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Mindspace Business Parks REIT — Bonds & AAA (ICRA) Rating

Corporate · Real Estate

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Methodology v1.0 Download Report (PDF) Watch
Agency Rating
AAA (ICRA)
Most common current rating on senior bonds
13 of 13 rated · ICRA, 31 Aug 2026
Total Debt Outstanding
₹8,800 Cr
Across 15 instruments
Active Bonds
15
First Issue
28 Jul 2022
Latest Issue
24 Aug 2026
Maturity Range
2026 - 2036
Observation
15 active bonds tracked from this issuer.
View details →
Coverage: High Data Quality: High Sources: NSE, BSE, SEBI, rating agencies
Issuer health card 1 item to look at
  • Current ratings ICRA AAA, CRISIL AAA
  • Rating range All current ratings are AAA (CRISIL 31 May 2026, ICRA 31 Aug 2026)
  • Rating direction, 12 months No rating actions on file
  • Watch / negative outlook None in 12 months
  • Issuer not cooperating No such actions in 12 months
  • Rating withdrawn, 12 months No withdrawal of this issuer's rating in 12 months
  • Newest agency rating Dated 31 Aug 2026
  • Payment record No payment disclosures since 17 Jul 2026
  • Defaults on record No bond marked defaulted
  • Traded in the last 30 days 0 of 15 active bonds had an exchange trade
  • Exchange filings, 90 days 0 filings on NSE/BSE

A checklist of published facts, not a rating or a view on credit quality. Ratings are the agencies' own; payment record covers NSE disclosures since 17 Jul 2026; "late" means paid more than 3 days after the due date (next-working-day payments are allowed). Rating range covers every current rating on the issuer's active bonds, with each agency's rating date. Rating actions count only when the agency's heading names this issuer, not pools or trusts it originated; a withdrawal is flagged only when the issuer's rating itself is withdrawn, not a single facility. Rating age uses the newest rating date on file and is flagged when older than 12 months. See methodology.

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01 Issuer Overview
Sector
Real Estate
Issuer Type
Corporate
First Tracked Bond
28 Jul 2022
Start of this issuer's debt program timeline
  • 15 active bonds tracked from this issuer.
  • 14 of 15 tracked bonds with a stated security status are secured. (based on 15 bonds with a disclosed security status)

Mindspace Business Parks REIT is a corporate issuer in the Real Estate sector. Coupon rates on outstanding bonds range from 6.96% - 8.03%, paid quarterly. Bonds mature between 2026 - 2036.

Data sourced from NSDL, BSE, NSE, and registered credit rating agencies. Verify against the issuer's offer document before transacting.

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02 Debt Profile
Outstanding Bonds
15
Tracked by RetailBonds
Amount Tracked
₹8,800 Cr
Of bonds tracked by RetailBonds — not the issuer's total outstanding debt
Avg Coupon
7.50%
Range 6.96% - 8.03%
Avg Remaining Tenure
2.8 Yrs
Nearest maturity Dec 2026
Secured
93%
14 of 15 bonds with known status
Callable
0
Of 15 bonds

Maturity Profile

Active bonds maturing, by year. Bar height relative to the tallest year (4 bonds).

0 2026: 1 bond, ₹500 Cr tracked, avg coupon 8.03% 1 bond 2026 2027: 3 bonds, ₹1,440 Cr tracked, avg coupon 7.63% 3 bonds 2027 2028: 4 bonds, ₹2,800 Cr tracked, avg coupon 7.41% 4 bonds 2028 2029: 2 bonds, ₹1,060 Cr tracked, avg coupon 7.56% 2 bonds 2029 2030: 2 bonds, ₹1,300 Cr tracked, avg coupon 7.18% 2 bonds 2030 2031: 1 bond, ₹650 Cr tracked 1 bond 2031 2033: 1 bond, ₹550 Cr tracked, avg coupon 7.41% 1 bond 2033 2036: 1 bond, ₹500 Cr tracked, avg coupon 7.63% 1 bond 2036

Security Type / Instrument Mix

  • NCD 15 bonds · 100% · ₹8,800 Cr tracked

Funding Evolution

■ Issued that year — Cumulative outstanding (tracked)
2022: ₹500 Cr issued 2022 2023: ₹500 Cr issued 2023 2024: ₹1,990 Cr issued 2024 2025: ₹3,650 Cr issued 2025 2026: ₹2,160 Cr issued 2026 Cumulative: ₹500 Cr Cumulative: ₹1,000 Cr Cumulative: ₹2,990 Cr Cumulative: ₹6,640 Cr Cumulative: ₹8,800 Cr

Based on 15 of 15 active bonds with a known issue date and issue size.

