PropShare Titania IPO: A New Chapter in Real Estate Investment
Property Share Investment Trust is launching the IPO for PropShare Titania, aiming to raise Rs 473 crore. The SM REIT scheme targets investments in a fully occupied office space in Mumbai's G Corp Tech Park and proceeds will be used for acquisition, debt repayment, and corporate purposes.
- Country:
- India
Property Share Investment Trust is poised to mobilize Rs 473 crore through the initial public offering of PropShare Titania, marking its second Small and Medium Real Estate Investment Trust scheme. The public issue is set between July 21 and July 25, with a price band established between Rs 10 lakh and Rs 10.6 lakh per unit.
This IPO features a fresh issue of Titania units, with no Offer For Sale component included. The allocation of the raised funds is strategic: Rs 217 crore will be directed toward acquiring Titania SPV, Rs 232.94 crore will provide loans to Titania SPV for debenture liability payments, and the remainder will address general corporate purposes.
Situated in Mumbai's G Corp Tech Park, PropShare Titania encompasses a 4,37,973 sq ft office space fully occupied by a diverse tenant mix, including major corporations like Aditya Birla Capital and Concentrix. Kotak Mahindra Capital Company serves as the sole lead manager for this issue, with listings planned for the BSE.
(With inputs from agencies.)
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