The initial public offering (“IPO ”) of Brookfield India Real Estate Trust (“Brookfield REIT ”), India’s only 100% institutionally managed public commercial real estate vehicle, will open on February 03, 2021 at a price band of Rs 274 to Rs 275. Brookfield REIT is issuing Units aggregating up to ₹38,000 million (“Issue ”). The Issue is being undertaken in reliance upon Regulation 14(1) of the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014, as amended (the “REIT Regulations ”).
The Units of Brookfield REIT are proposed to be listed on BSE Limited (“BSE ”) and National Stock Exchange of India Limited (“NSE ”, together with BSE, the “Stock Exchanges ”). The Brookfield REIT has received in-principle approvals from BSE and NSE for listing of our Units pursuant to letters dated November 2, 2020 and November 5, 2020, respectively. BSE is the Designated Stock Exchange for the Issue.
The Net Proceeds from the Issue will be utilised towards the following objects: (i) Partial or full pre-payment or scheduled repayment (in accordance with the deployment of Net Proceeds specifics set forth under ‘Use of Issue Proceeds - Requirements of Funds ’ on page 219 of the Offer Document dated January 27, 2021 (“Offer Document ”) of the existing indebtedness of Asset SPVs; and (ii) general purposes.
The Issue is being made through the Book Building Process and in compliance with the REIT Regulations and the SEBI Guidelines (as defined in the Offer Document), wherein not more than 75% of the Issue shall be available for allocation on a proportionate basis to Institutional Investors, provided that the Manager may, in consultation with the Lead Managers, allocate up to 60% of the Institutional Investor Portion to Anchor Investors on a discretionary basis in accordance with the REIT Regulations and the SEBI Guidelines.
Further, not less than 25% of the Issue shall be available for allocation on a proportionate basis to Non-Institutional Investors, in accordance with the REIT Regulations and the SEBI Guidelines, subject to valid Bids being received at or above the Issue Price. The Manager in consultation with the Lead Managers, may retain oversubscription in the Issue in accordance with the REIT Regulations and the SEBI Guidelines.
All Bidders, other than Anchor Investors, are required to mandatorily utilise the Application Supported by Blocked Amount (“ASBA ”) process by providing details of their respective bank accounts which will be blocked by the Self Certified Syndicate Banks (“SCSBs ”), to participate in this Issue.
Bids can be made for a minimum lot of 200 Units and in multiples of 200 Units thereafter by Bidders other than the units subscribed for by Anchor Investors.
Axis Trustee Services Limited is the Trustee, while BSREP India Office Holdings V Pte. Ltd. is the Sponsor. Brookprop Management Services Private Limited is the Manager.
The Global Coordinators and Book Running Lead Managers (“GCBRLMs ”) to the Issue are Morgan Stanley India Company Private Limited, BofA Securities India Limited, Citigroup Global Markets India Private Limited and HSBC Securities and Capital Markets (India) Private Limited. Book Running Lead Managers (“BRLMs ”) to the Issue are Ambit Private Limited, Axis Capital Limited, IIFL Securities Limited, JM Financial Limited, J.P. Morgan India Private Limited, Kotak Mahindra Capital Company Limited and SBI Capital Markets Limited.