Mindspace Business Parks REIT Completes ₹550 Crore NCD Redemption at Maturity in April 2026
Mindspace REIT Redeems ₹550 Crore NCD Issuance at Maturity
Mindspace Business Parks REIT successfully completed the full redemption of Non-Convertible Debentures worth ₹550 crores on April 13, 2026, at scheduled maturity. The REIT also made its final quarterly interest payment of ₹1.57 crores on the same date. All 55,000 NCDs with ISIN INE0CCU07074 were redeemed with no outstanding amount remaining, and both payments were completed on time without delays.
Debt Management and Market Position
The timely redemption underscores disciplined capital management aligned with the REIT's broader debt refinancing programme. Mindspace Business Parks REIT received credit rating reaffirmation from ICRA Limited on April 06, 2026, with AAA ratings maintained for issuer rating and INR 9,040 crore non-convertible debentures, plus A1+ rating for INR 2,500 crore commercial papers. The rating agency confirmed the reaffirmation on April 06, 2026, maintaining stable outlooks across all rated instruments.
The debt redemption coincided with sustained fundraising activity. For NCD 17, the REIT raised Rs. 560 crore through private placement on March 5, 2026, with full utilization reported and no material deviation from the stated objects of the issue.
Strong Financial Performance and Expansion
Mindspace Business Parks REIT reported exceptional Q4 results with net profit surging 129% year-on-year to ₹1.99 billion from ₹868 million. Revenue also grew strongly by 31% YoY to ₹8.90 billion compared to ₹6.80 billion in the previous year's corresponding quarter.
The REIT owns a quality office portfolio located in four key office markets of India – Mumbai Region, Hyderabad, Pune, and Chennai. It has a total leasable area of 33.1 mn. sq. ft., with community-based ecosystems that are branded - Mindspace Business Parks, Commerzone and The Square.
About Mindspace Business Parks REIT and K Raheja Corp
Under the Mindspace banner, K Raheja Corp also operates Mindspace Office Parks, which is a real estate investment trust (REIT). Founded in 1956 by Chandru Raheja, K Raheja Corp was formed after a split between Raheja brothers as a separate group.
K Raheja Corp operates its commercial business under the brands Mindspace and Commerzone with projects in Mumbai, Hyderabad, Pune and Chennai. As of 2017, K Raheja Corp had 20 million square feet (1.9 million m2) of office space, making it the second largest commercial developer in the country. Mindspace Business Parks REIT, sponsored by K Raheja Corp group, listed on the Indian bourses in August 2020.
Mindspace Business Parks REIT has scheduled a conference call for April 15, 2026 at 4:00 PM IST to discuss the proposed acquisition of assets in Chennai. The call will be hosted by K Raheja Corp Investment Managers Private Limited in compliance with SEBI regulations. This acquisition signals continued portfolio expansion in India's key commercial markets.