The Securities Committee of the Board of Directors of Embassy Office Parks Management Services Private Limited, Manager to
Trading of these units is expected to commence on or around December 24, 2020 on NSE and BSE.
"The institutional placement launched on December 15, 2020 and witnessed strong demand from both existing as well as
Mike Holland, Chief Executive Officer of Embassy REIT said: "The strong demand for our offering amidst market uncertainties and the ongoing pandemic is a testament to the confidence in Embassy REIT's inorganic growth strategy of owning quality office assets such as
The placement issue price of ₹331 per unit represents a discount of 4.99% to the applicable floor price of ₹348.38 per unit calculated in accordance with applicable SEBI regulations, said the filing.
Embassy REIT proposes to use the proceeds from this placement to fund its proposed acquisition of Embassy TechVillage that it announced earlier on November 17, 2020, and for general purposes.
Embassy REIT is acquiring ETV from the Embassy Sponsor, members of the Blackstone group and other selling shareholders, for a total enterprise valuation of $1.3 billion, subject to closing adjustments. The transaction is expected to close by end of December 2020.
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