Mindspace Business Parks REIT Redeems ₹560 Crore Commercial Paper on Maturity in March 2026
Mindspace REIT Completes Full Redemption of ₹560 Crore Commercial Paper
Mindspace Business Parks REIT has redeemed commercial paper worth ₹560 crore on its maturity date of 9 March 2026, with no outstanding dues remaining on the instrument. K Raheja Corp Investment Managers Private Limited, acting as the Manager to Mindspace Business Parks REIT, intimated the redemption to the National Stock Exchange of India and BSE Limited in accordance with SEBI's Master Circular dated 15 October 2025.
Redemption Details
The redemption involved 11,200 commercial papers issued on a private placement basis, each with a face value of ₹5,00,000 and issued at a discounted value of ₹4,83,014.50. The REIT requested delisting of the associated scrip code following full redemption.
About Mindspace Business Parks REIT
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.
The portfolio has a total leasable area of 33.1 msf comprising of 26.2 msf of completed area, 4.4 msf of area under construction and 2.5 msf of future development. The portfolio consists of 5 integrated business parks and 5 quality independent office assets with superior infrastructure and amenities.
K Raheja Corp's Commercial Portfolio
K Raheja Corp has revolutionized the concept of business districts with a commercial portfolio of fully integrated Grade A business parks and high-quality independent office assets. The commercial business has developed over 54 mn. sq. ft. of grade-A office spaces across key metro cities of India. In August 2020, a part of the commercial portfolio was carved into a listed entity, Mindspace Business Parks REIT on the Indian bourses. The REIT owns a quality office portfolio located in four key office markets of India – Mumbai Region, Hyderabad, Pune, and Chennai.
Recent Financial Activity and Strength
Mindspace Business Parks REIT completed the allotment of 56,000 non-convertible debentures worth ₹560 crores on March 05, 2026, with a 7.1652% coupon rate and 3-year maturity. The REIT received ₹560.31 crores in total consideration, including a premium of ₹30.75 lakhs. This debt issuance aligns with the company's broader fundraising strategy approved in January 2026, maintaining compliance with regulatory debt-to-asset ratio limits of 33%.
Consolidated gross debt stood at INR 11,613 crore as of December 31, 2025, compared to INR 10,134 crore as of March 31, 2025, primarily due to debt drawn for ongoing capital expenditures.
Credit Rating Reaffirmation
Mindspace 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.