpsite biomining involves
(Refuse Derived Fuel excavation, processing, recovery of
(RDF)), and efficient recyclables / RDF / soil-like fraction,
disposal) leachate management, site
• Pollution prevention and remediation and land reclamation –
control (including which includes (i) waste
reduction of air emissions, management and (ii) pollution-
greenhouse gas control, control.
soil remediation, waste • Biomining activities at KDG such as
prevention, waste recycling waste, waste to energy,
reduction, waste recycling efficient disposal etc. aligns with the
and energy efficient or SEBI’s eligible green categories (per
emission efficient waste to Board circular defining clause 2(1)(q))
11Green Bond Framework Greater ChennaAi C o-rp 4ora0tio2n
Pertinent Regulations Category where this project Succinct Rationale
and Framework fits
energy) and sectors category (v) “Recycling and Waste to
mentioned under the India Energy”. This project will help reclaim
Cooling Action Plan the land and generate Refuse Derived
launched by the Ministry of Fuel (RDF).
Environment, Forest and • Project Interventions such as (i)
Climate Change Particulate Matter reduction, (ii)
abatement of Methane generation &
dispersion, and (iii) leachate capture
and containment, are anticipated to
generate multifaceted environmental
performance enhancements, thereby
diminishing long-term risks of
groundwater contamination. Such
interventions align to SEBI clause
2(1)(q) category (viii) “Pollution
Prevention and Control”.
ICMA Green Bond • Pollution prevention and • Project interventions such as soil
Principles (GBP), 2025 control (including remediation, waste prevention /
reduction of air emissions, reduction / recycling and efficient
greenhouse gas control, Waste to Energy along with
soil remediation, waste leachate collection (which could
prevention, waste diminish long-term risks of
reduction, waste recycling groundwater contamination) aligns
and energy/emission- with the ICMA Green Bond Principles
efficient waste to energy) 2025 “Pollution Prevention and
• Circular economy adapted Control” and “circular economy”
products / production adapted products.
technologies / processes • Biomining & resource recovery for
(secondarily) RDF are classic “circular economy”
projects.
Framework for Pollution prevention & control As the KDG Biomining project includes
Sovereign Green (incl. waste management, soil remediation, waste management
Bonds, 2022 waste and prevention, waste recycling, waste
prevention/reduction/recycling reduction, and efficient waste-to-
and energy/ emission-efficient energy, it directly aligns with the
Waste to Energy) “Pollution Prevention and Control”
eligible category specified in Table 1 of
the Sovereign Green Bonds Framework,
2022.
Note: The SEBI Master Circular is aligned with SEBI NCS Regulations as far as “Use of Proceeds” is concerned. However, it provides valuable
guidance regarding setting continuous disclosure requirements.
12Green Bond Framework Greater ChennaAi C o-rp 4ora0tio3n
3.2 Process for Project Evaluation and Selection
3.2.1 Selection of the Project
Green bonds are being raised to fund the biomining project at the Kodungaiyur Dumping Ground
(KDG), as it:
1. Directly contributes to the city’s long-term vision of building sustainable urban development,
2. Suffice the statutory requirement under the SWM Rules 2016 to scientifically process legacy
waste,
3. Lay the groundwork for establishing modern Integrated Waste Processing and Disposal
Facilities in the future
The successful reclamation of 93 acres at the Perungudi site has demonstrated the significant
environmental and urban development benefits of such initiatives. Building on this success, GCC
plans to utilise green bond proceeds for the Kodungaiyur (KDG) reclamation project.
The project strategically leverages blended financing from SBM 2.0, State and Central Government
contributions, and KfW funds (Refer Sec. 7), ensuring sustainable and dedicated support for one of
Chennai’s most important environmental restoration efforts.
To facilitate this initiative, GCC has constituted a Bond Issue Committee (“Bond Committee”)
authorized to manage, oversee, and execute all activities associated with the Green Bond issuance.
3.2.2 Bond Issue Committee
The Financial Management (FM) unit in GCC shall act as the nodal department for Bond Issue
Committee and this committee shall consist of the officials listed below:
• Commissioner - Chairperson
• Deputy Commissioner (Revenue & Finance) - Member & Convenor
• Financial Advisor - Member
• Chief Engineer (General) - Member
• Superintending Engineer (SWM) - Member
• Chief Accounts Officer (Budget) – Member
Minimum quorum of the committee shall be three with mandatory presence of Chairperson. In the
absence of Chairperson, Convenor shall chair the meeting.
