*Government of Singapore, Cohen and Steers Global, HSBC, Fidelity, Nomura, Morgan Stanley, BNP Paribas, Fullerton are some of the marquee names in the anchor book*
• Initial Public Offering to open on July 27, 2020 and to close on July 29, 2020
• Price Band: Rs. 274 to Rs. 275 per unit
Mindspace Business Parks REIT, subscribed its anchor book by allocating 552,27,200 units to 54 anchor investors at the upper price band at Rs 275 per equity share to raise Rs. 1,518 crore to investors including sovereign entities, insurance companies and mutual funds. The anchor book includes marquee names like Government of Singapore, Cohen and Steers Global, HSBC, Fidelity, Nomura, Morgan Stanley, BNP Paribas, Fullerton and others.
Domestic Insurance companies like SBI Life Insurance, HDFC Life Insurance, Aditya Birla Sun Life Insurance, Max Life Insurance and Star Health and Allied Insurance have also participated in the anchor book.
Mindspace Business Parks REIT has already received commitment worth Rs 1,125 crore from strategic investors which includes names like Singapore government’s sovereign wealth fund GIC, affiliates of Fidelity Group, Capital Group and Fullerton Group. With the strategic investors and the anchor book the initial issue is subscribed almost 59%.n
With both strategic and anchor investments, the proposed REIT issue stands nearly 59% subscribed.
The anchor investors include: GOVERNMENT OF SINGAPORE (12.09%), THE NOMURA TRUST AND BANKING CO., LTD AS THE TRUSTEE OF NOMURA INDIA STOCK MOTHER FUND (7.90%), CAPITAL INCOME BUILDER (7.63%), FIDELITY FUNDS.- INDIA FOCUS FUND (6.23%), COHEN AND STEERS GLOBAL REALTY SHARES INC (5.03%), MONETARY AUTHORITY OF SINGAPORE (3.65%), HSBC GLOBAL INVESTMENT FUNDS – INDIAN EQUITY (3.51%), HDFC LIFE INSURNACE COMPANY LIMITED (3.21%), SBI LIFE INSURANCE CO LTD (3.21%), FIDELITY INVESTMENT TRUST: FIDELITY SERIES EMERGING MARKETS FUND (2.54%), COHEN AND STEERS INTERNATIONAL REALTY FUND INC (2.37%), SMALLCAP WORLD FUND INC. (2.24%), SOCIETE GENERALE – ODI (1.98%), KEY SQUARE MASTER FUND LP (1.98%), PRUSIK UMBRELLA UCITS FUND PLC / PRUSIK ASIAN EQUITY INCOME FUND (1.98%), NOMURA FUNDS IRELAND PUBLIC LIMITED COMPANY-NOMURA FUNDS IRELAND –INDIA EQUITY FUND (1.97%), NTUC-LIFEP- ASIAN EQUITY-ACTIVE (1.85%), HSBC INDIAN EQUITY MOTHER FUND (1.84%), AXIS MUTUAL FUND TRUSTEE LTD A/C AXIS SMALL CAP FUND (1.76%), IIFL SPECIAL OPPORTUNITIES FUND SERIES 5 (1.64%), IIFL SPECIAL OPPORTUNITIES FUND SERIES 7 (1.64%), IIFL SPECIAL OPPORTUNITIES FUND SERIES 4 (1.64%), BNP PARIBAS ARBITRAGE – ODI (1.48%), SEGANTII INDIA MAURITIUS (1.48%), ICICI PRUDENTIAL EQUITY & DEBT FUND (1.48%), HSBC GLOBAL INVESTMENT FUNDS ASIA PACIFIC EX JAPAN EQUITY HIGH DIVIDEND (1.34%), MORGAN STANLEY INVESTMENT FUNDS INDIAN EQUITY FUND (1.06%), BNP PARIBAS TRUST SERVICES SINGAPORE LIMITED AS TRUSTEE OF FULLERTON ALPHA – RELATIVE RETURNS ASIA EX-JAPAN EQUITIES FUND (0.99%), SCHRODER ASIAN ASSET INCOME FUND (0.99%), MORGAN STANLEY ASIA (SINGAPORE) PTE.