Mindspace Business Parks Real Estate Investment Trust, backed by K Raheja Corp, has filed draft papers with the Securities and Exchange Board of India for an initial public offer.
Certain entities of Blackstone Group are also the selling unitholders in the initial public offer.
The IPO consists of a fresh issue aggregating up to Rs 1,000 crore and an offer for sale by the selling unitholders, as per the draft offer document.
According to market sources, the offer size could be up to Rs 4,000 crore, including fresh issue.
The net proceeds will be utilised towards partial or full pre-payment or scheduled repayment of certain debt facilities and general purposes, it added.
The book running lead managers are Morgan Stanley India, Axis Capital, DSP Merrill Lunch, Citigroup Global Markets, JM Finance, Kotak Mahindra Capital, CLSA India, Nomura Financial Advisory and Securities (India), UBS Securities India, Ambit Capital, HDFC Bank, IDFC Securities and ICICI Securities.
The units are proposed to be listed on the BSE and National Stock Exchange.
REIT is an investment tool that owns and operates rent-yielding real estate assets. It allows individual investors to make investment in this platform and earn income.
Mindspace Business Parks REIT owns quality office portfolio located in four key office markets namely, Mumbai Region, Hyderabad, Pune and Chennai.
Embassy Office Parks is the country's first REIT.
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