The committee will meet at least once in 3 months or earlier as per the requirement to review the
progress of the project.
The process of project evaluation includes review of documents such as (i) Detailed Feasibility
Report (DFR); (ii) Environmental & Social Impact Assessment (ESIA) Reports; (iii) Appointment of
Consultants, Third Party Reviewers, Legal and Technical Assortments, etc. to ensure the
environmental impact of the projects have been addressed.
The committee will ensure that the selected eligible project complies not only with the section of
Use of Proceeds but also with the Environmental and Social guidelines under the proposed
framework. In addition, the committee will be responsible for managing any future updates of the
Framework.
13Green Bond Framework Greater ChennaAi C o-rp 4ora0tio4n
The terms of reference of the Committee are as follows:
The bond issue committee will jointly & severally be responsible for taking all decisions required for
the issuance of green municipal bonds, including but not limited to:
• Finalize the bond term sheet including the mode of issuance.
• Finalize the Green Bond Framework and selection of project
• Appoint or ratify the appointments of any / all agencies and intermediaries
• Finalize & sign all necessary documents / contracts / agreements / deeds / memorandum
of understanding / certificates / affidavits / declarations / undertakings / Instruments /
applications, etc.
• Approve the project for which funds are raised
• Designate a Compliance Officer
• Allotment of bonds, post issuance compliances, and listing of Municipal Bonds on behalf of
the GCC, for smooth issuance of bonds and its complete process and to take decisions and
/ or action on any other matter(s) relating to the proposed issue(s) of the Bonds
3.3 Environmental and Social Risk Mechanism
GCC has instituted a well-structured Environmental and Social (E&S) Risk Mechanism that ensures
the project is implemented in full compliance with national regulations, international labor
conventions, and project-specific environmental and social safeguards.
Under the framework, Environmental and Social Impact Assessment (ESIA) and Environmental and
Social Management Plan (ESMP) have been conducted prior to engagement with the contractors.
The Centre for Environmental Studies (CES) at Anna University works as a trusted technical partner
and Project Management Consultant (PMC) for the Greater Chennai Corporation and other
government bodies in Tamil Nadu. (Refer Sec. 3.3.2)
Contractors are contractually bound by comprehensive EHS conditions of contract (Refer Sec. 3.3.1)
and strict safety protocols.
The framework is further strengthened by compliance with environment, health & safety regulatory
compliance, implemented by the contractors and enforced by GCC and PMC (Refer Sec. 3.3.3).
Together, these elements demonstrate that GCC meet all prerequisites and operates through a
mature, accountable, and well-governed E&S risk management system.
3.3.1 Standard EHS Conditions of Contract
The standard conditions of the Contractors in KfW-financed project include the following
Environmental, Health and Safety clauses:
1. Ensure that they, their subcontractors, and major suppliers comply with all applicable
national environmental and labour laws, international environmental treaties, and the core
conventions of the International Labour Organization (ILO).
2. Implement all environmental and social risk-mitigation measures specified in the ESIA and
ESMP, including provisions for preventing sexual exploitation, abuse, and gender-based
violence, insofar as these requirements apply to the Contract.
3. In the event of a fire, take immediate action to extinguish it in accordance with the approved
safety plan and promptly notify the PMC. Upon notification, the PMC shall inspect the site
on the same day, assess the extent of the damage, and determine whether a drone survey is
14Green Bond Framework Greater ChennaAi C o-rp 4ora0tio5n
required to evaluate any reduction in waste volume compared to the previous survey and
the stabilized waste received at the site.
4. Provide adequate number of toilets and uncontaminated water for drinking and washing
5. Labour accommodation and temporary shade near work sites shall provide protection from
heat, rain, flooding, insects, snakes and mosquitoes. It should have adequate provisions for
emergency such as fire safety, security, etc.
6. Ensure adequate water supply in all toilets and urinals; Provide separate toilets / bathrooms
for women labourers and shall be screened from those for men (marked in vernacular
language.
