S&R Associates represented the Embassy Office Parks REIT, India’s first listed real estate investment trust, and its manager, Embassy Office Parks Management Services, in an institutional placement of 111,335,400 units for an amount of INR 36.85 billion to eligible institutional investors. This is the first institutional placement by a listed real estate investment trust in India.

The S&R team was led by partners Sandip Bhagat and Juhi Singh, and included associates Pratichi Mishra, Sonal Bhargava and Somya Jena.

Embassy REIT completed a unit capital raise of ₹36.8 billion ($501 million) through an Institutional Placement of 111,335,400 units

 Embassy Office Parks REIT (Embassy REIT) has completed a unit capital raise of Rs 36.8 billion ($501 million) through an Institutional Placement of units, the company said in a media release.

The Securities Committee of the Board of Directors of Embassy Office Parks Management Services (EOPMSPL), manager to Embassy REIT, approved the issuance and allotment of 111,335,400 new units through this Institutional Placement.

Mike Holland, Chief Executive Officer of Embassy REIT said, "This Institutional Placement of new units diversifies our unitholder register, enhances the liquidity of our units, and is expected to facilitate the REIT’s potential inclusion into additional global benchmark equity indices."

The Placement issue price of Rs 331.00 per unit represents a discount of 4.99% to the applicable floor price of Rs 348.38 per unit calculated in accordance with applicable SEBI regulations.

Embassy REIT has proposed to use the proceeds from this Placement to fund its proposed acquisition of Embassy TechVillage (ETV) 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 Rs 97,824 million ($1.3 billion). The transaction is expected to close by end of December 2020.

Morgan Stanley India Company, Kotak Mahindra Capital Company, BofA Securities India J.P. Morgan India, Axis Capital, HSBC Securities and Capital Markets (India) and IIFL Securities served as Joint Bookrunning Lead Managers for the offering.

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