EMBASSY
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Recent events
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News
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Corporate Actions
Embassy REIT Appoints Amit Shetty As CEO
July 31 (Reuters) - Embassy Office Parks REIT EMBA.NS:
EMBASSY REIT APPOINTS AMIT SHETTY AS CHIEF EXECUTIVE OFFICER
Source text: ID:nBwbTWlX2a
Further company coverage: EMBA.NS
(([email protected];;))
July 31 (Reuters) - Embassy Office Parks REIT EMBA.NS:
EMBASSY REIT APPOINTS AMIT SHETTY AS CHIEF EXECUTIVE OFFICER
Source text: ID:nBwbTWlX2a
Further company coverage: EMBA.NS
(([email protected];;))
Embassy Office Parks REIT Raises 20 Billion Rupees Via 10-Year NCD
July 25 (Reuters) - Embassy Office Parks REIT EMBA.NS:
EMBASSY OFFICE PARKS REIT - RAISES 20 BILLION RUPEES VIA 10-YEAR NCD
Source text: ID:nNSE908Pgr
Further company coverage: EMBA.NS
(([email protected];;))
July 25 (Reuters) - Embassy Office Parks REIT EMBA.NS:
EMBASSY OFFICE PARKS REIT - RAISES 20 BILLION RUPEES VIA 10-YEAR NCD
Source text: ID:nNSE908Pgr
Further company coverage: EMBA.NS
(([email protected];;))
India New Issue-Embassy REIT accepts bids for 10-year bonds with 5-year put option, bankers say
MUMBAI, July 23 (Reuters) - India's Embassy Office Parks REIT EMBA.NS has accepted bids worth 20 billion rupees ($231.5 million) for bonds maturing in 10 years, three merchant bankers said on Wednesday.
The real estate investment trust will pay a coupon of 7.25%, which would be payable on a quarterly basis, the bankers said.
The issue will have a put option at the end of five years, and the current pricing is reflective of a five-year debt issue, one of the bankers added.
The company did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on July 23:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Embassy Office Parks REIT | 10 years | 7.25 (payable quarterly) | 20 | July 23 | AAA (Crisil, Care) |
SIDBI | 3 years and 3 months | 6.66 | 59.26 | July 23 | AAA (Crisil, Care) |
Sustainable Energy Infra Trust | 5 years | 7.15 (quarterly) | 3.75 | July 24 | AAA (Crisil) |
Sustainable Energy Infra Trust | 7 years | 7.2780 (quarterly) | 3.75 | July 24 | AAA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 86.4050 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Eileen Soreng)
MUMBAI, July 23 (Reuters) - India's Embassy Office Parks REIT EMBA.NS has accepted bids worth 20 billion rupees ($231.5 million) for bonds maturing in 10 years, three merchant bankers said on Wednesday.
The real estate investment trust will pay a coupon of 7.25%, which would be payable on a quarterly basis, the bankers said.
The issue will have a put option at the end of five years, and the current pricing is reflective of a five-year debt issue, one of the bankers added.
The company did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on July 23:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Embassy Office Parks REIT | 10 years | 7.25 (payable quarterly) | 20 | July 23 | AAA (Crisil, Care) |
SIDBI | 3 years and 3 months | 6.66 | 59.26 | July 23 | AAA (Crisil, Care) |
Sustainable Energy Infra Trust | 5 years | 7.15 (quarterly) | 3.75 | July 24 | AAA (Crisil) |
Sustainable Energy Infra Trust | 7 years | 7.2780 (quarterly) | 3.75 | July 24 | AAA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 86.4050 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Eileen Soreng)
India New Issue-Embassy REIT to issue 10-year bonds with 5-year put option, bankers say
MUMBAI, July 22 (Reuters) - India's Embassy Office Parks REIT EMBA.NS plans to raise 20 billion rupees ($231.98 million) through the sale of bonds maturing in 10 years, three merchant bankers said on Tuesday.
The real estate investment trust will pay a coupon of 7.25%, which would be payable on a quarterly basis, the bankers said.
The issue will have a put option at end of five years, and the current pricing is reflective of a five-year debt issue, one of the bankers added.
The coupon would be stepped up to 7.45%, payable on a quarterly basis, if the put option is not exercised, and the company has invited bids for the issue on Wednesday.
Last week, Reuters reported that Embassy Office Parks REIT was in talks with bankers to raise 20 billion rupees via bond issue.
