CRISIL has Reaffirmed 'CRISIL AAA / Stable' Rating on INR 36.5 Billion NCDs of Embassy Office Parks REIT
Receives bids for 87.78 crore shares
The initial public offer (IPO) of Mindspace Business Parks REIT received bids for 87.78 crore shares today, 29 July 2020, as against 6.77 crore shares on offer, as per the National Stock Exchange of India (NSE) website data at 17:00 IST. The issue was subscribed 12.96 times.
The issue opened for bidding on Monday, 27 July 2020, and it closes today, 29 July 2020. The price band of the IPO was fixed at Rs 274-275.
Ahead of its IPO, Mindspace Business Parks REIT on Friday (24 July) raised Rs 1,518.74 crore by allocating 5.52 crore shares to 54 anchor investors at Rs 275 per unit, the upper end of the IPO price band. The anchor allotment was led by foreign institutional investors (FIIs) such as the Government of Singapore, funds managed by Nomura, Capital Group, Fidelity, HSBC and Schroder.
The Real Estate Investment Trust (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 aimed to raise Rs 1,000 crore of fresh capital while promoter K Raheja group and Blackstone offered 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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