K Raheja Corp subsidiary repays NCDs worthRs 500 crore

Realty developer K Raheja Corp and US-based private equity major Blackstone Group’s subsidiary K Raheja IT Park (Hyderabad) Ltd (KRIT), has repaid non-convertible debentures (NCDs) worth Rs 500 crore. These NCDs were issued in February 2017 with coupon rate of 7.95% and total tenure of nine years. The instrument was secured by a mortgage over KRIT’s underlying office property that is part of IT park RahejaMindspace spread over 110 acres in Hyderabad’s HITECH city. K Raheja Corp holds 74% in KRIT, while Blackstone Group through its investment vehicles holds 15% and 11% equity is held by the Andhra Pradesh Industrial Infrastructure Corporation.