Advertisement
When should a housing society in Mumbai start considering re...
From GST on JDAs to SEBI’s REIT reclassification and the S...
Stay ahead in the world of real estate with our daily podcas...
Stay ahead in the world of real estate with our daily podcas...
Mindspace Business Parks REIT is set to raise INR 5.60 billion through a three-year bond issue, with a coupon of 6.96% payable quarterly, according to bankers aware of the development. The issue has been assigned an AAA rating by Crisil, indicating strong credit quality. The company invited commitment bids from investors and bankers, with bidding scheduled for March 4. The fundraising comes amid steady debt market activity in early March, as issuers tap institutional appetite for high-rated corporate bonds.
Mindspace Business Parks REIT plans to raise INR 5.60 billion, equivalent to about USD 61.2 million, through the issuance of bonds with a three-year maturity, according to three bankers familiar with the matter. Advertisement
The bonds will carry a coupon of 6.96%, payable on a quarterly basis. Bankers said the company had invited commitment bids from investors and arrangers for the issue earlier in the day. The bidding for the bond sale is scheduled for March 4.
The company did not respond to an email seeking comment.
The proposed issue has been assigned an AAA rating by CRISIL, reflecting the highest level of creditworthiness under domestic rating standards. An AAA rating generally signals strong capacity to meet financial obligations and typically enables issuers to raise funds at competitive rates.
In the same round of reported deals, Small Industries Development Bank of India (SIDBI) is also planning a bond issue with a tenure of three years and four months. That offering has an indicated size of INR 20 billion, with an additional greenshoe option of INR 60 billion, and carries AAA ratings from Care and CRISIL. Bidding for SIDBI's issue is also scheduled for March 4. The reported issue sizes include the base amount and, in certain cases, a greenshoe option.
Mindspace Business Parks REIT, one of India's listed real estate investment trusts, owns and manages a portfolio of office assets across key markets including Mumbai, Pune, Hyderabad and Chennai. The REIT has accessed the debt market in the past as part of its capital management strategy, balancing distributions to unitholders with refinancing and growth requirements. The current bond issue aligns with its ongoing approach of securing medium-term funding at stable rates amid evolving interest rate conditions.
Source Reuters
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
