Brookfield India REIT plans to raise up to Rs 1,150 cr in addition to QIP
India REIT is planning to raise an additional up to Rs 1,150 crore through a combination of preferential issue of units to its sponsor group and commercial paper following its qualified institutional placement (QIP) worth Rs 2,305 crore earlier this week. The REIT will be raising nearly Rs 400 crore through the issuance of up to 1.27 crore units to a sponsor group entity Project Diamond Holdings.
The issue will be priced at Rs 315.04 per unit, nearly 25% premium to the issue price of its recently concluded QIP. The issue of commercial paper with a maturity period of up to 1 year will aggregate up to Rs 750 crore.
On Wednesday, the REIT announced closing its QIP with the institutional placement of its units to 64 domestic and global funds and entities of Goldman Sachs, CDPQ, Morgan Stanley Asia (Singapore), Citigroup Global Markets, BoFA Securities, and Canada Life Global. Proceeds from the institutional placement, preferential issue and commercial paper totalling up to Rs 3,455 crore will be utilised to support financing of the announced acquisition of two large commercial assets spread over 6.5 million sq ft from Brookfield Asset Management’s private real estate funds.
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