7. Adequate healthcare is to be provided for the workforce
8. Ensure rest area is provided for the workers.
9. Provide first aid medical kit at labour accommodation, temporary labour shed and working
site; train the labour for usage of items in injury, emergency, coordinate with nearest
government and private medical centres for the medical services, display the contact
number of medical doctor(s) and keep a vehicle for emergency travel all the time
3.3.2 Vintage & Achievements of Project Management Consultant (PMC)
The Centre for Environmental Studies (CES) at Anna University is a trusted technical institute and
Project Management Consultant (PMC) support to the GCC, Directorate of Municipal Administration
and Directorate Town Panchayat of Government of Tamil Nadu in reclamation of land through
biomining of legacy waste.
Since March 2018, CES’s expertise has driven significant progress in reclaiming valuable land from
legacy waste dumpsites through innovative biomining techniques. The CES team involves from
assessing the quantity of wastes, vetting the Detailed Project Reports (DPR) and guiding as PMC
throughout the project run and issuance of completion certificate.
Key Achievements:
• Chennai's Major Dumpsites: CES is spearheading the reclamation of both, the Perungudi
and Kodungaiyur dumping grounds. At Perungudi, a vital Ramsar Convention site, 100 acres
out of 230 acres have already been successfully reclaimed. The bio-mining of 73,92,000
cubic meters of legacy waste across 251 acres at Kodungaiyur is actively underway, with
completion anticipated by 2026.
• State-wide Impact: CES’s reach extends across Tamil Nadu, where it serves as PMC for 13
Corporations, 120 Municipalities, and 140 Town Panchayats. CES has successfully bio mined
approximately 72,00,000 cubic meters of legacy waste, resulting in the reclamation of
around 650 acres of land.
3.3.3 Structure of Supervisory Control
A three-layer structure is followed by GCC: (a) Experienced contractors bound by EHS conditions of
contracts, (b) Experienced PMC (Anna University) and (c) Supervisory Engineers from the Solid
Waste Management Department of GCC form a formidable supervisory control.
15Green Bond Framework Greater Chennai Corporation
3.3.4 Regulatory Compliance
Details of relevant approvals obtained by the contractors for their respective packages are given
below:
Table 3: Approvals Required
Approvals Required for each Package (PK)
Approvals PK-1 PK-2 PK-3 PK-4 PK-5 PK-6
16
.tgM
etsaW
diloS
snoitazirohtuA
No. No. No. No. No. No.
25SRZ66504 25SFZ64129 25SRZ64699 25SRZ63476 25SFZ67464 25SRZ66506
453 985 887 615 748 675
Dated Dated Dated Dated Dated Dated
28/07/2025 25/02/2025 28/07/2025 28/07/2025 31/05/2025 28/07/2025
morf
deniatbo
CON
&
eriF
udaN
limaT
secivreS
eucseR
A - 406
PP NOC No.: Applied PP NOC No.: PP NOC No.: PP NOC No.: PP NOC No.:
2820/NOC/N 3141/NOC/N 2820/NOC/N 3348/NOC/N 2820/NOC/N
MSB/2025 MSB/2025 MSB/2025 MSB/2025 MSB/2025
Dated: Dated: Dated: Dated: Dated: Dated:
12/06/2025 Approval 24/06/2025 12/06/2025 14/07/2025 12/06/2025
awaited
3.4 Management of Proceeds
3.4.1 Tracking of Proceeds
For the purposes of transparent allocation of the proceeds for the eligible green project(s) and for
proper accounting, a separate account shall be created and maintained by the GCC.
3.4.2 Unallocated Proceeds
Unallocated proceeds, if any, will be carried forward to successive years for investment in the eligible
green project(s) only. It will be endeavoured that all proceeds are allocated within a span of two years
from the date of issuance. Further, the unallocated proceeds will be held in a fixed deposit with a
scheduled commercial bank, or as per the Tamil Nadu Urban Local Bodies Act, 1998, as amended.
3.4.3 Role of External Chartered Accountant
A qualified external Chartered Accountant, will be appointed by GCC, and will certify the allocation
reporting (as per Master Circular14 Chapter IX Clause 2.1 - Continuous disclosure requirements for
listed green debt securities):
(i) the Parking of Funds raised through the Green Bond issuance
(ii) the Deployment of Proceeds in line with the selected Use of Proceeds and;
14 https://www.sebi.gov.in/legal/master-circulars/oct-2025/master-circular-for-issue-and-listing-of-non-convertible-securities-securitised-
debt-instruments-security-receipts-municipal-debt-securities-and-commercial-paper_97343.htmlGreen Bond Framework Greater ChennaAi C o-rp 4ora0tio7n
(iii) the management of Unallocated Proceeds
The BIC and FM Department of GCC will provide details to the external Chartered Accountant for
the above mentioned points. The external Chartered Accountant will issue an allocation certificate
at the end of the financial year over the lifetime of the bond.
