Mindspace REIT To Consider Fundraise Via Private Placement On May 24

It will consider issuing up to 50,000 non-convertible debentures of nominal value of Rs 1,00,000 each aggregating to Rs 500 crore.

<div class="paragraphs"><p>Mindspace in Airoli. (Source: Company website)</p></div>
Mindspace in Airoli. (Source: Company website)

The board of Mindspace Business Parks REIT Ltd. will meet on May 24 to consider raising funds through private placement.

The company, in its board meeting, will consider and approve raising funds by issuing up to 50,000 listed, rated, secured, noncumulative, taxable, transferable and redeemable non-convertible debentures of a nominal value Rs 100,000 each aggregating to Rs 500 crore, according to a stock exchange filing.

This is the second time in less six months that Mindspace REIT is looking to tap the market for funds.

In March, real estate investment trust raised Rs 550 crore by issuing green bonds at a fixed quarterly coupon rate of 8.02% per annum, payable every months for a tenor of three years and 30 days.

The company recently released its green financing framework, under which Mindspace REIT and its special purpose vehicles can undertake issuance of green debt securities in the form of bonds or debentures.

In the quarter ended March 31, Mindspace REIT reported a net loss of Rs 33.9 crore compared to a net profit of Rs 133.6 crore a year-ago. Revenue from operations rose 21% year-on-year to Rs 566.7 crore.

The stock had ended flat at Rs 321.82 per share on Friday, compared with a 0.41% gain in benchmark Nifty 50.