Mindspace Business Parks REIT, owned by K Raheja Group and Blackstone, on Wednesday, March 15, said it has raised Rs 550 crore through green bonds.
The tenure of the non-convertible debentures is three years and 30 days at a fixed quarterly coupon of 8.02 percent per annum, payable quarterly, Mindspace REIT said in an exchange filing.
The proceeds from this fundraise will be used for refinancing loans availed by one of the asset SPVs to fund the eligible green projects, it said.
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Trust Investment Advisors Private Ltd is the sole arranger of the issue. The issue saw participation from leading insurers, mutual funds, and other investor classes. Shardul Amarchand Mangaldas & Co is the legal counsel for the issuance, the company said.
Vinod Rohira, CEO of Mindspace Business Parks REIT, said, "We are excited to complete the first Green Bond issuance by an Indian REIT and integrate green financing in our business and projects. With this issuance, our collective green financing availed has increased to over Rs 12 billion."
Mindspace Business Parks REIT, sponsored by the K Raheja Corp Group, got listed on the bourses in August 2020. It owns offices in Mumbai Region, Pune, Hyderabad, and Chennai.
Shares of Mindspace Business Parks REIT ended at Rs 300, down by Rs 2.44, or 0.81 percent on the BSE.
(Edited by : Shoma Bhattacharjee)
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