Mindspace REIT plans to raise $599 million through IPO to pay debt

The real estate investment trust will offer about Rs 1,000 crore of new shares while the founders will offer the remaining

Mindspace Business Parks REIT, an Indian operator of office complexes backed by Blackstone Group, plans to raise as much as Rs 4,500 crore ($599 million) in an initial public offering and use the proceeds to pay debt.

The real estate investment trust, which also counts K Raheja Corp, a Mumbai-based real estate developer, as a sponsor, will offer about Rs 1,000 crore of new shares while the founders will offer the remaining, according to a draft prospectus filed with India’s securities regulator.

India’s S&P BSE Sensex index has jumped about 40 per cent since Prime Minister Narendra Modi first ordered people to