- ODI (0.99%), ICICI PRUDENTIAL MULTI-ASSET FUND (0.99%), ADITYA BIRLA SUN LIFE INSURANCE COMPANY LIMITED (0.99%), MAX LIFE INSURANCE COMPANY LIMITED – PARTICIPATING FUND (0.99%), STAR HEALTH AND ALLIED INSURANCE COMPANY LIMITED (0.99%), AXIS MUTUAL FUND TRUSTEE LTD A/C AXIS DYNAMIC EQUITY FUND (0.99%), SCHRODER ASIAN INCOME (0.99%), HSBC GLOBAL INVESTMENT FUNDS – MANAGED SOLUTIONS – ASIA FOCUSED INCOME (0.71%), FULLERTON LUX FUNDS – ASIA GROWTH & INCOME EQUITIES (0.61%), FIDELITY INDIA FUND (0.51%), NOMURA SINGAPORE LIMITED ODI (0.49%), TOSCA FOCUS (0.49%), TRAFALGAR TRADING FUND INC (0.49%), COPTHALL MAURITIUS INVESTMENT LIMITED – ODI ACCOUNT (0.49%), MOON CAPITAL TRADING PTE. LTD. (0.49%), AXIS MUTUAL FUND TRUSTEE LTD A/C AXIS EQUITY SAVER FUND (0.46%), FIAM GROUP TRUST FOR EMPLOYEE BENEFIT PLANS: FIAM EMERGING MARKETS OPPORTUNITIES COMMINGLED POOL (0.45%), FIDELITY KOREA –INDIA EQUITY INVESTMENT TRUST – MOTHER (0.33%), DENDANA INVESTMENTS MAURITIUS LIMITED (0.33%), FIDELITY CENTRAL INVESTMENTS PORTFOLIO LLC- FIDELITY EMERGING MARKETS EQUITY CENTRAL FUND (0.18%), FIDELITY INVESTMENT TRUST : FIDELITY EMERGING ASIA FUND (0.12%), FIDELITY EMERGING MARKETS EQUITY INVESTMENT TRUST (0.07%), FIDELITY ADVISOR SERIES VIII FIDELITY ADVISOR EMERGING ASIA FUND (0.06%), FIDELITY EMERGING MARKETS OPPORTUNITIES INSTITUTIONAL TRUST (0.04%), FIDELITY GLOBAL REAL ESTATE FUND (0.01%)
The initial offer consists of units of Mindspace Business Parks REIT (“Mindspace REIT” and such units, the “Units”) for an amount aggregating up to Rs. 45,000 million consisting of fresh issuance aggregating up to Rs. 10,000 million (“Fresh Issue”) and an offer for sale by the selling unitholders aggregating up to Rs. 35,000 million (“Offer for Sale” and together with the Fresh Issue, the “Offer”). Strategic investors have already applied for 40,909,000 units amounting to Rs. 11,249,975,000.
The Equity Shares are proposed to be listed on BSE and NSE (the “Stock Exchanges”).
The Net Proceeds from the Issue will be utilized towards (i) Partial or full pre-payment or scheduled repayment of certain debt facilities of the Asset SPVs availed from banks/financial institutions (including any accrued interest and any applicable penalties/ premium); (ii) Purchase of Non-Cumulative Redeemable Preference Shares (NCRPS) of MBPPL; and (iii) General purposes.
Axis Trustee Services Limited is the Trustee to the Issue. K Raheja Group entities, Cape Trading LLP and Anbee Constructions LLP are the Sponsors to the issue. K Raheja Corp Investment Managers LLP is the Manager to the Issue.
Morgan Stanley India Company Private Limited, Axis Capital Limited, DSP Merrill Lynch Limited, Citigroup Global Markets India Private Limited, JM Financial Limited, Kotak Mahindra Capital Company Limited, CLSA India Private Limited, Nomura Financial Advisory and Securities (India) Private Limited, UBS Securities India Private Limited, Ambit Capital Private Limited, HDFC Bank Limited, IDFC Securities Limited and ICICI Securities Limited are the Book Running Lead Managers to the issue.