Knowledge Realty Trust REIT raises Rs 2,820 crore from anchor and institutional investors
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Knowledge Realty Trust REIT has raised Rs 1,620 crore from anchor investors and a strategic allocation of Rs 1,200 crore ahead of its initial public offering, which opens for public subscription on Tuesday, August 5, 2025.Some of the institutions that participated in the anchor round include LIC , Tata AIG, Nippon MF, Axis MF, Tata MF, FT MF, Amundi, Wells Capital, PIMCO, SBI Pension, Jhunjhunwala Trust, and 360 One, among others.Institutions that participated in the strategic allocation include LIC, SBI Life, UTI MF, HDFC Life, Kotak Life, and 360 One, among others, the exchange filing mentioned by the company.'This is the first-time participation from LIC in any REIT IPO. There has also been broad participation from the Tata Group, including its mutual fund, insurance, and AIF arms,' it said.Prior to this, the company had raised a pre-IPO round of Rs 1,400 crore. With this, 70% of the IPO, or Rs 4,220 crore, is already committed.For the balance public offering of Rs 1,980 crore (institutional component of Rs 1,080 crore and retail and HNI component of Rs 900 crore), the bid/issue opens Tuesday, August 5, 2025, and closes Thursday, August 7, 2025.The minimum bid size is Rs 15,000, which is also the minimum investment amount. The price band for the offer has been determined at Rs 95–100 per equity share.'Strong investor demand is reflected in the widest book, with allocation to more than 50 investors. About 45% of the allocation has been made to insurance and pension funds, which are long-term holders,' the filing said.The upcoming REIT also witnessed interest from HNIs in the pre-IPO round of Rs 1,400 crore, including R K Damani, Karan Bhagat Trust, and 360 One Office, among others.The proceeds from the issue, to the extent of Rs 4,640 crore, are proposed to be used for partial or full repayment or prepayment of certain financial indebtedness of the Asset SPVs and the Investment Entities, and the rest for general corporate purposes.The sponsors to the issue are Sattva Developers Private Limited and BREP Asia SG L&T Holding (NQ) Pte. Ltd. Axis Trustee Services Limited is the trustee, and Knowledge Realty Office Management Services Private Limited (formerly known as Trinity Office Management Services Private Limited) is the manager to the issue.The IPO comprises a fresh issuance of units worth up to Rs 4,800 crore by the Knowledge Realty Trust. This Issue is being made through the Book Building Process and in compliance with the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 ('REIT Regulations') and the REIT Master Circular dated July 11, 2025, wherein not more than 75% of the Issue (excluding the Strategic Investor portion) shall be available for allocation on a proportionate basis to Institutional Investors and not less than 25% of the Issue (excluding the Strategic Investor portion) shall be available for allocation to Non-Institutional Investors, in accordance with the REIT Regulations.
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