Mindspace Business Parks REIT Raises ₹1,200 Crore Through Non-Convertible Debentures

Mindspace Business Parks REIT , a prominent player in the Indian real estate investment trust sector, has successfully raised ₹1,200 crore through the issuance of non-convertible debentures (NCDs). This strategic move aligns with the REIT's broader fundraising initiatives and demonstrates its ability to tap into debt markets for capital.

Key Details of the Debenture Issuance

Parameter	Details
Number of NCDs	120,000
Face Value per NCD	₹100,000
Total Issue Size	₹1,200 crore
Coupon Rate	6.9601% per annum
Interest Payment	Quarterly
Tenor	3 years
Maturity Date	December 8, 2028

Fundraising Strategy and Debt Management

The NCD issuance is part of Mindspace REIT's approved fundraising plan, which allows for raising funds up to ₹115,000 crore. This plan is designed to provide financial flexibility while maintaining prudent debt limits. The REIT has committed to keeping its consolidated borrowings and deferred payments, net of cash and cash equivalents, within 33% of the total asset value.

Financial Position

Examining Mindspace REIT's consolidated balance sheet provides context for this fundraising activity:

Metric	FY 2025 (₹ crore)	YoY Change
Total Assets	27,160.30	+13.91%
Total Equity	14,810.50	-0.79%
Current Assets	1,243.80	+7.48%
Non-Current Liabilities	9,647.70	+70.67%

The significant increase in non-current liabilities year-over-year suggests that the REIT has been actively managing its debt profile, possibly to take advantage of favorable interest rates or to fund growth initiatives.

Implications and Outlook

This successful NCD issuance demonstrates Mindspace REIT's strong market position and investor confidence. The funds raised may be used for refinancing existing debt, funding ongoing projects, or exploring new acquisition opportunities in the commercial real estate sector.

The coupon rate of 6.9601% indicates that the REIT was able to secure terms that should help in managing its overall cost of capital. As the commercial real estate market continues to evolve, Mindspace REIT's strategic financial management will be crucial in navigating market challenges and capitalizing on growth opportunities.

Investors and market watchers will likely keep a close eye on how Mindspace REIT utilizes these funds and manages its debt-to-asset ratio in the coming quarters, as these factors will play a significant role in the REIT's future performance and distribution potential.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+2.26%	+0.33%	+3.29%	+17.13%	+31.40%	+44.80%

Mindspace Business Parks REIT has successfully concluded its postal ballot process, with unitholders approving preferential issue of units to facilitate the acquisition of two strategic properties. Following the approval, the REIT has issued clarifications regarding mathematical errors in the original postal ballot notice dated November 28, 2025.

Postal Ballot Results

The remote e-voting period ran from November 29, 2025, to December 28, 2025, with Mr. Rupesh Aggarwal of Chandrasekaran Associates serving as the scrutinizer. The voting results showed overwhelming support from unitholders:

Resolution:	Total Votes Polled	Votes in Favour	Approval Rate
Pramaan Properties Preferential Issue	133,297,390	133,292,243	99.9961%
Sundew Real Estate Preferential Issue	133,297,390	133,291,991	99.9959%
Total Outstanding Units	609,183,634	-	-
Voting Participation Rate	21.88%	-	-

Clarifications on Postal Ballot Notice

On January 07, 2026, Mindspace REIT issued clarifications regarding inadvertent mathematical errors in the postal ballot notice. The corrections include:

Item:	Original Figure	Corrected Figure	Page Reference
Item No. 1 - New Units	Up to 3,91,78,713	Up to 3,08,64,750	Page 14
Item No. 2 - Units Allocation	Up to 83,13,301	Up to 83,12,301	Page 18
Post Preferential Unitholding	64,83,62,617	64,83,62,347	Page 484

The REIT emphasized that these corrections do not impact the resolutions passed or the outcome of the postal ballot process.

Approved Acquisitions

The approved resolutions enable Mindspace REIT to proceed with the acquisition of two companies through preferential unit issuance:

Pramaan Properties Private Limited

100% shareholding acquisition includes:

Ascent-Worli, Mumbai: Approximately 0.45 msf leasable area plus 36 residential units for rental
Raheja Woods, Kalyani Nagar, Pune: Approximately 0.11 msf leasable area including amenity building

Sundew Real Estate Private Limited

100% shareholding acquisition includes:

The Square Avenue 98 (BKC Annex): Located in Village Kole Kalyan, Mumbai Suburban District
Current leasable area: Approximately 0.16 msf
Enhanced potential: Approximately 0.22 msf leasable area

Voting Pattern Analysis

The voting results revealed strong institutional support, with public institutions showing 100% approval for both resolutions:

Category:	Participation Rate	Approval Rate (Resolution 1)	Approval Rate (Resolution 2)
Public Institutions	91.95%	100.00%	100.00%
Public Non-Institutions	1.88%	99.63%	99.61%
Promoter Group	0.00%	-	-

Strategic Impact

The approved acquisitions will add approximately 0.72 msf of leasable area to Mindspace REIT's portfolio, strengthening its presence in key markets of Mumbai and Pune. The preferential issue structure allows the REIT to complete these strategic acquisitions while maintaining its growth trajectory in India's commercial real estate sector. The clarification was signed by Bharat Sanghavi, Company Secretary and Compliance Officer, on behalf of K Raheja Corp Investment Managers Private Limited, acting as the Manager to Mindspace Business Parks REIT.