Politics · India Bureau
Raheja divests 1.49% stake in Mindspace REIT for ₹500 crore
Billionaire Chandru Lachmandas Raheja has exited a portion of his holdings in Mindspace Business Parks REIT through a bulk deal valued at ₹500 crore. The transaction saw the REIT's units trade marginally lower following the divestment.
LSN India ·
Raheja, chairman of K Raheja Corp, offloaded 99,00,990 units representing 1.49 per cent of his unitholding in the Mumbai-based real estate investment trust. The bulk transaction was completed on Monday at an average price of ₹505 per unit, valuing the deal at ₹499.99 crore, according to data from the Bombay Stock Exchange.
Following the sale, Mindspace Business Parks REIT units declined 0.18 per cent to trade at ₹504.05 on Tuesday. The identities of the buyers could not be ascertained from exchange disclosures.
The divestment marks Raheja's latest move in the capital markets, even as the K Raheja Corp group maintains a substantial presence in India's commercial real estate sector. The conglomerate operates across multiple business verticals, including the Mindspace office parks brand, Commerzone retail developments, and stakes in consumer businesses such as Crossword Bookstores and Shoppers Stop.