Brookfield India Real Estate Trust REIT has informed the Exchange regarding Notice of Extraordinary General Meeting scheduled to be held on 26/08/2025
Awaiting price reaction for this filing.
Brookfield India REIT has called an Extraordinary General Meeting (EGM) of unitholders on August 26, 2025, at 3:00 PM via video conferencing. The meeting will seek approval for a preferential issue of up to 3,22,58,065 (3.23 crore) units at Rs. 310 per unit, raising approximately Rs. 1,000 crore from identified third-party investors. The issue price of Rs. 310 is higher than the minimum prescribed price of Rs. 309.76 calculated as per the REIT Master Circular. Notable investors include Larsen & Toubro (Rs. 225 crore), LTIMindtree (Rs. 100 crore), L&T Technology Services (Rs. 50 crore), L&T Welfare Company (Rs. 50 crore), and 360 One Real Asset Advantage Fund (Rs. 80 crore). Proceeds will be used for repayment/prepayment of outstanding borrowings, equity contribution, capital expenditure, and potential inorganic growth opportunities. The Manager, Trustee, Sponsor, and Sponsor Group will not subscribe to this issue.
This is a dilution event for existing unitholders, as 3.23 crore new units will be issued, expanding the total unit base from ~60.78 crore to ~64.00 crore. The Rs. 310 issue price is at a discount to the NAV of Rs. 336.35 per unit, which may put short-term pressure on unit price. However, the capital raise appears aimed at deleveraging and growth, which could be positive in the long term. The issue requires 60% special majority approval.