Cyril Amarchand Mangaldas Advises Blackstone-Backed Bagmane Developers on Pre-REIT Funding Rounds

Cyril Amarchand Mangaldas (“CAM”) advised Bagmane Developers Private Limited (the “Company”), backed by Blackstone Group, in relation to its pre-REIT funding round of approximately INR750 crore through the issuance of share warrants and unsecured optionally convertible debentures (“OCDs”) to 20 subscribers (“Round 1 Subscribers”) on a private placement basis, executed on December 22, 2025. The Company owns certain real estate assets and proposes to utilize the funds in furtherance of its business objectives. The securities issued to the Round 1 Subscribers have been acquired by Bagmane Prime Office REIT (the “REIT”) on May 7, 2026 in consideration of REIT units allotted to the Round 1 Subscribers.

The deal team comprised of Mohit Gogia, Partner; along with Anisha Dash, Senior Associate; Muskaan Garg, and Swathi Kathi, Associates.

The firm also advised the Company in relation to its second round of pre-REIT funding of approximately INR610 crore through the issuance of OCDs to 57 subscribers (“Round 2 Subscribers”) on a private placement basis, executed on April 22, 2026. The OCDs issued to the Round 2 Subscribers have been acquired by the REIT on May 7, 2026 in consideration of REIT units allotted to the Round 2 Subscribers.

The deal team comprised of Mohit Gogia, Partner; with support from Anisha Dash, and Mehar Kaur, Senior Associates; Aashna Gupta, Muskaan Garg, Swathi Kathi, Avikalp Mishra, and Yash Kataria, Associates.

Bagmane Developers Private Limited is a prominent real estate developer in India, known for its prime office spaces and residential projects. The company has been strategically expanding its portfolio with the support of Blackstone Group, one of the world's leading investment firms. This pre-REIT funding round is a significant step in the company's growth strategy, aimed at leveraging its assets and enhancing its market position.

Cyril Amarchand Mangaldas, a leading law firm in India, has a strong track record in advising on complex transactions, particularly in the real estate sector. The firm's expertise in structuring and executing pre-REIT funding rounds has been instrumental in facilitating Bagmane Developers' strategic initiatives. The successful completion of these funding rounds underscores the robust legal and financial framework that supports the company's expansion plans.

The issuance of share warrants and OCDs to multiple subscribers not only provides Bagmane Developers with the necessary capital but also aligns the interests of the investors with the company's long-term goals. The acquisition of these securities by the REIT in exchange for REIT units further solidifies the company's position in the real estate market, ensuring a stable and sustainable growth trajectory.

In conclusion, the pre-REIT funding rounds advised by Cyril Amarchand Mangaldas are a testament to the firm's deep understanding of the real estate sector and its ability to navigate complex legal and financial landscapes. This strategic move by Bagmane Developers, backed by Blackstone Group, is expected to significantly enhance the company's portfolio and market presence.