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Business Economy


Embassy Office Parks REIT to open IPO books

Bengaluru, Mar 15 (UNI) In a first of its kind by a Real Estate Investment Trust in India (REIT), the Embassy Office Parks REIT will go for an Initial Public Offering (IPO) to raise over Rs 4750 crore, larger part of its proceedings to repay the debt, Mr Michael Hollard, CEO of the firm informed here on Friday.
Addressing newsmen here, Mr Hollard informed that Embassy REIT is issuing units aggregatingupto Rs 4750 crore and will constitute a minimum 10 per cent of the issued and paid-up nits on a post-issue basis in accordance with the REIT regulations.
Informing that the net proceeds from the issue will be utilised for partial or full repayment orpre-payment of bank and financial institution debt of certain Asset Special Purpose Vehicles and by the investment entity, he said that it would be also deployed for acquisition of one asset and for general purposes.
He said that the issue is being made through the Book Building Process wherein not more than 75 p[er cent of the issue shall be available for allocation on a proportionate basis to institutional investors.Further not less than 25 per cent of the issue will be available for allocation on a proportionate basis to non-institutional investors.
He said that the price band of the issue has been fixed from Rs 299 to 300 per units and 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.
The units of the Embassy REIT are proposed to be listed on the National Stock Exchange of India Ltd and BSE, he said.
Replying to questions, Mr Holland said that the total debt exposure of the company was about Rs 8450 crore. The Company have also plans to acquire a 230-key hotel and 0.3 million office complex space, he added.
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