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Ascendas IT Park (Pune) is set to raise up to INR 9.15 billion through a three-year bond issue, according to market sources. The company has invited coupon and commitment bids during the week, with the final pricing to be determined through the bidding process. The proposed bonds are expected to be rated A by ICRA. The issue size includes a greenshoe option. The move aligns with broader trends of real estate-linked entities tapping domestic bond markets for funding and refinancing needs.
Ascendas IT Park (Pune) is preparing to raise up to INR 9.15 billion through a bond issue with a maturity period of three years, according to three bankers familiar with the development. The fundraise is part of the company's domestic debt market plans and will be carried out through a rupee-denominated issuance. Advertisement
The company has invited coupon and commitment bids for the proposed bonds during the current week. The final coupon rate will be decided based on investor response during the bidding process. The bonds are expected to carry a credit rating of A from ICRA, reflecting the company's current credit profile.
Ascendas IT Park (Pune) did not respond to a request for comment at the time of reporting. The proposed issue size includes both the base issue and a greenshoe option, which allows the issuer to retain additional subscription if demand is strong.
The issuance comes at a time when several non-banking and real estate-linked entities are accessing the bond market to meet refinancing needs and support ongoing asset management and development activities. Earlier in the week, Manappuram Finance raised INR 5 billion through a two-year bond issue at a coupon of 8.15%, rated AA by Crisil.
Debt issuances by commercial real estate platforms have remained selective, with investors closely tracking credit ratings, asset quality, and cash flow stability amid evolving interest rate conditions.
Source Reuters
5th Jun, 2025
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