 "Brookfield India Reit launches QIP issue to raise up to Rs 3,500 cr")
Brookfield India Real Estate Trust on Monday launched its QIP issue to raise up to Rs 3,500 crore by issuing shares to institutional investors.
In a regulatory filing, Brookfield India Real Estate Trust informed that the Issue Committee of the board of directors of Brookprop Management Services Pvt Ltd -- manager to Brookfield India Reit -- approved the opening of the QIP (qualified institutional placement) issue on Monday.
The panel approved the floor price of Rs 287.55 per unit.
The unit price closed at Rs 290.73 apiece on the BSE.
Last month, the company's unitholders approved a proposal to raise up to Rs 3,500 crore.
The board of directors of Brookprop Management Services approved the issuance of units of Brookfield India Reit through an institutional placement of units not exceeding Rs 3,500 crore in one or more placements.
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The proceeds will be used for the partial or full prepayment or repayment of the outstanding borrowings, equity contribution, and general purposes, including funding operating expenses, capital expenditure, making investments in creditworthy instruments, and/or future inorganic or organic growth opportunities, it added.
Brookfield India Reit owns 10 Grade A assets in Delhi, Mumbai, Gurugram, Noida, and Kolkata.
Its portfolio consists of 28.9 million sq ft of total leasable area, comprising 24.3 million sq ft of operating area, 0.6 million sq ft of under-construction area and 4 million sq ft of future development potential.