Mindspace Business Parks REIT has raised Rs 500 crore through a 10-year Non-Convertible Debenture (NCD) issuance, fully subscribed by one of India’s leading life insurance companies.

The issuance carries a fixed coupon rate of 7.63 per cent per annum, payable quarterly, and has received AAA/Stable ratings from both CRISIL and ICRA. The proceeds will be utilised, among other purposes, for refinancing existing borrowings.

The REIT stated that the long-term fixed-rate structure is aimed at ensuring predictability in debt servicing costs, protection against interest rate volatility, and diversification of its investor base. Including this transaction, Mindspace REIT and its SPVs have cumulatively raised around Rs 16,400 crore through instruments such as NCDs, commercial papers, green bonds, and sustainability-linked bonds.

Commenting on the development, Ramesh Nair said, “We manage a REIT where income is stable, long-term, and predictable, and our borrowing strategy reflects the same discipline.”

Preeti Chheda added that the issuance aligns with the company’s strategy of increasing fixed-interest borrowings and extending debt tenure to support cash flow stability.