NEW DELHI: Mindspace Business Parks REIT (Mindspace REIT) has successfully raised ₹500 crore via a 10-year non-convertible debenture (NCD), according to a company announcement.
The issuance was fully subscribed by a domestic life insurance company and features a fixed coupon of 7.63% per annum, with payments made quarterly. CRISIL and ICRA have rated the debentures as AAA/Stable.
The funds raised will be allocated for refinancing existing debts, as the office REIT aims to extend its debt maturity profile and enhance the proportion of fixed-rate borrowings.
Including this transaction, the company (along with its special purpose vehicles) has raised a total of approximately ₹16,400 crore through various capital market instruments such as NCDs, commercial papers, green bonds, and sustainability-linked bonds.
For this transaction, Khaitan & Co served as legal counsel for Mindspace REIT.
