Looks like a decent deal for BIREIT.
Last year deal happened at 5000 crore EV. This year BIREIT buying at 6000. 20% appreciation appears on higher side. Ideally should have been appreciation of 8%, i.e. 5400 crore.
But when we look in context that BIREIT is not paying in cash but issuing units at Rs300 which is almost 20% premium of yesterday prices. This makes deal look good and probably BIREIT got it cheaper. Ideally should be positive for existing unit holders.
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