Embassy Office REIT IPO looks to raise ₹4,750 cr.


Proceeds to be used for repayment of debt, among others

The initial public offer (IPO) of Embassy Office Parks Real Estate Investment Trust (REIT) will open on March 18 with the entity looking to raise ₹4,750 crore.

The price band for the offering had been fixed between ₹299 and ₹300 per unit.

Minimum bids

Further, bids can be made for a minimum of 800 units and in multiples of 400 units thereafter by bidders other than anchor investors and strategic investors.

According to the draft prospectus of the offer, the net proceeds from the issue would be used for partial or full repayment or pre-payment of debt of certain asset special purpose vehicles and payment for the acquisition of Embassy One’s assets, currently held by Embassy One Developers, apart from general purposes.

Axis Trustee Services Limited is the trustee to the issue while Embassy Office Parks Management Services Private Limited is the manager to the issue. Embassy Property Developments Private Limited and BRE/ Mauritius Investments are the sponsors of the issue.

The merchant bankers managing the deal include Morgan Stanley India, Kotak Mahindra Capital Company, J.P. Morgan India, DSP Merrill Lynch Axis Capital, Credit Suisse Securities (India), Deutsche Equities India, Goldman Sachs (India), HSBC Securities and Capital Markets (India), IIFL Holdings, JM Financial and Nomura Financial Advisory and Securities (India).

The issue would close on March 20.

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Printable version | Jan 28, 2020 9:08:30 AM |

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