Mindspace Business Parks REIT announced that the Board of Directors of the Company at its meeting held on 30 January 2023, inter alia, have recommended the final dividend of Rs 4.8 per equity Share (i.e. %) , subject to the approval of the shareholders.

Powered by Capital Market - Live News

Net profit of Mindspace Business Parks REIT declined 14.90% to Rs 115.90 crore in the quarter ended December 2022 as against Rs 136.20 crore during the previous quarter ended December 2021. Sales rose 26.65% to Rs 558.90 crore in the quarter ended December 2022 as against Rs 441.30 crore during the previous quarter ended December 2021.

Powered by Capital Market - Live News

Mindspace Business Parks REIT has fixed record date for the proposed distribution to unitholders for the quarter ended 31 December 2022, will be 06 February 2023 (subject to approval by the Governing Board of the Manager) and the payment of distribution is proposed to be made on or before 14 February 2023.

Powered by Capital Market - Live News

CRISIL has rated the Mindspace REIT's commercial papers as 'CRISIL A1+', the highest rating by CRISIL.

The funds will be utilised towards the working capital requirements of Mindspace REIT's Asset SPVs. Loan to value of Mindspace REIT stood at 16.8% as on 30 September 2022, lowest amongst its peers.

In September this year, SEBI allowed Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) to issue commercial papers.

Vinod Rohira, CEO, said, “After successfully exploring capital market fund raising through issuance of multiple debentures, we are glad to be the first Indian REIT to raise funds through commercial papers. This is part of our larger strategy to diversify our lender base and optimise borrowing costs and maturity profile of our well-staggered debt book. Going forward, as part of our larger ESG commitment, we will also explore opportunities to raise funds via issuance of green bonds.”

Mindspace Business Parks REIT is engaged in a real estate investment trust. It is backed by Mumbai-based real estate company K Raheja Corp and private equity firm Blackstone.

The company's consolidated net profit slipped 34.6% to Rs 78.60 crore despite of 61.35 jump in net sales to Rs 684.50 crore in Q2 FY23 over Q2 FY22.

The scrip rose 0.45% to currently trade at Rs 340.28 on the BSE.

Powered by Capital Market - Live News