3.5 Reporting
Over the life of GCC’s Green Municipal Bonds, GCC will annually report on its website along with
external verification as per the Master Circular.
i. Allocation Reporting: Amounts allocated towards the green activity, unallocated
Amount, and investments made through such unallocated amount basis external
Chartered Accountant’s certification and external verification (refer Sec. 3.4.3)
ii. Impact Reporting: Performance against the Key Performance Indicators as prescribed in
GCC’s Green Municipal Bond Framework basis external verification.
iii. BRSR Reporting: Major Elements of BRSR Reporting as prescribed by SEBI’s disclosure
requirements.
3.6 External Review
3.6.1 Third Party Review
GCC’s Green Municipal Bond Framework will be reviewed by M/s CareEdge Analytics and Advisory
Pvt. Ltd. (CareEdge Advisory), which will issue an independent Third-Party Review (TPR) Report.
GCC Green Municipal Bond framework will be published on its website:
(https://chennaicorporation.gov.in/gcc/ ) along with Third-Party Reviewer Report.
3.6.2 Post Issuance External Verification
To provide timely and transparent information about the reporting of the allocation of funds from
Green Municipal Bond issued under this framework, GCC has engaged M/s CareEdge Analytics and
Advisory Pvt. Ltd. (CareEdge Advisory), a third-party external annual reviewer to provide an opinion
on the following aspects:
i. Verify that utilization of proceeds is in accordance with stated objectives of use of
proceeds as mentioned in the Framework (basis external Chartered Accountant’s
report).
ii. Assess the management of proceeds and of unallocated proceeds, if any (basis external
Chartered Accountant’s report).
iii. Monitor the expenditure towards and impacts of selected green activities/KPIs.
GCC will provide requisite information (e.g. external Chartered Accountant’s Certificate,
Performance against KPIs, Information regarding major elements of BRSR etc.) to the Third-Party
Reviewer for periodic verification and disclosure. The annual verification report will be published on
its website.
17Green Bond Framework Greater ChennaAi C o-rp 4ora0tio8n
4. Annexure 1: Success Stories of Biomining in India
Successful case study of Perungudi Dumpsite and Atladara Dumpsite in Vadodara are mentioned
below. For more such successful biomining case studies, please refer to the report on Legacy Waste
Remediation by Ministry of Housing and Urban Affairs (MoHUA)15 which highlights more such case
studies.
Case Study 1 - Biomining Project at Perungudi
BIOMINING CASE STUDY AT PERUNGUDI, GREATER CHENNAI CORPORATION16
The Perungudi dump yard,
spread across 200 acres of
marshland, had served as a
major waste disposal site for
the Greater Chennai
Corporation (GCC) for over
30 years, accumulating
around 30.64 lakh m³ of
legacy waste and causing
severe odour and visual
pollution. Under the Swachh
Bharat Mission, GCC
launched a sustainable
biomining initiative to
reclaim the land for urban
forests and new waste
processing facilities, aiming
to eliminate pollution and
enable productive reuse of
the area.
To execute this, the site was divided into six packages for biomining. Waste was first stabilized
using Effective Microorganism (EM) culture, then processed through trommels, conveyors, and
magnetic and density separators to recover valuable materials. Recyclables and metals were sold,
plastics and combustibles were converted into RDF for cement industries, bio-earth was used as a
soil enricher, and rubber/tyres were sent for rethreading. Initiated in late 2021, the project aimed
to reclaim all 200 acres within two years, turning a long-standing environmental hazard into a
sustainable urban asset.
15 PPTs for Workshop on Remediation of Legacy Waste Dumpsite - 24 Nov 2021.pdf
16 Preparation of Detailed feasibility report and Providing transaction advisory services for reclamation of Kodungaiyur dumping ground for
Greater Chennai Corporation (GCC).
