Nashik Municipal Corporation NCD issue is a public issue of unsecured subordinated non-convertible debenture with a base issue size of ₹100.00 Cr and an option to retain oversubscription up to ₹100.00 Cr, aggregating to a total issue size of ₹200.00 Cr. The NCDs are offered at a face value ₹1000 each and an issue price of ₹1000 per NCD.
Nashik Municipal Corporation NCD issue opens on Feb 25, 2026 and closes on Mar 2, 2026. NCD are proposed to be listed on NSE and BSE.
The minimum lot size is 10 NCDs, requiring a minimum investment of ₹10,000 , while the market lot for trading is 1 NCD.
The issue offers interest rates ranging from per annum to per annum, depending on the series and tenure selected.
The NCD have been rated: IND AA+/Stable Stable by India Ratings & Research Private Limited and CRISIL AA+ Stable Stable by Crisil Ratings Limited.
A.K.Capital Services Ltd. is the Lead Manager to the issue, Beacon Trusteeship Ltd. is the Debenture Trustee, and Purva Sharegistry (India) Pvt.Ltd. is the Registrar to the Issue.
Investors are advised to refer to the NCD Offer Document for detailed information on risk factors, financials, and the terms of the issue.
Open Date
Wed, Feb 25, 2026
Close Date
Mon, Mar 2, 2026
Issue Size (Tranche)
₹200.00 Cr
Coupon Rate
Upto null% p.a.
Nashik Municipal Corporation NCD Rating given as following :
| # | Rating Agency | NCD Rating | Outlook | Safety Degree | Risk Degree |
|---|---|---|---|---|---|
| 1 | India Ratings & Research Private Limited | IND AA+/Stable | Stable | High degree of safety | Very low credit risk |
| 2 | Crisil Ratings Limited | CRISIL AA+ Stable | Stable | Very low credit risk | Very low credit risk |
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 13,434.20 | 12,465.99 | 11,799.12 |
| Total Income | 2,312.90 | 2,025.07 | 1,974.96 |
| Profit After Tax | 646.34 | 471.79 | 568.58 |
| Reserves and Surplus | 10,169.98 | 9,465.97 | 8,933.05 |
| Amount in ₹ Crore | |||
| Category | Allocated (%) | Shares Reserved |
|---|---|---|
| Institutional | 60.00% | 6,00,000 |
| Non-Institutional | 25.00% | 2,50,000 |
| Retail | 15.00% | 1,50,000 |
| Total | 100.00% | 10,00,000 |
Nashik Municipal Corporation (NMC) serves as the local governing authority for Nashik city in Maharashtra. It is responsible for managing the city’s administration, planning urban development, and maintaining civic infrastructure. The corporation delivers key public services, including water supply, sanitation, healthcare, and road upkeep, ensuring the smooth functioning and growth of the city.
| # | STRPP A | STRPP B | STRPP C | STRPP D | STRPP E | STRPP F | STRPP G | STRPP H |
|---|---|---|---|---|---|---|---|---|
| Frequency of Interest Payment | Half Yearly | Half Yearly | Half Yearly | Half Yearly | Half Yearly | Half Yearly | Half Yearly | Half Yearly |
| Nature | Unsecured | Unsecured | Unsecured | Unsecured | Unsecured | Unsecured | Unsecured | Unsecured |
| Tenor | 3 Years | 4 Years | 5 Years | 6 Years | 7 Years | 8 Years | 9 Years | 10 Years |
| Coupon (% per Annum) | 8.05% | 8.05% | 8.05% | 8.05% | 8.05% | 8.05% | 8.05% | 8.05% |
| Effective Yield (% per Annum) | 8.20% | 8.20% | 8.20% | 8.20% | 8.20% | 8.20% | 8.20% | 8.20% |
| Amount on Maturity (In Rs.) | Rs 125.00 | Rs 125.00 | Rs 125.00 | Rs 125.00 | Rs 125.00 | Rs 125.00 | Rs 125.00 | Rs 125.00 |
Each NCD consists of 8 STRPP of face value of Rs 125 each. 1 NCD comprising 1 STRPP A and 1 STRPP B, 1 STRPP C,1 STRPP D, 1 STRPP E, 1 STRPP F, 1 STRPP G, 1 STRPP H.
The Nashik Municipal Corporation NCD Feb 2026 was subscribed 5.46 times on Mar 02, 2026 17:00. The NCD subscribed 2.90 times in Retail, 5.91 times in Non-Institutional, and 5.92 times in Institutional category.
| Category | Subscription (times) |
|---|---|
| Retail | 2.90x |
| Non-Institutional | 5.91x |
| Institutional | 5.92x |
| Total | 5.46x |
Check Day by Day Bidding Details
Purva Sharegistry (India) Pvt.Ltd.
