Mindspace Business Parks REIT Receives Credit Rating Reaffirmation from ICRA Limited for INR 2,650 Crore Debentures
Mindspace Business Parks REIT received reaffirmation of its [ICRA]AAA (Stable) credit rating from ICRA Limited for proposed non-convertible debentures worth INR 2,650 crore. The rating validation was communicated on February 13, 2026, confirming the validity of ratings previously issued in October 2025. The REIT has informed stock exchanges in compliance with SEBI regulations, with the rating maintaining unchanged terms and conditions from the original assessment.

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Mindspace Business Parks REIT has announced the reaffirmation of its credit rating by ICRA Limited for proposed non-convertible debentures. The development was communicated to stock exchanges on February 14, 2026, in compliance with regulatory requirements under SEBI regulations.
Credit Rating Details
ICRA Limited has reaffirmed the credit rating for Mindspace Business Parks REIT's debt instruments, maintaining the highest credit quality assessment. The rating reaffirmation covers proposed non-convertible debentures with substantial financial backing.
| Parameter: | Details |
|---|---|
| Credit Rating Agency: | ICRA Limited |
| Instrument Type: | Proposed Non-Convertible Debentures |
| Issue Size: | INR 2,650 crore |
| Rating: | [ICRA]AAA (Stable) |
| Rating Date: | February 13, 2026 |
Regulatory Compliance
The intimation was made pursuant to Regulation 23(5) of the SEBI (Real Estate Investment Trusts) Regulations, 2014, and Regulation 51(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The REIT has notified both National Stock Exchange of India Limited and BSE Limited about the rating reaffirmation.
The communication was signed by Bharat Sanghavi, Company Secretary and Compliance Officer of K Raheja Corp Investment Managers Private Limited, which acts as the manager to Mindspace Business Parks REIT.
Rating Validation
ICRA Limited's letter dated February 13, 2026, confirmed that the ratings previously communicated on October 27, 2025, remain valid. The rating agency emphasized that this assessment should not be treated as a recommendation to buy, sell, or hold the long-term debt instruments to be issued by the REIT.
The terms and conditions for the rating remain unchanged from the original assessment communicated in October 2025. This reaffirmation demonstrates the REIT's continued financial stability and creditworthiness in the market.
Historical Stock Returns for Mindspace Business Parks REIT
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.64% | +0.99% | +2.52% | +18.76% | +33.39% | +54.80% |


































