Mindspace Business Parks REIT has raised ₹500 crore through a 10-year non-convertible debenture (NCD) issue, according to a regulatory filing issued on Wednesday. The company said the proceeds will be used mainly to refinance existing borrowings.
The NCD issue was fully subscribed by a domestic life insurance company. The debentures carry a fixed coupon rate of 7.63% per annum, with interest payable every quarter. The issue has received AAA/Stable ratings from CRISIL and ICRA.
As of March 2026, the REIT’s net debt stood at ₹11,572.9 crore. Its net debt-to-market value ratio was reported at 24.3%.
Mindspace REIT has office assets across 4 Indian cities. The company reported a gross asset value of ₹47,600 crore at the end of March 2026.
The company said the latest borrowing is part of its plan to increase the share of fixed-rate debt and extend repayment tenures. It added that longer-duration borrowings help reduce the impact of interest rate movements on financing costs.
Including this transaction, Mindspace REIT and its special purpose vehicles (SPVs) have raised nearly ₹16,400 crore through different market instruments so far.
These include non-convertible debentures, commercial papers, green bonds, and sustainability-linked bonds.
The REIT said its debt investor base includes mutual funds, insurance companies and pension funds. The latest issue was subscribed by a single institutional investor.
Ms Preeti Chheda, CFO, Mindspace REIT, added, "This 10‑year fixed‑coupon NCD is consistent with our strategy to shift a larger share of borrowings to fixed interest instruments and lock in longer tenures to ensure greater cash flow stability.
Mindspace REIT’s strong and consistent credit track record has enabled access to capital at competitive interest rates, despite the macroeconomic headwinds, supporting higher net distributable cash flows.”
Read More: Wipro Issues 14.65 Lakh Equity Shares Under ESOP Scheme!
As of May 7, 2026, at 11:57 am, Mindspace Business Parks REIT share price was trading at ₹462.70, down 0.17% from the previous closing price.
The latest fund raise comes as companies continue to refinance debt through longer-tenure instruments amid changing interest rate conditions. Mindspace REIT said the proceeds from the issue will be used towards existing liabilities.
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Published on: May 7, 2026, 12:59 PM IST
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