Brookfield India REIT Launches Qualified Institutional Placement with Initial Issue Size of Rs 2,000 Crore
Brookfield India REIT Launches ₹2,000 Crore Qualified Institutional Placement
Brookfield India Real Estate Trust (REIT) has initiated a capital raise through a qualified institutional placement (QIP) with a base size of ₹2,000 crore. This move was announced in a late evening stock exchange disclosure on April 16, where the firm stated that its board of directors had approved the opening of the issue with a floor price of ₹329.94 per unit.
The QIP's base size is ₹2,000 crore, with the possibility of exercising the green-shoe option to upsize beyond the planned original amount depending on investor demand. The investment banks working on the QIP are Kotak Mahindra Capital, Avendus Capital, and JM Financial.
Brookfield India REIT has previously raised funds through the QIP route in December, collecting ₹3,500 crore. This recent move marks the second fund raise by the firm in recent months, with Brookfield India REIT calling itself "India's only 100 per cent institutionally managed office REIT".
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On March 12, the board of directors of Brookfield India REIT approved the issuance of units through an institutional placement of units not exceeding ₹40,000 million in one or more placements. This move was aimed at creating dry powder for future growth opportunities, capital commitments, and interim debt reduction.
At the end of day's trade on April 16, Brookfield India REIT had a market cap of ₹24,703 crore. The unit price of the firm has risen by more than 16 per cent in the last year.
| Fund Raise | Amount (₹ crore) |
|---|---|
| December 2023 | 3,500 |
| April 2024 (QIP) | 2,000 |
Brookfield India REIT has also recently appointed PwC India's Shashank Jain as the new CEO & MD of the firm, with Jain taking over from current CEO and MD Alok Agarwal on July 1. In September, Moneycontrol had exclusively reported that Brookfield Asset Management and Singapore's GIC had reached a strategic pan-India alliance to own and manage 5.5 million square feet of operating office assets in three cities: Mumbai, Hyderabad, and Bengaluru.
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