Mindspace REIT raises rs 650 crore from International Finance Corporation

Mindspace Business Parks REIT (Mindspace Reit) has raised rs 650 crore from International Finance Corporation (IFC) the private sector arm of the World Bank Group, through Sustainbility Linked Bond Issurance. The coupon of the bond is linked to the company's commitment to achieve certain ESG targets towards building a greener eco-system. These bonds are issued for a tenure of seven years. This issuance has been rated [ICRA] AAA(Stable) by ICRA. Shardul Amarchand Mangaldas & Co served as the legal counsel of the Issuer for this transaction. This partnership aligns with India's net-zero ambitions and demonstrates the viability of climate finance in the real estate sector. Our support aims to attract more diverse and long-term funding at a time when private capital is critical to build a greener, more resilient future. The coupon of these bonds is fixed in nature, and shall be stepped down, in a staggered manner, basis achievement of the set targets. The company has put into place its maiden sustainability-linked financing framework under which Mindspace REIT and/or its SPVs can undertake issuances of sustainability linked instruments.
 

https://www.livehomes.in/news_letter