Mindspace Business Parks Revises Draft Papers:
To begin with, Mindspace Business Parks has jointly backed by K Raheja Corp and the Blackstone Group. The company revised its IPO draft papers to obtain Rs. 1,000 cr by the fresh issue shares.
Moreover, the K Raheja Corp and Blackstone Group, both companies are looking to sell a part of their stake. In Jan 2020, the company submitted draft papers to raise nearly Rs. 2,000 cr through this IPO. Presently, the company revised its draft papers, and it plans to raise Rs. 3,000 cr from this initial public offering.
Due to the effect of coronavirus, the Mindspace Business updated its draft prospectus to reflect a new business environment. Additionally, in April 2020, the company leased another 7 lakh sq.ft for a new office space.
Furthermore, the net profit of Rs. 513.90 cr and the total revenue of the company stood Rs. 2,026.20. As per the records, the total market capitalization stood at Rs. 1,80,043.42 cr.
The company takes its location in Mumbai, Hyderabad, Pune, and Chennai. Among all these cities, the company has the highest portion of land bank in Mumbai, around 12.10 sq. ft. of real estate area, next in Hyderabad with 11.60 sq. ft.
In FY19, the REIT announces Rs. 1,679.70 cr of returns and Rs. 1,502.20 cr of returns in last year. Moreover, the company gained a profit of nearly Rs. 515.40 cr in FY19 and Rs. 161 cr in FY18. Morgan Stanley, Axis Capital, Nomura, Bank of America and Citi, are Merchant banker for this company.