Brookfield India REIT to raise up to Rs 3,500 cr via issue of unitholders

Brookfield India Real Estate Trust on Thursday announced plans to raise up to Rs 3,500 crore through issue of units to institutional investors to reduce debt as well as to fund future growth, and reported a 40 per cent increase in its net operating income to Rs 485.8 crore for the second quarter of this fiscal.The company also announced distribution of Rs 220.8 crore for the second quarter of this fiscal to unitholders.The board of directors of Brookprop Management Services Pvt Ltd, the manager of Brookfield India Real Estate Trust, approved the issuance of units of Brookfield India REIT through an institutional placement of units not exceeding Rs 3500 crore in one or more placement, according to a regulatory filing on Thursday.The proceeds will be used for the partial or full prepayment or repayment of the outstanding borrowings, equity contribution, general purposes, including funding operating expenses, funding capital expenditure, making investments in creditworthy instrument