Embassy Group sells 42 mn REIT shares to Bain Capital for Rs 1,300 cr
Realty firm Embassy Property Developments Pvt Ltd has sold 4.2 crore shares in Embassy Office Parks REIT to Bain Capital for Rs 1,250-1,300 crore to pare debt.
Bengaluru-based Embassy Group has entered into a strategic sale of a certain portion of its shareholding in Embassy Office Parks REIT to Bain Capital, according to a company statement.
The company did not disclose any further details.
Sources said Embassy Group, who is one of the sponsors of Embassy REIT, has sold around 4.2 crore shares to Bain Capital through block deal for around Rs 1,250-1,300 crore.
Embassy Group's stake in Embassy REIT has come down to 8 per cent after this share sale from 12 per cent earlier, sources said.
Share price of Embassy REIT closed at Rs 301.38 per share on the BSE.
The Group will utilise the amount to reduce its debt.
Embassy Group aims to reduce overall debt by approximately 30 per cent before 30th June 2023.
"As sponsor of Embassy REIT, the Embassy Group reiterates its commitment to th