Mindspace Business Parks REIT has informed the Exchange regarding Notice of Extraordinary General Meeting scheduled to be held on 24/04/2026
Awaiting price reaction for this filing.
Mindspace Business Parks REIT has issued a postal ballot notice seeking unitholder approval for four key items. The first two are related party transactions to acquire 100% stake in Sycamore Properties Pvt Ltd for Rs. 3,526 million and Content Properties Pvt Ltd for Rs. 3,221 million, both from sponsor-related entities. The next two items are preferential issues of up to 72,71,748 units to Sycamore shareholders and up to 66,42,740 units to Content Properties shareholders, all at Rs. 484.89 per unit, as non-cash consideration for the acquisitions. Together, the acquisitions will add about 25.6 lakh sq ft of chargeable area across three office blocks (Block 1 under-construction, Block 2, and Block 3) on land at Pallikaranai, Chennai, valued at roughly Rs. 26,000–26,400 million by two independent valuers. The e-voting window runs from April 1, 2026 to April 24, 2026, with results to be announced by April 28, 2026.
This is a fully non-cash, unit-funded acquisition that will expand Mindspace REIT's Chennai portfolio but dilute existing unitholders, with about 1.39 crore new units being issued. Since both target companies are owned by related parties (sponsors), approval requires a simple majority for the acquisitions and a higher 60% majority for the preferential unit issuance, with sponsors barred from voting.