New Delhi, Jul 27 (PTI) The public issue of Mindspace Business Parks REIT, owned by K Raheja group and Blackstone, was subscribed 38 per cent on the first day of bidding on Monday.

The company proposes to raise up to Rs 4,500 crore from the public issue, which will close on July 29.

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The issue received bids for 2,59,22,800 shares against the total issue size of 6,77,46,400 shares, according to data available with the NSE.

Institutional investors portion was subscribed 37 per cent and other investors 40 per cent.

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Mindspace Business Parks REIT on Friday raised Rs 1,518.74 crore from anchor investors.

It has fixed the price band for its public issue at Rs 274-275 per unit.

Last year, Embassy Office Park REIT, the country's first REIT issue, raised nearly Rs 5,000 crore.

REIT, a popular instrument globally, was introduced in India a few years ago aimed at attracting investment in the real estate sector by monetising rent-yielding assets.

It helps unlock the massive value of real estate assets and enable retail participation.

The units of the REIT will be listed on the BSE and the NSE.

The offer is managed by Morgan Stanley India Company, DSP Merrill Lynch, Axis Capital, Citigroup Global Markets India, JM Financial, Kotak Mahindra Capital Company, CLSA India, Nomura Financial Advisory and Securities (India), UBS Securities India, Ambit Capital Private, HDFC Bank, IDFC Securities and ICICI Securities.

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