Mindspace Business Parks REIT (Mindspace REIT) raised Rs 550 crore through a green bond issuance. Mindpsace REIT stated in a regulatory filing that the Executive Committee of the manager (K Raheja Corp Investment Managers LLP) has approved the private placement 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, totaling Rs 550 crore.

The Non-Convertible Debentures have a term of three years and thirty days, with a fixed quarterly coupon of 8.02 percent per annum, payable quarterly. Leading insurers, mutual funds, and other investor classes took part in the issue.

The funds will be used to refinance loans obtained by one of the asset SPVs (special purpose vehicles) in order to fund eligible green projects.

Mindspace Business Parks REIT, which is sponsored by the K Raheja Corp group, will be listed on the stock exchanges in August 2020. It has office portfolios in Mumbai, Pune, Hyderabad, and Chennai.

Mindspace REIT has a 32 million square foot portfolio, which includes 25.6 million square feet of completed area, 1.8 million square feet under construction, and 4.6 million square feet of future development.