Mindspace Business Parks REIT (Mindspace), backed by K Raheja Corp and Blackstone, has filed draft papers with market regulator Securities and Exchange Board of India (Sebi) for an initial public offer (IPO).

Certain entities of Blackstone Group are also selling their units in the proposed offering of Mindspace. This will be the second REIT listing after Embassy Office Parks in April last year.

The IPO consists of a fresh issue of Rs 1,000 crore and an offer for sale by some unit-holders. The net proceeds will be used to pay back debt, which stood at Rs 6,900 crore at the end of September 30, 2019.

An REIT is an investment tool that owns and operates rent-yielding real estate assets. It allows individual investors to make investment in this platform and earn income.

Mindspace Business Parks REIT owns office spaces across Mumbai, Hyderabad, Pune and Chennai.

The company said in the offer document that its portfolio has total leasable area of 29.5 million square feet (msf). This, comprises 19.8msf of completed area, 6.1msf of under-construction area and 3.6msf of future development area as on June 30, 2019.

Stocks start on positive note

Stock markets started the new year on a positive note with benchmark index Sensex gaining 52.28 points, or 0.13 per cent, to close at 41306.02 on Wednesday as financials, IT, FMCG and power stocks advanced. The broader NSE Nifty closed 14.05 points, or 0.12 per cent, higher at 12182.50 with 23 of its constituents ending in the green.

PowerGrid was the top gainer in the Sensex pack, spurting 2.76 per cent, followed by NTPC, M&M, L&T, Hindustan Unilever, HDFC, and Infosys. Among losers, Titan fell the most by 2.76 per cent, followed by IndusInd Bank (1.72 per cent), and Bajaj Auto (1.21 per cent).

“Sentiments remained positive on reports that India’s current account deficit narrowed to 0.9 per cent of GDP in the September 2019 quarter on account of lower trade deficit,” said Narendra Solanki of Anand Rathi Shares & Stock Brokers.