Embassy REIT raises Rs 3,680 cr through QIP
New Delhi: Embassy Office Parks REIT has raised about Rs 3,680 crore (USD 501 million) for part payment of 'Embassy TechVillage' project in Bengaluru.
The money has been raised by way of sale of units to the institutional investors. Embassy TechVillage is an IT park that the REIT acquired recently.
"it (Embassy REIT) has successfully completed a unit capital raise of Rs 36.8 billion (USD 501 million) through an Institutional Placement of units.", the company said in a statement.
The QIP issue was launched by the company on 15 December 202. It saw fair from existing and even new institutional investors.
The Manager to Embassy REIT had approved issuance of 111,335,400 new units by way of the QIP on 22 December.
Embassy REIT is country’s first listed REIT and is sponsored by Blackstone Group and India’s Embassy group. It was listed on the stock exchanges in 2019.