18Green Bond Framework Greater ChennaAi C o-rp 4ora0tio9n
Case Study 2 - Biomining Project at Atladara
BIO-REMEDIATION OF LEGACY WASTE AND RECOVERY
OF LAND AT ATLADARA, VADODARA MUNICIPAL CORPORATION17
The Atladara dumpsite in Vadodara, spread over 17 acres, had accumulated large volumes of legacy municipal
waste, causing odour, leachate generation, and visual pollution. To address this, the Vadodara Municipal
Corporation initiated a bioremediation and biomining project to reclaim the land, recover valuable materials, and
convert the area into usable urban space. A detailed pre-feasibility study and site investigation were conducted to
assess waste quantity and design the remediation layout.
Excavated waste was stabilized using bio-culture or “effective microorganism” (EM) treatment to promote
degradation and reduce moisture, followed by mechanical processing through trommels, conveyors, and magnetic
and density separators. Recyclables were sold, combustibles were converted into RDF for cement industries, and
fine inert material or bio-earth was reused for landscaping and filling. The cleared land was repurposed for green
spaces and urban development. This project effectively demonstrated how scientific bioremediation can transform
a long-neglected dumpsite into a valuable and sustainable urban asset through systematic waste recovery and land
reclamation.
17 PPTs for Workshop on Remediation of Legacy Waste Dumpsite - 24 Nov 2021.pdf
19Green Bond Framework Greater ChennaAi C o-rp 4ora1tio0n
5. Annexure 2: Environmental and Social Benefits
The following table provides the environmental and social benefits accrued from the project and its
alignment with the UN Sustainable Development Goals.
Table 4: Environmental and Social Benefits from Project
Use-of-Proceeds activity Primary UN SDG targets Environmentally & Socially
benefits mapping
Legacy-waste excavation UN SDG 11.6: By 2030, reduce Stabilising and excavating legacy
& windrow stabilisation the adverse per capita waste is the first step to abate
(EM culture + deodoriser) environmental impact of cities, local pollution and odour. It
including by paying special reduces exposure to
attention to air quality and contaminated waste and enables
municipal and other waste safe downstream treatment.
management
UN SDG 3.9: By 2030,
substantially reduce the
number of deaths and illnesses
from hazardous chemicals and
air, water and soil pollution and
contamination
Mechanical segregation of UN SDG 12.5: By 2030, Separates combustibles, fines /
waste using trommels, substantially reduce waste coarse inerts, glass, metals,
magnets / eddy current generation through prevention, enabling recycling, compliant
reduction, recycling and reuse disposal and overall waste
reduction.
UN SDG 11.6: By 2030, reduce
the adverse per capita
environmental impact of cities,
including by paying special
attention to air quality and
municipal and other waste
management
Material recovery & UN SDG 12.5 (primary): By Diverts materials from dumping
circular flows metals / 2030, substantially reduce to reuse / recycling / energy
tyres to recyclers waste generation through recovery, cutting landfill mass
prevention, reduction, recycling and associated emissions.
Construction & Demolition and reuse
waste re-use and/or
processing UN SDG 13.2 (co-benefit when
RDF for compliant co- energy recovered)
processing
Responsible disposal as UNSDG 11.6: By 2030, reduce Ensures outputs are handled to
per SWM Rules 2016 the adverse per capita national standards, preventing
environmental impact of cities, re-pollution and locking in waste
including by paying special minimisation.
attention to air quality and
municipal and other waste
management
20Green Bond Framework Greater ChennaAi C o-rp 4ora1tio1n
UN SDG 12.5: By 2030,
substantially reduce waste
generation through prevention,
reduction, recycling and reuse
Responsible leachate UN SDG 6.3: By 2030, improve Prevents highly polluted leachate
collection & treatment water quality by reducing from contaminating ground /
(LTP) incl. wash-water pollution, eliminating dumping surface water
routing and spill control and minimizing release of
hazardous chemicals and
materials, halving the
proportion of untreated
wastewater and substantially
increasing recycling and safe
reuse globally
UN SDG 3.9: By 2030,
substantially reduce the
number of deaths and illnesses
from hazardous chemicals and
air, water and soil pollution and
contamination
Groundwater quality UN SDG 6.3: By 2030, improve Baseline shows severe organic /
improvement from vis-à- groundwater quality by nutrient load—demonstrates
vis baseline conditions for reducing leachate flowing into necessity and impact materiality
parameter like groundwater. of LTP.
