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With this issue, Mindspace REIT has broadened its debt profile further. At the time of its IPO, in August 2020, 100% borrowings of Mindspace REIT were in the form of bank borrowings at the asset’s special purpose vehicle level.

The decision for the same is based on the recommendations in the Keki Mistry report, which suggested phasing out share buybacks from the open market through stock exchanges as these are prone to misuse.

The 82.50-83.00 is the immediate expected trading level for USD/INR, Jateen Trivedi, analyst at LKP Securities, said. The proper breach of the dollar index on either side of 104 to 105 will provide direction for the rupee, he added.

Gyan Enterprises Pvt Ltd and Chowdry Associates are the two promoter group entities that sold the stake, the company said in an exchange filing.

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The Nifty IT index closed 0.2 per cent up at 28612.5.

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“Whatever happens on the value and pricing front will be a result of the balancing between all the commodities that go to make our mix and at the moment. It is too early to prognosticate whether it will be better, substantially better or equal to what was the impact in 2022.”

“We see a period of consolidation for the Indian market with further correction in multiples of the market, led by gradual de-rating of multiples of ‘growth’ stocks from current high levels, as the market reconciles to higher-for-longer interest rates. They are yet to correct to lower multiples that commensurate with higher interest rates except for IT services stocks,” it said.

The quota reserved for retail bidders was subscribed merely 40%, whereas HNI quote fetched 1.48 times bids. The allocations for institutional bidders were booked 4.10 times.