Mindspace Business Parks REIT plans to raise Rs 200 crore through debentures

During the quarter ended September, the company had raised Rs 500 crore through debentures at 6.8 per cent per annum during the period.

By Kailash Babar, ET Bureau | Dec 04, 2020, 11.50 AM IST

The company has collected over 99 per cent of gross contracted rentals during the first half of the financial year, the period largely marked by Covid-19 related lockdowns and emergence of Work-from-Home model.

MUMBAI: K Raheja Corp and Blackstone Group-backed Mindspace Business Parks REIT is planning to raise up to Rs 200 crore through issuance of debentures on private placement basis.

The board of directors will be taking the decision on the same in a meeting on Tuesday, the company said in a regulatory filing.

During the quarter ended September, the company had raised Rs 500 crore through debentures at 6.8 per cent per annum during the period. With this, the company’s weighted average cost of debt reduced to 8.1 per cent in September as against 9.2 per cent in March.

The country’s second listed Real Estate Investment Trust (REIT) has reported a net operating income of Rs 658.4 crore for the first six months of the current financial year.

It has collected over 99 per cent of gross contracted rentals during the first half of the financial year, the period largely marked by Covid-19 related lockdowns and emergence of Work-from-Home model.

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