(i)Biochemical Oxygen
Demand 3-days @ 27
degree Centigrade, (ii)
Chemical Oxygen Demand,
Nitrate (NO )
3
Reduce Fugitive dust and UN SDG 11.6: By 2030, reduce Controls fugitive emissions and
air pollution mitigation in the adverse per capita traffic-related dust and
and around Kodungaiyur environmental impact of cities, improving local air quality for
(through water sprinkling, including by paying special workers/communities.
covered transport, attention to air quality and
ensuring PUC vehicles etc. municipal and other waste
initiatives) management
UN SDG 3.9: By 2030,
substantially reduce the
number of deaths and illnesses
from hazardous chemicals and
air, water and soil pollution and
contamination
Worker Health & Safety UN SDG 8.8: Protect labour Safer working environments—
improvement over time rights and promote safe and PPE, emission checks and noise
(through application of secure working environments barriers protect workers’ health
Personal Protective for all workers, including and safety.
Equipment(s), vehicle migrant workers, in particular
emission checks etc.)
21Green Bond Framework Greater ChennaAi C o-rp 4ora1tio2n
women migrants, and those in
precarious employment
Land reclamation enabling UN SDG 11.6: By 2030, reduce Eliminates an open dump and
future waste processing the adverse per capita frees land for compliant
facilities (70–80% land environmental impact of cities, processing of future waste—
reclaim potential) including by paying special locking in long-term urban
attention to air quality and environmental gains.
municipal and other waste
management
UN SDG 12.5: By 2030,
substantially reduce waste
generation through prevention,
reduction, recycling and reuse
22Green Bond Framework Greater ChennaAi C o-rp 4ora1tio3n
6. Annexure 3: Key Performance Indicators (KPIs)
The below mentioned KPIs are aligned to ICMA Harmonized Framework for Impact Reporting,
202418 and relevant UN SDGs / targets.
GCC will ensure to report below mentioned KPIs. These KPIs are aligned with continuous disclosure
requirements for listed Green Debt Securities.
Table 5: Key Performance Indicators (KPIs)
Selected KPI ICMA Harmonized UN SDG targets Rationale
Framework for Impact
Reporting (HFIR) –
Green (2024)
indicator(s)
Legacy waste bio- Waste Management & • UN SDG 12.5 waste Tonnage cleared from a
mined (MT) Resource Efficiency – prevention / dumpsite is, by definition,
Core #1: “Waste reduction / recycling waste prevented from
prevented, minimised, disposal (or shifted up the
• UN SDG 11.6 urban
reused or recycled” hierarchy), which is the
air quality &
HFIR’s primary metric for
municipal waste
this category.
mgmt.
Area reclaimed (Ha) Waste Management – • UN SDG 11.6 HFIR Green focuses the
through bio-mining “Reduced local pollution Reduced urban impact of remediation as
process to air and/or water” environmental pollution reduction
(absolute / % reduction) impact
as the impact lens for
• UN SDG 3.9 Reduced Reclaimed area acts as the
reclamation
exposure to enabling output, with the
Pair with qualitative
pollution effect captured through
context per HFIR.
local pollution metrics.
Material recovery by • Waste Management • UN SDG 12.5 Fractional recovery is the
fraction – “Improved Recycling / reuse exact output HFIR asks for
(recyclables/RDF/bio- recycling (secondary materials /
earth/inerts) – programmes” and compost). If inclusion of
circular outputs informal workers is part of
(MT/year)
design, Social HFIR adds an
• Tonnes of secondary
employment lens.
raw
materials/compost
produced.
Leachate collected Sustainable Water & • UN SDG 6.3 halve Leachate capture and
a nnually (kL/year) Wastewater: annual untreated treatment squarely map to
absolute (gross) amount wastewater / HFIR water-wastewater
of wastewater improve water metrics
treated/reused/avoided quality
Include “people with
access to improved
18 https://www.icmagroup.org/assets/documents/Sustainable-finance/2024-updates/Handbook-Harmonised-Framework-for-Impact-
Reporting-June-2024.pdf
23Green Bond Framework Greater ChennaAi C o-rp 4ora1tio4n
Selected KPI ICMA Harmonized UN SDG targets Rationale
Framework for Impact
Reporting (HFIR) –
Green (2024)
indicator(s)
sanitation” where
applicable.