03 Credit Profile
  • AAA 15 bonds · 100%
AgencyRatingOutlookBonds
ICRA AAA Stable 5
CRISIL AAA Stable 4
ICRA AAA — 3
CRISIL AAA — 1
CRISIL AAA NSDL record — 1
ICRA AAA NSDL record — 1

Recent Rating Actions

No rating action history available.

04 Outstanding Bonds View all bonds →
ISIN Bond Name Coupon Rating Maturity YTM Last Trade Details
INE0CCU07090 Mindspace Business Parks REIT 8.03% Dec 2026 NCD 8.03% AAA (ICRA) 2026-12-10 — —
INE0CCU07108 Mindspace Business Parks REIT 7.93% Mar 2027 NCD 7.93% AAA (CRISIL, NSDL record 2024) 2027-03-20 — —
INE0CCU07066 Mindspace Business Parks REIT 7.95% Jul 2027 NCD 7.95% AAA (CRISIL) 2027-07-27 — 2026-09-02
INE0CCU07165 Mindspace Business Parks REIT 7.00% Sep 2027 NCD 7.00% AAA (CRISIL) 2027-09-14 — —
INE0CCU07132 Mindspace Business Parks REIT 7.54% Feb 2028 NCD 7.54% AAA (ICRA) 2028-02-18 — —
INE0CCU07215 Mindspace Business Parks REIT 7.49% Aug 2028 NCD 7.49% AAA (ICRA) 2028-08-03 — —
INE0CCU08015 Mindspace Business Parks REIT 7.63% Sep 2028 NCD 7.63% AAA (ICRA) 2028-09-26 — —
INE0CCU07181 Mindspace Business Parks REIT 6.96% Dec 2028 NCD 6.96% AAA (ICRA) 2028-12-08 — —
INE0CCU07199 Mindspace Business Parks REIT 7.17% Mar 2029 NCD 7.17% AAA (ICRA) 2029-03-05 — 2026-08-20
INE0CCU07116 Mindspace Business Parks REIT 7.96% May 2029 NCD 7.96% AAA (CRISIL) 2029-05-11 — —
INE0CCU07140 Mindspace Business Parks REIT 7.20% May 2030 NCD 7.20% AAA (ICRA) 2030-05-10 — —
INE0CCU07173 Mindspace Business Parks REIT 7.15% Nov 2030 NCD 7.15% AAA (CRISIL) 2030-11-15 — 2026-07-28
INE0CCU07124 Mindspace Business Parks REIT Jun 2031 NCD — AAA (ICRA, NSDL record 2024) 2031-06-24 — —
INE0CCU07157 Mindspace Business Parks REIT 7.41% Aug 2033 NCD 7.41% AAA (ICRA) 2033-08-19 — —
INE0CCU07207 Mindspace Business Parks REIT 7.63% May 2036 NCD 7.63% AAA (CRISIL) 2036-05-06 — —
Compare (/) Compare Bonds

YTM is the market yield from the latest BSE/NSE trade. It shows “—” when that trade is over 30 days old, the bond is under 30 days from maturity, it is a market-linked debenture, or the price failed our checks (hover the dash for the reason). A coupon is never shown as a yield.

05 Market Activity

No recorded secondary-market trades in the last 30 days.

06 Regulatory Filings

No regulatory filings captured yet for this issuer.

07 Methodology & Data Coverage
DatasetCountFreshness
Credit Ratings (current) 15 2026-08-31
Rating Actions History 0 —
Secondary-Market Trades 5 2026-09-02
Reg52(4) Payment Disclosures 0 —

Methodology version 1.0. See full methodology for sources and limitations.

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Frequently Asked Questions
How many active bonds does Mindspace Business Parks REIT have?

Mindspace Business Parks REIT currently has 15 active bonds with coupons of 6.96% - 8.03%, maturities spanning 2026 - 2036.

What is Mindspace Business Parks REIT's credit rating?

The most common current rating on Mindspace Business Parks REIT's senior bonds is AAA (ICRA). Ratings on file come from CRISIL, ICRA.

Are Mindspace Business Parks REIT's bonds secured?

Of the 15 bonds with a disclosed security status, 14 are secured (93%) and 1 is unsecured.

When do Mindspace Business Parks REIT's bonds mature?

Mindspace Business Parks REIT's active bonds mature between 2026 - 2036; the nearest matures in Dec 2026; the average tenure is 2.8 Yrs.

What is the average coupon on Mindspace Business Parks REIT's bonds?

The average coupon across Mindspace Business Parks REIT's 15 active bonds is 7.50%.

Disclaimer: This page aggregates publicly available data about Mindspace Business Parks REIT for informational purposes only. Ratings shown are the opinion of the issuing rating agency and are not buy/sell recommendations. RetailBonds.in does not issue its own ratings or investment advice. Verify all data against the issuer’s offer document before transacting.