PPFAS Mutual Fund has acquired a 6.62% stake in Knowledge Realty Trust through open market purchases. The acquisition was completed on August 31, 2026, with disclosure filed on September 2, 2026.

The investment manager, PPFAS Asset Management Private Limited, executed the buy-through multiple schemes under its management. This move significantly increases the fund's exposure to the realty trust, marking a notable shift in its portfolio allocation.

Acquisition Details

The acquisition involved the purchase of 29,36,32,144 shares carrying voting rights. Prior to this transaction, PPFAS Mutual Fund held only 59,764 shares, representing a negligible 0.0013% stake in the company. The new shares were acquired exclusively through open market transactions.

The total equity share capital of Knowledge Realty Trust remained unchanged at ₹4,43,43,99,541, comprising 4,43,43,99,541 shares at a face value of Re. 1 per share. There were no encumbrances, pledges, or convertible securities involved in this transaction.

Schemes Involved

The acquisition was made through four specific schemes managed by PPFAS Mutual Fund:

• Parag Parikh Flexi Cap Fund
• Parag Parikh Conservative Hybrid Fund
• Parag Parikh ELSS Tax Saver Fund
• Parag Parikh Dynamic Asset Allocation Fund

Parag Parikh Financial Advisory Services Limited, the sponsor of the mutual fund, is listed as a person acting in concert but does not belong to the promoter group of the target company. The disclosure was made pursuant to Regulation 29(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Sellers of Knowledge Realty Trust have completed their offer for sale, offloading 1,110,000,000 units to satisfy the regulatory minimum public unitholding (MPU) requirement. The transaction was executed on August 31 and September 1, 2026, with an average selling price ranging between ₹108.77 and ₹109.06 per unit.

The intimation was filed with the Bombay Stock Exchange (BSE) and the National Stock Exchange of India Limited (NSE) on September 2, 2026. The sale reduced the sponsor group’s stake significantly while bringing public ownership above the mandated 25% threshold under SEBI regulations.

Offer Completion and MPU Achievement

The offer for sale (OFS) was undertaken by four sponsor group entities: BREP Asia SG L&T Holding (NQ) Pte. Ltd., BREP Asia SG DRPL Holding (NQ) Pte. Ltd., BREP Asia II Indian Holding Co IV (NQ) Pte. Ltd., and BREP Asia II Indian Holding Co VII (NQ) Pte. Ltd.

Pursuant to the sale, the Trust has complied with Regulation 14(2A) of the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014. The total units sold represented 25.03% of the unit capital. The aggregate value of the transactions, excluding taxes and brokerage, amounted to approximately ₹1,20,874 crore across all sellers.

Updated Unitholding Pattern

The completion of the OFS has materially altered the unitholding structure. The sponsor and sponsor group’s holding decreased from 78.56% to 53.52%, while public unitholders’ stake rose from 21.44% to 46.48%.

Specifically, BREP Asia SG DRPL Holding and BREP Asia II Indian Holding Co IV exited their positions entirely, selling all held units. BREP Asia SG L&T Holding reduced its stake from 12.75% to 7.50%, while BREP Asia II Indian Holding Co VII decreased its holding from 8.11% to 3.60%.

The official holding pattern reflecting these changes will be filed separately in accordance with regulatory timelines.

Regulatory Framework

The transaction adhered to the master circular for stock exchanges and clearing corporations (SEBI/HO/MRD-PoD2/CIR/P/2024/00181 dated December 30, 2024). It also complied with the "Revised Operational Guidelines for Offer for Sale (OFS) Segment" issued by BSE Limited (notice no. 20240701-19 dated July 01, 2024) and the "Revised operating guidelines of Offer for Sale" issued by NSE (circular no. 25/2026 dated February 24, 2026).

The OFS served as a permissible method under Chapter 17 of the master circular (SEBI/HO/DDHS-PoD-2/P/CIR/2025/99 dated July 11, 2025) for achieving minimum public unitholding in REITs.