Everything you need to know about Embassy Office Parks REIT IPO

#1

The initial public offering of India’s first Real Estate Investment Trust in India (REIT) - Embassy Office Parks REIT opens on March 18th and closes on March 20th.

About Embassy Office Parks
Embassy Office Parks is the owner of a high-quality office portfolio in India that serves as essential corporate infrastructure to multinational tenants. The Portfolio comprises seven best-in-class office parks and four prime city-center office buildings totalling 32.6 msf as of March 31, 2018, with strategic amenities, including one operational and three under-construction hotels totaling 1,096 keys, food courts, employee transportation and childcare facilities.

It owns one of India’s largest office portfolios and as of March 31, 2018, approximately 81.4% of the Gross Rentals from our 160 marquee tenant base is contracted with leading multinational corporations and approximately 43.8% is contracted with Fortune 500 companies, such as JP Morgan, Google and Microsoft. Our high quality tenant base, along with long-term contracted rentals (weighted average lease length of 6.9 years) provides considerable stability to the Portfolio.

Purpose of the issue
Proceeds of the Issue
The gross proceeds of the Issue will be `47,500 million. The Net Proceeds from the Issue will be utilised towards the following objects:

  • Partial or full repayment or pre-payment of bank/ financial institution debt of certain Asset SPVs and by the Investment Entity
  • Payment of consideration for acquisition of the Embassy One Assets currently held by EODPL
  • General purposes

Issue details
Issue opens - March 18th
Issue close - March 20th
Price band - Rs 299-300
Issue size - ₹ 4750 crores at the upper end of the price band.
Listing on both NSE and BSE
Retail portion - 35%
Bid lot - 800 shares and in multiple
thereafter 400

Basis of allotment - 28 March
Refunds - 29 March
Credit of shares - 30 March
Listing - April 1

If you wish to learn more about Real Estate Investment Trust in India (REIT) and how they work, check this post:

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#3

Which are listed companies of this promoter group ? i understand BSE listed MAC CHARLES LTD where promoters hold 75% belong to same group.