[ad_1]
The announcement was made post market hours and shares of Brookfield India REIT ended at Rs 290.49 on the NSE, up Rs 3.59 or 1.25% over the Friday closing price.
The issue is launched following an approval of the unitholders of Brookfield India REIT at the meeting held on Friday, November 29, 2024, for raising of funds through an institutional placement(s) of units in one or more placements.
In its filing to the exchanges, the company had said that it has plans to raise funds up to Rs 3,500 crore in one or more placements.
“The Board of Directors of the manager of Brookfield India REIT had approved a resolution for fund raising of up to Rs. 35,000 million in one or more tranches and put this forth to the unitholders for their approval,” a company statement said.
“The immediate use of the proceeds, when raised, will be for debt paydown and general corporate purposes. One of the stated strategies of Brookfield India REIT has been inorganic growth through acquisitions. The funds raised will be used primarily for reduction of leverage. A lower leverage will create headroom for future acquisitions Brookfield India REIT’s Sponsor Group provides access to c.26 million square feet of high-quality office assets in places like Bengaluru, Chennai, Hyderabad, and Pune,” the statement said further.Commenting on the development, Alok Aggarwal Chief Executive Officer & Managing Director said, “We would like to have the capacity available to acquire such Grade – A assets while maintaining optimized LTV levels with a dual AAA rating, similar to what we’ve done since our IPO and we believe that ability to raise institutional capital is important to position our REIT for future growth in the near term”.Brookfield India Real Estate Trust is India’s is a 100% institutionally managed office real estate investment trust as per the claims made on its website. Its portfolio comprises ten Grade-A Assets across strategic locations in India, valued at Rs 36,800 crore as on September 30, 2024.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
[ad_2]
Source link
