Brookfield India Real estate trust’s shares gave no reaction after company raised Rs 3,500 crore via QIP (qualified institutional placement) issue. The counter couldn’t decide to stay in positive or negative territory.
The shares of Brookfield India Real estate trust went to touch the day low level of Rs 277.00 per share on the NSE (National Stock Exchange), after hitting the opening bell at Rs 288.60 per share on the Indian bourses.
Brookfield India Real estate trust shares were trading around Rs 283.20 per share on the NSE (National Stock Exchange), with a decline of 0.46 per cent amounting to a Rs 1.32 per share on the bourses.
QIP Issue details
The business announced in its regulatory filing on Friday that it had successfully raised Rs 3,500 crore through a qualified institutional placement (QIP) of units. The problem began on December 9.
In addition to a variety of offerings from institutions, mutual funds, and life insurance companies,the issue saw high demand from long-term investors.
Allocation details
Over Rs 5,200 crore in total demand was obtained from investors, of which Rs 3,500 crore was allocated. Debt reduction will be the main use of the money raised.
The issuance and distribution of 12.77 crore additional units through this QIP were approved by the Issue Committee of the Board of Directors of Brook Prop Management Services Pvt Ltd, the manager of Brookfield India Real Estate Trust.
Use of QIP proceedings
The proceeds will be used for general purposes, such as financing operating costs and capital expenditures, investing in creditworthy instruments, and/or future in organic or organic growth opportunities, as well as for the partialor complete prepayment or repayment of outstanding borrowings and equity contributions.
