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Embassy Office Parks REIT, India’s First REIT, to open IPO books

To open IPO books on March 18, 2019 and close books on March 20, 2019.

Embassy Office Parks, REITs, Commercial, Bangalore

The initial public offering (IPO) of Embassy Office Parks REIT (“Embassy REIT”), the first ever by a Real Estate Investment Trust in India, will open on March 18, 2019 at a price band of Rs 299 to Rs 300. Embassy REIT is issuing Units aggregating up to Rs 47,500 million (the “Issue”). This issue will constitute at least 10% of the issued and paid-up Units on a post-Issue basis in accordance with Regulation 14(2A) of the REIT Regulations. The issue will close on March 20, 2019.

The Units of the Embassy REIT are proposed to be listed on the NSE and BSE. The Embassy REIT has received in-principle approvals from the NSE and the BSE for listing of the Units pursuant to letters dated October 11, 2018 and October 9, 2018, respectively. This Issue will constitute at least 10% of the issued and paid-up units on a post-issue basis in accordance with Regulation 14(2A) of the REIT Regulations. The manager, in consultation with the lead managers, may retain oversubscription in the Issue in accordance with the REIT Regulations and the SEBI guidelines.

The net proceeds from the Issue will be used for (i) Partial or full repayment or pre-payment of bank/FIs debt of certain asset SPVS and by the Investment Entity, (ii) Payment of consideration for acquisition of the Embassy One Assets currently held by Embassy One Developers, and (iii) general purposes.
The issue will include participation by Strategic Investors in accordance with the SEBI guidelines.

Bids can be made for a minimum lot of 800 units and in multiples of 400 units thereafter by bidders other than the units subscribed for by Anchor Investors and Strategic Investors.

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