Mindspace Business Parks REIT has informed the Exchange regarding Disclosure of material issue
Awaiting price reaction for this filing.
Mindspace Business Parks REIT has allotted 56,000 secured, listed, rated, redeemable, non-cumulative, non-convertible debentures with a face value of ₹1,00,000 each, aggregating to ₹560 crores. The NCDs carry a coupon rate of 7.1652% per annum, payable quarterly, for a 3-year tenor maturing on March 5, 2029. The total consideration received was ₹560.31 crores, reflecting a small premium of ₹30.75 lakhs discovered via the multiple yield allotment method. This issuance is part of the REIT's broader plan to raise debt such that net borrowings do not exceed ₹13,000 crores, while keeping consolidated borrowings and deferred payments within 33% of total assets.
The REIT has raised ₹560 crores at a competitive rate of 7.1652%, which is accretive for unitholders as it locks in lower-cost long-term funding. The successful allotment signals strong investor appetite for Mindspace's debt and supports its growth/refinancing plans without overleveraging beyond regulatory limits.