Embassy Office parks plans to raise ₹4,750 crores through IPO

Embassy Office Parks REIT, the first ever Real State Investment trust in India(REIT) will be offering an Initial Public Offering (IPO) in the price of ₹299-300, it said in a statement.

Embassy REIT will be issuing shares aggregating ₹4,750 crore and will constitute at least 10% of the issued and paid-up units on a post-issue basis.

The IPO will is issued through the book-building process and will start on March 18 and end on March 20, the company said in a statement. The units will be listed on Bombay Stock exchange (BSE) and NSE. As per the proposal, the minimum bid size will be 800 units and in multiples of 400 units after that.

The money raised from IPO will be used for Partial or full repayment of lenders or financial institution debt along with acquisition of the Embassy One Assets which is currently held by Embassy One Developers Pvt and will also will used for general purpose such as capital expenditure.

Embassy Office Parks which a is joint venture (JV) between the Bengaluru-based property developer and private equity firm Blackstone, has placed 33 million Sq. Ft of office and hospitality assets under its proposed REIT comprising 7 business parks and 4 city-centric buildings spread across Mumbai, Bengaluru, Pune and Noida.

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