Latest News | Mindpsace REIT Raises Rs 550 Cr Through Green Bonds to Refinance Loans

New Delhi, Mar 15 (PTI) 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.

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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.

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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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)