Mindspace Business Parks REIT ( Mindspace Business Parks REIT ) has allotted ₹600 crore in listed, rated, secured, redeemable, transferable, taxable, non-cumulative non-convertible debentures (NCDs) on August 3, 2026. The issuance, executed at a coupon rate of 7.4913% per annum payable quarterly, provides the real estate investment trust with long-term funding for its business park portfolio while adhering to its leverage constraints. The allotment was approved by the Executive Committee of the Board of Directors of K Raheja Corp Investment Managers Private Limited, acting as the Manager to Mindspace Business Parks REIT.

The Executive Committee approved the allotment during its meeting held on August 3, 2026, following an earlier intimation dated July 9, 2026. The issuance falls within the broader mandate approved by the Board to raise funds through non-convertible debt securities or commercial papers, subject to the condition that the net debt (adjusted for minority interest) for Mindspace Business Parks REIT and its HoldCo/Asset SPVs does not exceed ₹1,71,000 million. Additionally, the aggregate consolidated borrowings and deferred payments, net of cash and cash equivalents, must not exceed 33% of the total asset value of the REIT and its associated entities.

The NCDs have a face value of ₹1,00,000 each, with 60,000 debentures allotted to aggregate the principal amount of ₹600,00,00,000. The securities carry a tenor of two years, with interest payments made quarterly and a final redemption date set for August 3, 2028. The issue price was discovered through the multiple yield allotment method, resulting in total consideration received of ₹600,33,60,000. This includes a premium of ₹33,60,000 over the face value of the debentures.

The transaction complies with the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014, the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021, and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosures were submitted to the National Stock Exchange of India Limited and BSE Limited in accordance with these regulatory frameworks and the company’s policy for determining materiality.

Issue Details

What the Numbers Show

The issuance of ₹600 crore at a fixed coupon rate of 7.4913% indicates Mindspace Business Parks REIT’s ability to secure institutional funding at competitive rates in the current market environment. The slight premium of ₹33.6 lakh suggests strong investor demand for the rated, secured instruments. By locking in a two-year tenor, the REIT manages its interest rate risk while maintaining flexibility within its capped net debt limit of ₹1,71,000 million. This capital raise supports the REIT’s operational liquidity and potential expansion plans without breaching the 33% leverage threshold mandated by SEBI regulations for REITs.

mindspace business parks reit issued a revised scrutinizer report on July 28, 2026, to correct a minor data omission in the voting results of its 6th Annual Meeting held on July 24, 2026. The update ensures that all votes cast during the meeting are accurately reflected, reinforcing the integrity of the shareholder mandate that approved the REIT’s record FY26 financials and key governance appointments. This correction confirms the robust support from unitholders for the company’s strategic direction and financial transparency.

The revision was necessary because the initial scrutinizer report, dated July 27, 2026, failed to capture votes cast through e-voting during the Annual Meeting. Specifically, an insta-poll by one unitholder holding one unit was not included in the earlier count. Chandrasekaran Associates, the appointed scrutinizer, has now incorporated this data into the final results. The meeting was conducted via video conferencing in compliance with Regulation 22 and Regulation 23 of the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014. K Raheja Corp Investment Managers Private Limited, acting as the Manager, facilitated remote e-voting through KFin Technologies Limited.

Revised Voting Outcomes

The updated results show negligible changes to the overall voting percentages, which remain overwhelmingly in favor of all resolutions. The promoter group, holding 44,54,23,863 units, voted unanimously in favor of all items. Public institutional investors also showed full support. Minor dissenting votes were recorded only from public non-institutional investors.

The valuation report issued by M/s KZEN Valtech Private Limited for the portfolio as at March 31, 2026, was adopted. Additionally, Mr. Vijay Arvindkumar C (IBBI Registration No. IBBI/RV/02/2022/14584) was appointed as the valuer for Mindspace Business Parks REIT.

Financial and Governance Context

The approved financial statements reflect a strong performance for FY26, with revenue from operations rising 26.2% to ₹3,234 crore. The net asset value per unit stood at ₹527, up 22% year-on-year. Unitholders also approved the appointment of M/s B S R & Co. LLP as statutory auditors for a five-year term covering financial years 2027-28 through 2031-32. This follows a clean audit opinion issued by Deloitte Haskins & Sells LLP for FY26. The Board of Directors, chaired by Deepak Ghaisas, oversaw the proceedings, which concluded after the completion of e-voting procedures.