The company did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on July 22
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Embassy Office Parks REIT | 10-year | 7.25 (payable quarterly) | 19+1 | July | AAA (Crisil, Care) |
*Size includes base plus greenshoe for some issues
($1 = 86.2140 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Janane Venkatraman)
MUMBAI, July 22 (Reuters) - India's Embassy Office Parks REIT EMBA.NS plans to raise 20 billion rupees ($231.98 million) through the sale of bonds maturing in 10 years, three merchant bankers said on Tuesday.
The real estate investment trust will pay a coupon of 7.25%, which would be payable on a quarterly basis, the bankers said.
The issue will have a put option at end of five years, and the current pricing is reflective of a five-year debt issue, one of the bankers added.
The coupon would be stepped up to 7.45%, payable on a quarterly basis, if the put option is not exercised, and the company has invited bids for the issue on Wednesday.
Last week, Reuters reported that Embassy Office Parks REIT was in talks with bankers to raise 20 billion rupees via bond issue.
The company did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on July 22
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Embassy Office Parks REIT | 10-year | 7.25 (payable quarterly) | 19+1 | July | AAA (Crisil, Care) |
*Size includes base plus greenshoe for some issues
($1 = 86.2140 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Janane Venkatraman)
India's investment trusts to expand debt fundraising as yields drop, analysts say
By Khushi Malhotra and Dharamraj Dhutia
MUMBAI, July 21 (Reuters) - Debt fundraising by India's asset-backed investment trusts is expected to keep rising after exceeding $2 billion in the first half of 2025, as falling interest rates continue to fuel strong investor demand, analysts said.
The real estate investment trusts (REIT) and infrastructure investment trusts (InvIT) raised over 178 billion rupees ($2.07 billion) in January-June, compared with 56 billion rupees in the same period last year, according to data aggregator Prime Database.
"Bonds offer a lower cost of capital compared to traditional bank financing, especially for highly rated trusts with stable, long-term cash flows," Arka Mookerjee, partner at JSA Advocates and Solicitors, which provides legal advice to corporates.
"The predictable income profiles of REITs and InvITs make them well-suited to debt financing, attracting institutional investors seeking yield-bearing, asset-backed instruments."
Corporate bond yields have tumbled over the last few months, as the central bank infused liquidity and slashed interest rates by 100 basis points, while banks have lagged in lowering their lending rates.
Embassy Office Parks REIT, IndiGrid Infrastructure Trust, Cube Highways Trust and Nexus Select Trust are among the firms that have tapped the bond market. Embassy REIT is planning another bond issue, Reuters reported last week, while others are also in early talks.
Bonds typically have fewer restrictions than bank loans, allowing REITs to use the fund across multiple properties within the portfolio, said Lata Pillai, India senior managing director and head of capital markets, JLL, a global real estate services firm.
The trusts, which need to disburse at least 90% of net distributable cash flows to unit holders, say cheaper funding allows them to provide better returns.
Bond fundraising provides clarity to these trusts on planning their finances, while top credit ratings attract marquee investors such as mutual funds and insurers.
"The AAA-rated structure gives greater credibility, visibility and better pricing," said Krishnan Iyer, chief executive officer at NDR InvIT, adding they also offer resilience to market volatility.
With infrastructure and real estate sectors gaining momentum, investors see REITs and InvITs as a compelling blend of fixed-income stability and long-term growth, said Suresh Darak, founder of Bondbazaar, an online bond trading platform.
($1 = 86.1700 Indian rupees)
(Reporting by Khushi Malhotra and Dharamraj Dhutia; Editing by Vijay Kishore)
(([email protected];))
By Khushi Malhotra and Dharamraj Dhutia
MUMBAI, July 21 (Reuters) - Debt fundraising by India's asset-backed investment trusts is expected to keep rising after exceeding $2 billion in the first half of 2025, as falling interest rates continue to fuel strong investor demand, analysts said.
The real estate investment trusts (REIT) and infrastructure investment trusts (InvIT) raised over 178 billion rupees ($2.07 billion) in January-June, compared with 56 billion rupees in the same period last year, according to data aggregator Prime Database.
"Bonds offer a lower cost of capital compared to traditional bank financing, especially for highly rated trusts with stable, long-term cash flows," Arka Mookerjee, partner at JSA Advocates and Solicitors, which provides legal advice to corporates.
"The predictable income profiles of REITs and InvITs make them well-suited to debt financing, attracting institutional investors seeking yield-bearing, asset-backed instruments."
Corporate bond yields have tumbled over the last few months, as the central bank infused liquidity and slashed interest rates by 100 basis points, while banks have lagged in lowering their lending rates.
Embassy Office Parks REIT, IndiGrid Infrastructure Trust, Cube Highways Trust and Nexus Select Trust are among the firms that have tapped the bond market. Embassy REIT is planning another bond issue, Reuters reported last week, while others are also in early talks.
