Indus Realty Trust slips on discounted stock offering

Indus Realty Trust

06/10/2021 18:10

** Shares of REIT  INDT.O  down 5.2% at $65.08 - hitting
their lowest since June 10
    ** Co prices its public offering of 2.15 mln shares at
$66/shr, implying a discount of 3.8% to stock's last close
    ** INDT also grants underwriters a 30-day option to purchase
up to an additional 322,500 shares; offering to close on Oct. 8
 urn:newsml:reuters.com:*:nNDL1f5K7s
    ** Net proceeds to be used to finance acquisition and
development pipeline and for other corporate purposes
    ** Morgan Stanley and Citigroup are acting as lead joint
book-running managers
    ** Co has ~7.72 mln shares outstanding worth ~$530.068 mln -
Refinitiv data
    ** Two brokerages rate the stock " strong buy" and 1 "hold";
their median PT is $74 - Refinitiv data
    ** As of last close, stock had risen 9.8% YTD

 (Reporting by Devik Jain in Bengaluru)
 ((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6182 2062; ;))