Embassy REIT raises funds for IT park acquisition in Bengaluru

24 Dec 2020 CW Team

Embassy Office Parks Real Estate Investment Trust (REIT) recently announced that it has raised Rs 3,680 crore through an institutional placement of units. The developments will be used to fund its recent IT park acquisition in Bengaluru.

In a regulatory filing, the company stated that the securities committee of the board of directors of Embassy Office Parks Management Services, in a meeting in December 2020, had approved the distribution of more than 111.3 million units of Embassy REIT to the 129 qualified institutional investors, at a value of Rs 331 per unit. An aggregate of about 883 million units were issued and outstanding under the allotment of the units in issue. The issue opened on December 15 and closed on December 16.

Embassy REIT also added that the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) would see the trading of these units on the 24 December 2020. The joint book-running lead managers of the offering are Kotak Mahindra Capital, Morgan Stanley, JP Morgan India, HSBC Securities and Capital Markets, IIFL securities, and Axis Capital.

The company also added that depending on the applicability of the regulations they had proposed to utilize the proceeds from the allotment to fund its proposed acquisition of the Embassy Tech Village and for other general purposes.

The CEO of Embassy REIT Mike Holland said that they appreciated the staggering support which they received from the new global and domestic institutional investors along with the support of their existing investors, during their first-ever institutional placement. During the ongoing pandemic and the myriad of market uncertainties, the strong demand for their offering was a demonstration of the trust in the inorganic growth strategy of the Embassy's REIT. Embassy TechVillage鈥檚 quality assets were one of the major reasons for the inorganic growth of the company.

Resources

20 May 2025

Blum India brings Design Reverie to Hyderabad

Blum India hosted the Hyderabad edition of its signature event, Design Reverie, at the historic Taj Falaknuma Palace, making it a memorable evening for the city鈥檚 architecture and interior design community. As per news reports, the event combined modern design sensibilities with the grandeur of a palace setting and the spiritual charm of Sufi qawwali.This marked the third edition of the event, after previous gatherings in Delhi and Bangalore. In Hyderabad, the focus was on fostering relaxed yet meaningful dialogue among design professionals鈥攁way from the typical conference setup. The eveni..

Resources

20 May 2025

Hafele launches Platinum Studio in Nagpur

Hafele has expanded its franchise footprint in central India by opening a new Studio Partner Platinum showroom in Nagpur in collaboration with Onkar Furnitech. The studio was inaugurated by Nitin Gadkari, Minister of Road Transport and Highways, along with Padma Gupta, Director 鈥� HR & Customer Experience, Hafele South Asia.Located at Sarthak Plaza, South Ambazari Road, Laxmi Nagar, the showroom offers an immersive experience of Hafele鈥檚 wide-ranging interior and home solutions. Designed as a hands-on, real-life application space, the studio showcases Hafele鈥檚 full portfolio鈥攊ncludi..

Resources

20 May 2025

Truflo by Hindware wins GPTW honour again

Truflo by Hindware has been certified a Great Place to Work for the fourth consecutive year, reaffirming its commitment to a people-first culture. The certification was awarded by the Great Place to Work Institute following a rigorous evaluation of employee experience, leadership, culture, and HR practices.Known as India鈥檚 fastest-growing plastic pipes and fittings company, Truflo has focused on fostering an inclusive, innovative, and growth-driven work environment. The company prioritises employee well-being and professional development, creating a culture where people feel valued and empow..