Mindspace Business Parks REIT has informed the Exchange regarding Notice of Extraordinary General Meeting scheduled to be held on 28/12/2025
Awaiting price reaction for this filing.
Mindspace Business Parks REIT has sent a Postal Ballot Notice seeking unitholder approval for two preferential issues of units as consideration for two acquisitions. Item 1 is the acquisition of 100% of Pramaan Properties Private Limited, which owns Ascent-Worli (Mumbai) and a Raheja Woods office building in Pune, for Rs. 14,341 Mn, payable via up to 3,08,64,750 new units at Rs. 464.64 per unit. Item 2 is the acquisition of 100% of Sundew Real Estate Private Limited, which owns The Square Avenue 98 (BKC Annex, Mumbai), for Rs. 3,863 Mn, payable via up to 83,13,963 new units at the same Rs. 464.64 per unit price. Together, these deals will expand Mindspace REIT's portfolio from about 38.2 msf to about 39.0 msf, with combined gross acquisition value of around Rs. 18,204 Mn funded entirely through new units (no cash consideration). E-voting runs from November 29 to December 28, 2025, and a 60% majority is required; sponsors and sponsor group will not vote as it is a related-party transaction.
If approved, existing unitholders will face dilution from about 3.91 crore new units, but the REIT's asset base grows by nearly 0.8 msf across prime Mumbai and Pune micro-markets. The all-stock structure means no cash outflow, while the issue price of Rs. 464.64 is based on the REIT pricing formula — watch for unit price reaction around the December 30 results.