Bonds typically have fewer restrictions than bank loans, allowing REITs to use the fund across multiple properties within the portfolio, said Lata Pillai, India senior managing director and head of capital markets, JLL, a global real estate services firm.
The trusts, which need to disburse at least 90% of net distributable cash flows to unit holders, say cheaper funding allows them to provide better returns.
Bond fundraising provides clarity to these trusts on planning their finances, while top credit ratings attract marquee investors such as mutual funds and insurers.
"The AAA-rated structure gives greater credibility, visibility and better pricing," said Krishnan Iyer, chief executive officer at NDR InvIT, adding they also offer resilience to market volatility.
With infrastructure and real estate sectors gaining momentum, investors see REITs and InvITs as a compelling blend of fixed-income stability and long-term growth, said Suresh Darak, founder of Bondbazaar, an online bond trading platform.
($1 = 86.1700 Indian rupees)
(Reporting by Khushi Malhotra and Dharamraj Dhutia; Editing by Vijay Kishore)
(([email protected];))
India markets regulator approves WeWork franchisee's IPO
Corrects to remove incorrect reference to company not disclosing how much it intends to raise
July 15 (Reuters) - India's markets regulator has approved an initial public offering by WeWork India Management WEWO.NS, the domestic franchisee of the U.S. shared office space manager, according to a regulatory notice on Tuesday.
WeWork India had filed draft papers for the IPO in early February.
The offer consists of 33 million equity shares held by Indian real estate firm Embassy Group EMBA.NS and 10.3 million equity shares held by 1 Ariel Way Tenant. The company will not issue new shares.
WeWork India is controlled by real estate tycoon Jitu Virwani and his son Karan, who own Bengaluru-based developer Embassy Group.
Karan Virwani is also the CEO of WeWork India.
(Reporting by Meenakshi Maidas in Bengaluru; Editing by Sonia Cheema)
(([email protected]; +91 8921483410;))
Corrects to remove incorrect reference to company not disclosing how much it intends to raise
July 15 (Reuters) - India's markets regulator has approved an initial public offering by WeWork India Management WEWO.NS, the domestic franchisee of the U.S. shared office space manager, according to a regulatory notice on Tuesday.
WeWork India had filed draft papers for the IPO in early February.
The offer consists of 33 million equity shares held by Indian real estate firm Embassy Group EMBA.NS and 10.3 million equity shares held by 1 Ariel Way Tenant. The company will not issue new shares.
WeWork India is controlled by real estate tycoon Jitu Virwani and his son Karan, who own Bengaluru-based developer Embassy Group.
Karan Virwani is also the CEO of WeWork India.
(Reporting by Meenakshi Maidas in Bengaluru; Editing by Sonia Cheema)
(([email protected]; +91 8921483410;))
Embassy Office Parks REIT Raises 15.5 Bln Rupees Through NCDs And Term Loan Facilities
June 30 (Reuters) - Embassy Office Parks REIT EMBA.NS:
RAISED 15.50 BILLION RUPEES THROUGH NCDS AND TERM LOAN FACILITIES
PROCEEDS WILL BE USED TO REFINANCE CERTAIN EXISTING DEBT
Source text: ID:nBSEWQ4zC
Further company coverage: EMBA.NS
(([email protected];;))
June 30 (Reuters) - Embassy Office Parks REIT EMBA.NS:
RAISED 15.50 BILLION RUPEES THROUGH NCDS AND TERM LOAN FACILITIES
PROCEEDS WILL BE USED TO REFINANCE CERTAIN EXISTING DEBT
Source text: ID:nBSEWQ4zC
Further company coverage: EMBA.NS
(([email protected];;))
India New Issue-Embassy Office Parks REIT issues near 21-month bonds, bankers say
MUMBAI, June 27 (Reuters) - India's Embassy Office Parks REIT EMBA.NS raises 7.50 billion rupees ($87.70 million) through the sale of bonds maturing in 1 year 8 months and 20 days, three bankers said on Friday.
It will pay a coupon of 6.9650% on a quarterly basis, and had invited commitment bids for the issue on Thursday, they said.
The company did not respond to a Reuters email seeking comment.
Here is the list of deals reported so far on June 27:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Embassy Office Parks REIT | 1 year 8 months and 20 days | 6.9650 (quarterly) | 7.50 | June 26 | AAA (Crisil) |
Kotak Mahindra Investments | 2 years and 19 days | 7.2941 | 0.75+2.75 | June 30 | AAA (Crisil) |
Kotak Mahindra Investments | 3 years, 1 month and 10 days | 7.3286 | 1+3 | June 30 | AAA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 85.5230 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Anil D'Silva)
MUMBAI, June 27 (Reuters) - India's Embassy Office Parks REIT EMBA.NS raises 7.50 billion rupees ($87.70 million) through the sale of bonds maturing in 1 year 8 months and 20 days, three bankers said on Friday.
