ICICI Securities has taken on lease around 1.9 lakh square feet of space in Mindspace Juinagar at a monthly rent of ₹92.2 lakh, registration documents showed.
The tenure of the lease is 144 months, starting from January 1, 2024 and the effective monthly rental rate works out to ₹49 per square feet. The rent escalates 4 per cent annually, according to the documents made available by the data analytics firm Propstack.
The company, which provides a range of financial services right from investment banking to investments, has taken space on five floors and the terrace of the building. Mindspace Juinagar, B3, is an office building located in Navi Mumbai, part of a 55-acre campus development and has been developed by K Raheja Corp.
The lease has a lock-in period of five years for ICICI Securities, while the entire term of the lease is locked in for the landlord. The lease also includes the use of 190 car parking slots.
ICICI Securities is in the process of being delisted and last month, its parent company, ICICI Bank, received ‘no objection’ letters from the exchanges for the delisting. The decision to delist its shares was taken in June, with the bank saying that it would drive synergies between the two companies.
The bank currently holds around 75 per cent stake in it and the delisting process, conducted through a share swap, will result in it becoming a wholly-owned subsidiary.