K Raheja Corp-upheld Mindspace Business Parks REIT is intending to raise up to Rs 500 crore through the issuance of non-convertible debentures (NCDs) in at least one tranches.
The chief panel of K Raheja Corp Investment Managers LLP, the administrator to the REIT has endorsed the issue of recorded, appraised, got, non-aggregate, available, adaptable, redeemable NCDs by the REIT.
The issue will be made on a private arrangement premise, the REIT said in an administrative filing.Last week, private value major Blackstone Group sold its whole 9.2 percent stake in K Raheja-upheld Mindspace Business Parks REIT to sovereign abundance reserve Abu Dhabi Investment Authority (ADIA) for $235 million, or Rs 1,740 crore.
Mindspace Business Parks REIT, with pay delivering business resources in Mumbai, Pune, Hyderabad and Chennai, had raised Rs 4,500 crore through its Initial Public Offering in July 2020. The issue was generally welcomed in the pandemic with more than 13 times membership.
Mindspace REIT involves 10 Grade-An office resources totalling 31 million sq ft situated across India’s four key office markets. North of 85% of this portfolio is rented to marquee occupants with 31% of rents from Fortune 500 organizations.
ALL INDIA LEGAL FORUM 