Brookfield India REIT allots 17.10B rupees of shares to anchor investors

Brookfield India Real Estate Investment Trust allotted 62,180,800 shares to anchor investors at 275 rupees per share, raising 17.10 billion rupees ahead of the Feb. 3 launch of its proposed IPO, Mint reported Feb. 2.

Anchor investors included SBI Life Insurance, Tata AIG General Insurance, Bajaj Holdings and Investments Ltd., BNP Paribas Arbitrage ODI and Societe Generale. The REIT is aiming to raise 38.00 billion rupees from the IPO that will run until Feb. 5, with the proceeds earmarked for debt repayment.

Brookfield entity BPG Holdings Group Inc. holds a 99% stake in Brookfield India REIT. Following the IPO, BPG's stake in the REIT would be reduced to 54%.

The trust will list with a portfolio comprising 14,000,000 square feet of commercial properties that are leased to tenants from multiple sectors.

Bank of America Corp., Citigroup Inc., HSBC Holdings PLC and Morgan Stanley are global coordinators and lead bookrunning managers for the IPO.

As of Feb. 2, US$1 was equivalent to 72.96 Indian rupees.