Methane avoided / Waste Management – • UN SDG 13.2 HFIR explicitly recognises
GHG reduced Core #1 & templates: integration of GHG benefits from waste
(tCO₂e/year) allow GHG from waste mitigation avoidance/recycling/landfill-
management before & methane mitigation and
• UN SDG 13 climate
after (tCO₂e per annum) points to accepted
action.
calculators for consistency.
24Green Bond Framework Greater ChennaAi C o-rp 4ora1tio5n
7. Annexure 4: Cost Breakup
The project will be funded through the SBM 2.0 scheme, including contributions from the Central and
State Governments, GCC's own funds, external financing from the KfW fund and proceeds from the
Green Municipal Bonds.
The total costing breakup for the above-mentioned project is detailed below:
Table 6: Total Costing Breakup
#. Description Funding Amount
share (₹ in crore)
1 Government of India 25% 160.21
2 Government of Tamil Nadu 16% 102.53
3 Greater Chennai Corporation 59% 385.64
Total 648.38
The breakup of the GCC share approved by GoTN vide G.O. (Ms) No. 404 dated November 14, 2025
is detailed below:
Table 7: Costing Breakup of GCC
# Description Amount
(₹ in Crore)
1. Externally Aided Project funding (KfW Fund) 180.00
2. Green Municipal Bond 205.64
Total source of GCC’s own fund 385.64
Out of the ₹385.64 Cr, ₹180 Cr is to be funded through KfW Fund. The remaining ₹205.64 Cr is
proposed to be financed through proceeds from Green Municipal Bonds and the Corporation’s
internal accruals.
The Bond Issue Committee has approved to raise INR 205.59 crore through issuance of Green
Municipal Bonds. Accordingly, a summary of capital cost and sources of funds for the proposed
Projects are presented in the table below:
(Rs. in Crore)
Total Means of the finance of the Capital Cost
Project
Grant from Grant from Greater Chennai Corporation/ULB share
Cost
Government of Government of
Externally Aided GCC Proposed
India Tamil Nadu
Project Funding Internal Green
(KfW Fund) accruals Municipal
bonds
648.38 160.51 102.53 180.00 0.05 205.59
The Cost of Project is inclusive of GST and may vary during implementation. Any incremental cost shall
be borne by GCC.
The Issuer confirms that its contribution for the Issue shall not be less than 20% (Twenty percent) of
the cost of the Project, which shall be contributed from its internal resources.
25Green Bond Framework Greater ChennaAi C o-rp 4ora1tio6n
8. Annexure 5: Photographs of Project
26Green Bond Framework Greater ChennaAi C o-rp 4ora1tio7n
27Green Bond Framework Greater ChennaAi C o-rp 4ora1tio8n
9. Annexure 6: List of Abbreviations
GCC - Greater Chennai Corporation
MT - Metric Tonnes
SWM - Solid Waste Management
KDG - Kodungaiyur Dumping Ground
PK - Package
mm - Millimeter
RDF - Refuse Derived Fuel
SBM - Swachh Bharat Mission
ULB - Urban Local Body
MSW - Municipal Solid Waste
GoI - Government of India
KfW - Kreditanstalt für Wiederaufbau
SEBI - Securities Exchange Board of India
NCS - Non-Convertible Securities
SGrB - Sovereign Green Bond
GBP - Green Bond Principles
ICMA - International Capital Markets Association
MDS - Municipal Debt Securities
FM - Financial Management
R&F - Revenue & Finance
E&S - Environmental & Social
ESIA - Environmental and Social Impact Assessment
ESMP - Environmental and Social Management Plan
CES - Centre for Environmental Studies
PMC - Project Management Consultant
EHS - Environmental, Health and Safety
ILO - International Labour Organization
DPR - Detailed Project Report
DSRA - Debt Service Reserve Account
FD - Fixed Deposit
MoHUA - Ministry of Housing and Urban Affairs
EM - Effective Microorganism
UN SDG - United Nations Sustainable Development Goals
LTP - Leachate Collection and Treatment Plant
KPI - Key Performance Indicators
Ha - Hectare (2.47 acres)
HFIR - Harmonized Framework for Impact Reporting
28