Finance

Mindpsace REIT Inexperienced Bonds: Mindpsace REIT raises Rs 550 crore by means of inexperienced bonds to refinance loans

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Mindspace Enterprise Parks REIT (Mindspace REIT) has raised Rs 550 crore by means of a problem of inexperienced bonds. In a regulatory submitting, Mindpsace REIT said that the Government Committee of the supervisor (Okay Raheja Corp Funding Managers LLP) has authorized the allotment of 55,000 inexperienced debt securities within the type of listed, rated, secured, noncumulative, taxable, transferable, redeemable non-convertible debentures of Rs 1 lakh every aggregating to Rs 550 crore by the use of the non-public placement.

The tenure of the Non-Convertible Debentures is three years and thirty days at a hard and fast quarterly coupon of 8.02 per cent each year payable quarterly. The problem noticed participation from main insurers, mutual funds, and different investor lessons.

The proceeds shall be used in direction of refinancing loans availed by one of many asset SPVs (particular function car) to fund the eligible inexperienced initiatives.

Mindspace Enterprise Parks REIT, sponsored by the Okay Raheja Corp group, bought listed on the bourses in August 2020. It owns workplace portfolios situated Mumbai Area, Pune, Hyderabad, and Chennai.

Mindspace REIT has a portfolio of 32 million sq. toes space, comprising 25.6 million sq. toes of accomplished space, 1.8 million sq. toes of space underneath building and 4.6 million sq. toes of future growth.

EbNews

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