Mindspace Business Parks REIT's public issue subscribed 1.23 times on second day

Mindspace Business Parks REIT’s public issue subscribed 1.23 times on second day

NEW DELHI: The public issue of Mindspace Business Parks REIT was subscribed 1.23 times on the second day of bidding on Tuesday. The issue received bids for 8,34,33,000 shares against the total issue size of 6,77,46,400 shares, according to data available with the National Stock Exchange (NSE).The institutional investors category was subscribed 83 per cent and other investors’ category 1.64 times, merchant banking sources said.The company proposes to raise up to Rs 4,500 crore from the public issue, which will close on July 29.Mindspace Business Parks REIT on Friday raised Rs 1,518.74 crore from anchor investors.

It has fixed the price band for its public issue at Rs 274-275 per unit.Last year, Embassy Office Park REIT, the country’s first REIT issue, raised nearly Rs 5,000 crore.

Real estate investment trust (REIT), a popular instrument globally, was introduced in India a few years ago aimed at attracting investment in the real estate sector by monetising rent-yielding assets.It helps unlock the massive value of real estate assets and enable retail participation.

The units of the REIT will be listed on the BSE and the NSE.

The offer is managed by Morgan Stanley India Company, DSP Merrill Lynch, Axis Capital, Citigroup Global Markets India, JM Financial, Kotak Mahindra Capital Company, CLSA India, Nomura Financial Advisory and Securities (India), UBS Securities India, Ambit Capital Private, HDFC Bank, IDFC Securities and ICICI Securities.