, India
Photo from CapitaLand India Trust official website.

CapitaLand India Trust issuing 141 million new units to raise S$150.1m

Issue price is at S$1.06 per unit, with opening date set on 30 June.

CapitaLand India Trust (CLINT) is issuing over 141.56 million new units at an issue price of S$1.06 per new unit, to raise gross proceeds of approximately S$150.1m. 

Under the proposed pro rata, non-renounceable preferential offering, eligible unitholders can get 119 new units for every 1,000 existing units held as of record date.

The issue price represents a discount of 6% to the volume weighted average price (VWP) of S$1.1279 per unit for all trades in the units done on the SGX-ST for the full market day on 16 June.

Majority of the proceeds, or S$91.2, will be used to fund the development and construction of properties aVance A1 in Hyderabad and Gardencity in Bangalore, in return for annual coupon rates of at least 11%, CLINT said in an SGX filing. 

ALSO READ: CapitaLand Ascendas REIT acquires Seagate’s R&D facility for $218.24m

Approximately S$56m or 37.3% of the gross proceeds will be used to partly finance the development and construction of Block A of International Tech Park Hyderabad.

Another 1.9% or S$2.9m in gross proceeds to pay for estimated fees and expenses related to the preferential proceeds.

CLINT has set the opening date and time for the preferential offering on 30 June, 9AM for electronic applications made through an ATM of participating banks. Citi and DBS serve as the offering’s joint global coordinators and underwriters. 

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