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Mindspace Business Parks REIT (Mindspace REIT) has raised Rs 550 crore through an issue of green bonds.
In a regulatory filing, Mindpsace REIT stated that the Executive Committee of the manager (K Raheja Corp Investment Managers LLP) has approved the allotment of 55,000 green debt securities in the form of listed, rated, secured, noncumulative, taxable, transferable, redeemable non-convertible debentures of Rs 1 lakh each aggregating to Rs 550 crore by way of the private placement.
The tenure of the Non-Convertible Debentures is three years and thirty days at a fixed quarterly coupon of 8.02 per cent per annum payable quarterly. The issue saw participation from leading insurers, mutual funds, and other investor classes.
The proceeds will be used towards refinancing loans availed by one of the asset SPVs (special purpose vehicle) to fund the eligible green projects.
Mindspace Business Parks REIT, sponsored by the K Raheja Corp group, got listed on the bourses in August 2020. It owns office portfolios located Mumbai Region, Pune, Hyderabad, and Chennai.
Mindspace REIT has a portfolio of 32 million square feet area, comprising 25.6 million square feet of completed area, 1.8 million square feet of area under construction and 4.6 million square feet of future development.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Wed, March 15 2023. 21:36 IST
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