Mindspace REIT will raise Rs 500 crore through a private placement

The executive committee of K Raheja Corp Investment Managers, manager of Mindspace Business Parks REIT (Mindspace REIT), has approved the funding of Rs 500 crore through a private placement, the company stated in a BSE filing.

"The executive committee has approved raising funds by Mindspace REIT through issue of up to 50,000 listed, rated, secured, non-cumulative, taxable, transferable, redeemable non-convertible debentures of a nominal value of Rs one lakh each for an aggregate principal amount of up to Rs 500 crore by way of private placement in one or more tranches/series/issuances/phases."

The company reported a growth of 6.62 percent in its net consolidated profit during the quarter that ended June 30, 2023. Its profit after tax stood at Rs 136.90 crore in Q1

FY24 as against Rs 128.40 crore it registered in the corresponding quarter of the previous fiscal. Its net consolidated total income stood at Rs 601.70 crore in Q1 FY24, a growth of 24.01 percent from Rs 485.20 crore it recorded in the similar quarter last year.