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Mindspace Business Parks REIT IPO to open on July 27th
24-Jul-20   17:06 Hrs IST

The initial public offer (IPO) of Mindspace Business Parks REIT will open for subscription on 27 July 2020 and will close on 29 July 2020. The price band of the IPO is fixed at Rs 274-275.

The REIT which is backed by Mumbai-based real estate company K Raheja Corp and private equity firm Blackstone is the second REIT IPO after Embassy Office Parks REIT.

The IPO aims to garner Rs 4,500 crore. The issue will raise Rs 1,000 crore of fresh capital while promoter K Raheja group and Blackstone will sell units worth Rs 3500 crore.

The proceeds of the fresh issue will be utilised towards partial or full pre-payment or scheduled repayment of certain debt facilities of the Asset SPVs availed from banks/financial institutions (including any accrued interest and any applicable penalties/ premium); purchase of Non-Convertible Redeemable Preference Shares (NCRPS) of Mindspace Business Parks Private Limited (MBPPL); and general purposes.

Mindspace Business Parks REIT owns a quality office portfolio located in four key office markets of India. Its portfolio includes a total leasable area of 29.5 million sq ft with five integrated business parks and five independent offices across the Mumbai Metropolitan Region, Pune, Hyderabad, and Chennai.

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