NSE and BSE offer NSEgoBid and BSEDirect apps/websites through which retail investors can apply for NCDs up to Rs 5 lakhs. Not all brokers and banks provide the facility to apply for NCD online.
To apply for an NCD online, the investor should fill in the NCD bid details online and provide the details of the DP and bank accounts (ASBA/UPI) as requested. In the case of a UPI application, the investor needs to approve the UPI mandate to complete the application process.
Steps to invest in NCD IPO through GoldenPi
Retail investors can apply for an IPO online if the investment amount is less than or up to 10 lakhs.
Visit www.goldenpi.com
Look for the “Collections” tab.
Click on Best Ongoing IPOs.
Select the desired NCD IPO.
Select the series and investment quantity.
Enter your name, email ID and mobile number for verification.
Enter PAN and demat account details,
Enter the UPI ID.
Click on “Apply IPO”.
Approve the UPI mandate.
Steps to apply for NCD IPO with Indiabonds:
Visit www.indiabonds.com
Look for the ‘Products’ section on the home page.
Go to Public Issue
Select the desired NCD.
Click on ‘Apply Now’.
Select the investor type and category.
Select the investment series and enter the quantity.
Click on Invest.
Enter the personal details, i.e. name, date of birth, e-mail, contact, address, demat information and payment details.
Preview and confirm the form.
Confirm the UPI mandate upon receipt.
You can buy or invest in NCD IPOs through the following intermediaries:
Registered stock brokers, for example, Angel Broking.
Self-certified underwriters.
Depository Participants.
NSE platform – NSEgoBid.
BSE platform – BSEDirect.
The investor can apply for the NCD IPO online through NCD intermediaries such as a registered stockbroker, provided the broker offers an online application for the NCD IPO. Not many brokers allow you to invest in an NCD IPO online. Currently, very few brokers, such as Nuvama Wealth, Angel One, and SBI Securities, offer the facility to apply for NCD IPOs electronically. You should check with your broker or intermediary to see if the online application facility for the NCD IPO is available through them.
Refer to the detailed guidelines on NSEgoBID and BSEDirect for information on the registration process and how to apply for NCDs through the exchange.
Important links :
Web links of BSEDirect and NSEgoBID.
PlayStore links for BSEDirect and NSEgoBID.
AppStore links for BSEDirect and NSEgoBID.
Read more about NCD Application Process.
The coupon rates for Nashik Municipal Corporation NCDs vary depending on the series and tenure.
The minimum amount required for NCD investment is Rs. 10,000.
Generally, the minimum lot size of NCD is 10, and the face value is 1,000.
NCD allotment can be checked on the BSE website or with the Registrar once the allotment has been made.
Steps to check the NCD allotment status at the BSE:
Visit the BSE status of the issue application page.
Select the Issue type – Debt.
Select the Issue name from the drop-down list.
Enter your application number or PAN.
Tick ‘I’m not a robot’ button.
Click on Search.
Alternatively, the applicant can also check the allotment status on the respective website of the Registrar for the issue. The applicant will need their PAN details or the applicant’s Aadhaar number to check the status.
Generally, all applicants receive full allotment due to the retention of the oversubscription option.
Read more information on NCD Subscription and NCD Allotment Process.
No, you cannot withdraw or redeem Nashik Municipal Corporation NCDs before maturity directly from the company. However, there are a couple of options available if you want to exit early:
Listing on Stock Exchange (Secondary Market Sale)
If the NCDs are listed on stock exchanges (like BSE/NSE), you can:
Sell them on the exchange before maturity, just like shares.
Early redemption by the company
Only possible if a “call option” exists.
Read more about NCD Subscription and Allotment Process
Bid Cancellation and Withdrawal Policy for NCD Applicants
Before Issue Closure:
Applicants are allowed to cancel their bid at any time before the issue closing date.
After Issue Closure:
Some issuers may permit bid withdrawal even after the issue has closed.
In such cases, the applicant must:
Submit a withdrawal request to the Registrar to the Issue.
Ensure the request is made before the finalisation of the Basis of Allotment.
Submit the request no later than two working days from the date of issue closure (or early closure, if applicable).
Note:
The specific process and conditions for post-closure cancellation vary by issuer. Applicants should refer to the Offer Document for issuer-specific guidelines.
