Mindspace Business Parks REIT Pays Q1 FY27 NCD Coupons Across 14 Series on June 29, 2026; Confirms Full Compliance

NCD Coupon Payments Settled Ahead of Schedule

Mindspace Business Parks REIT paid interest on 14 NCD series for the quarter ended June 30, 2026, and redeemed the ₹500 crore principal for Series 6 NCDs on maturity. The payments were made on June 29, 2026, one day prior to the scheduled due date of June 30, 2026.

K Raheja Corp Investment Managers Private Limited, acting as the manager to Mindspace Business Parks REIT, submitted the compliance certificate to BSE Limited. The filing confirmed that all interest obligations for the specified NCDs due on June 30, 2026, were settled without delay.

Portfolio Scale and Issue Structure

The interest payments covered 14 different NCD series, with issue sizes ranging from ₹340 crore to ₹1,200 crore. The frequency of payments was quarterly for most series, except for Series 13, which followed a half-yearly schedule. The record date for interest payments across all series was June 15, 2026.

Series 6 NCD Redemption at Maturity

Mindspace Business Parks REIT redeemed the principal amount for its Series 6 NCDs (ISIN: INE0CCU07082). The redemption was executed on maturity on June 30, 2026. A total of 50,000 NCDs were redeemed, amounting to ₹500 crore. Following this redemption, the outstanding principal amount for this series stands at Nil.

Debt Covenant Compliance and Financial Position

The REIT submitted security cover certificates and compliance status reports for multiple Non-Convertible Debenture series (NCD 4 through NCD 17), confirming all financial covenants have been complied with for the year ended March 31, 2026.

The June coupon settlement continues a pattern of early debt payments. Mindspace Business Parks REIT completed ₹1,344.89 crore in quarterly interest payments across 12 NCD series for Q4 FY26, executing payments on March 27, 2026, ahead of the March 31 due date.

Broader Financial Context

Key FY26 highlights include NOI of ₹26,636 million (+29.2% YoY), Revenue from Operations of ₹32,342 million (+26.2% YoY), NAV per unit of ₹527.0, distribution per unit of ₹24.09 (+9.7% YoY), and gross leasing of 7.1 million square feet.

In May 2026, the REIT augmented its debt portfolio through capital markets. Mindspace Business Parks REIT raised ₹500 crore through the allotment of 50,000 Non-Convertible Debentures on May 06, 2026. The issuance carries a fixed coupon rate of 7.63% per annum, payable quarterly, with a tenor of 10 years and a final redemption date of May 06, 2036.

Developer Background: K Raheja Corp

The sponsor of Mindspace REIT is the K Raheja Corp Group. K Raheja Corp is a property developer in India with interests in commercial and residential projects, malls and hospitality across multiple cities in the country. It owns the brands Mindspace, Commerzone, Crossword Bookstores and Shoppers Stop, and is the second largest commercial developer in India. Founded in 1956 by Chandru Raheja, K Raheja Corp was formed after a split between Raheja brothers as a separate group.

Mindspace Business Parks REIT, sponsored by K Raheja Corp group, listed on the Indian bourses in August 2020. The REIT owns quality office portfolios located in four key office markets of India, namely Mumbai Region, Pune, Hyderabad, and Chennai, and is one of the largest Grade-A office portfolios in India.