Blackstone Group Inc. and Indian real estate developer K Raheja Corp. Pvt. Ltd picked more banks to arrange the initial public offering for their joint commercial property venture, Bloomberg News reported Oct. 17, citing people aware of the development.
Citigroup Inc., Kotak Mahindra Capital Co. Ltd. and Axis Capital Ltd. are joining Morgan Stanley to list the assets in what would become India's second real estate investment trust, according to the report. The private equity firm and K Raheja hope to complete the IPO by March.
Representatives for Blackstone, Citigroup and Morgan Stanley declined to comment on the matter, while Axis Capital, Kotak Mahindra and K Raheja Group were not immediately available for comment, the report added.