Mindspace REIT Raises ₹500 Cr via Debentures

New Delhi, May 6 (PTI) Realty firm Mindspace Business Parks REIT has raised Rs 500 crore through debentures to refinance its existing debt.

In a regulatory filing on Wednesday, the company said it has raised this amount through a 10-year non-convertible debenture (NCD) issuance. The issue was fully subscribed by one of India's leading life insurance companies. The coupon rate is 7.63 per cent (per annum payable quarterly).

"Proceeds from this issuance will be deployed inter alia towards refinancing existing borrowings," it added.


Ramesh Nair, CEO & MD, Mindspace REIT, said, "We manage a REIT where income is stable, long-term, and predictable, and our borrowing strategy reflects the same discipline".

Preeti Chheda, CFO, Mindspace REIT, said this 10-year fixed-coupon NCD is consistent with its strategy to shift a larger share of borrowings to fixed interest instruments and lock in longer tenures to ensure greater cash flow stability.

Mindspace Business Parks REIT, sponsored by the K Raheja Corp group, owns office assets in the Mumbai Region, Pune, Hyderabad, and Chennai. It has a portfolio of 39.3 million sq ft, comprising 32 million sq ft of completed area.