Brookfield India Real Estate Trust has raised Rs 3,500 crore by selling units to institutional investors through QIP issue, primarily to reduce debt.
The company announced in a regulatory filing on Friday that it has successfully completed a capital raise of Rs 3,500 crore through Qualified Institutional Investment Units (QIP). This issue was released on December 9th.
The stock saw strong demand from long-term investors, including mixed products from institutional investors, mutual funds, and life insurance companies.
“This issuance marks the first REIT investment in India by the International Finance Corporation (part of the World Bank Group) and the Life Insurance Corporation of India,” Brookfield India REIT said.
Other anchor investors include SBI Mutual Fund and ICICI Prudential Mutual Fund.
The total demand secured from investors was over Rs 5,200 crore, of which Rs 3,500 crore was allocated.
The funds raised will be mainly used for debt reduction.
The Issue Committee of the Board of Directors of Brookprop Management Services Ltd., the administrator of Brookfield India Real Estate Trust, has approved the issuance and allotment of 12.77 billion new units through this QIP.
Proceeds may be used for prepayment or repayment of part or all of outstanding debt, equity capital, financing of operating expenses, financing of capital expenditures, investment in creditworthy products, and/or future inorganic or organic Used for general purposes including growth opportunities.
This is Brookfield India Real Estate Trust’s second introduction to institutional investors since its IPO.
In August 2023, Brookfield India REIT raised over Rs 2,300 crore through the QIP process.
The Brookfield India REIT portfolio consists of 28.9 million square feet of gross lettable area, including 24.3 million square feet of operational space, 600,000 square feet of under-construction area, and 4.0 million square feet of potential future development. is.
