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Mindspace Business Parks REIT IPO Price Band Set At Rs 274-275

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On Tuesday, Mindspace Business Parks REIT said that the price band for its upcoming initial public offering (IPO), which opens on 27 July, is fixed at Rs 274-275 per share. The IPO of the REIT owned by K Raheja group and Blackstone closes on 29 July.

Mindspace Business Parks REIT IPO Price Band Set At Rs 274-275
 

Mindspace plans to raise up to Rs 1,000 crore of fresh capital, while its promoters K Raheja group and Blackstone will offer their units worth Rs 3,500 crore through the IPO, taking the total size of the deal to Rs 4,500 crore.

It has already received commitments of Rs 1,125 crore from strategic investors GIC, Capital Group, Fidelity and Fullerton at the price of Rs 275 per unit.

It is only the second REIT in India, after Embassy Office Parks REIT to for a public listing. Embassy Office Parks REIT was listed on 1 April 2019 and raised nearly Rs 5,000 crore through its IPO.

Real Estate Investment Trusts were introduced in India only a few years ago. These are popular real estate investment instruments internationally, which unlike their equity peers, provide assured returns to investors with their compulsory distribution of as much as 90 percent income as dividends.

Mindspace Business Parks REIT has a portfolio of 29.5 million sq ft of commercial properties in Mumbai, Pune, Chennai and Hyderabad.

Read more about: ipo
Story first published: Tuesday, July 21, 2020, 12:18 [IST]
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