Mindspace REIT raises ₹550 crore via green bonds

Mindspace Business Parks REIT has raised ₹550 crore through the issue of green bonds, with a tenure of three years and thirty days and a coupon of 8.02 per cent, payable quarterly. The proceeds from this fund-raise will be used to refinance loans availed by one of the asset SPVs to fund the eligible green projects, it said. This is the first REIT-level green bond issuance in India.

The issue saw participation from leading insurers, mutual funds, and other investor classes.

Mindspace REIT recently released its inaugural green financing framework under which Mindspace REIT and its asset SPVs may undertake issuances of green debt securities in the form of bonds or debentures.