1 day ago

Blackstone’s Rs 12,000-Crore Knowledge Realty Trust Sale Fully Subscribed

Blackstone wanted to sell part of its ownership in Knowledge Realty Trust.

The sale was worth up to Rs 12,000 crore.

Investors placed orders for 2.5 times the number of units offered.

Blackstone’s ownership will fall from about 46.5% to 21.5%.

Sattva Group will become the biggest owner of the trust.

Knowledge Realty Trust owns commercial real estate through the REIT structure.

Its units fell slightly on Tuesday after the offer.

The deal shows that many investors are interested in Indian real estate trusts.

Key facts

Offer size: Rs 12,000 crore, including a Rs 8,000-crore base offer and a Rs 4,000-crore oversubscription option.
Subscription: The offer was subscribed 2.5 times.
Floor price: Rs 108 per Knowledge Realty Trust unit.
Blackstone’s resulting stake: About 21.5%, down from approximately 46.5%.
Sattva Group’s resulting stake: About 32%, making it the largest holder.
Market performance: Knowledge Realty Trust units fell 0.60% to close at Rs 109.64 on the BSE on Tuesday.
Market significance: The transaction was described as the largest in India’s REIT market and the country’s second-largest OFS after the LIC stake sale.

financialexpress.com · 1 day ago