It will pay a coupon of 6.9650% on a quarterly basis, and had invited commitment bids for the issue on Thursday, they said.
The company did not respond to a Reuters email seeking comment.
Here is the list of deals reported so far on June 27:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Embassy Office Parks REIT | 1 year 8 months and 20 days | 6.9650 (quarterly) | 7.50 | June 26 | AAA (Crisil) |
Kotak Mahindra Investments | 2 years and 19 days | 7.2941 | 0.75+2.75 | June 30 | AAA (Crisil) |
Kotak Mahindra Investments | 3 years, 1 month and 10 days | 7.3286 | 1+3 | June 30 | AAA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 85.5230 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Anil D'Silva)
India New Issue-Embassy Office Parks REIT to raise 7.5 billion rupees via over 1-year bonds, bankers say
MUMBAI, June 25 (Reuters) - India's Embassy Office Parks REIT EMBA.NS plans to raise 7.5 billion rupees ($87.26 million) through the sale of bonds maturing in 1 year 8 months and 20 days, three bankers said on Wednesday.
It will pay a coupon of 6.9650% on a quarterly basis, and has invited commitment bids for the issue on Thursday, they said.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on June 25:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Embassy Office Parks REIT | 1 year 8 months and 20 days | 6.9650 (quarterly) | 7.5 | June 26 | AAA (Crisil) |
Axis Finance | 3 years | To be decided | 2+3 | June 26 | AAA (Crisil) |
SMFG India Credit | 3 years | To be decided | 6.6 | June 25 | AAA (India Ratings) |
Highways Infra Trust | 3 years | To be decided | 8+4 | June 25 | AAA (Crisil) |
Lakadia Banaskantha Transco | 17 years and 9 months | 7.70 (quarterly) | 4.79 | July 1 | AAA (Crisil, Icra) |
Lakadia Banaskantha Transco | 19 years and 3 months | 7.84 (quarterly) | 1 | July 1 | AAA (Crisil, Icra) |
ICICI Bank | 15 years | To be decided | 5+5 | June 26 | AAA (Care, Icra) |
*Size includes base plus greenshoe for some issues
($1 = 85.9500 Indian rupees)
(Reporting by Khushi Malhotra and Dharamraj Dhutia)
MUMBAI, June 25 (Reuters) - India's Embassy Office Parks REIT EMBA.NS plans to raise 7.5 billion rupees ($87.26 million) through the sale of bonds maturing in 1 year 8 months and 20 days, three bankers said on Wednesday.
It will pay a coupon of 6.9650% on a quarterly basis, and has invited commitment bids for the issue on Thursday, they said.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on June 25:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Embassy Office Parks REIT | 1 year 8 months and 20 days | 6.9650 (quarterly) | 7.5 | June 26 | AAA (Crisil) |
Axis Finance | 3 years | To be decided | 2+3 | June 26 | AAA (Crisil) |
SMFG India Credit | 3 years | To be decided | 6.6 | June 25 | AAA (India Ratings) |
Highways Infra Trust | 3 years | To be decided | 8+4 | June 25 | AAA (Crisil) |
Lakadia Banaskantha Transco | 17 years and 9 months | 7.70 (quarterly) | 4.79 | July 1 | AAA (Crisil, Icra) |
Lakadia Banaskantha Transco | 19 years and 3 months | 7.84 (quarterly) | 1 | July 1 | AAA (Crisil, Icra) |
ICICI Bank | 15 years | To be decided | 5+5 | June 26 | AAA (Care, Icra) |
*Size includes base plus greenshoe for some issues
($1 = 85.9500 Indian rupees)
(Reporting by Khushi Malhotra and Dharamraj Dhutia)
Embassy Office Parks REIT Approves Raising Of Debt Up To 65 Bln Rupees
April 23 (Reuters) - Embassy Office Parks REIT EMBA.NS:
APPROVED RAISING OF DEBT UP TO 65 BILLION RUPEES
TO ISSUE COMMERCIAL PAPERS FOR 3.5 BILLION RUPEES FOR TERM OF 316 DAYS
APPROVES ISSUE OF COMMERCIAL PAPERS FOR 3.25 BILLION RUPEES FOR 326 DAYS TERM
Source text: ID:nBSE4vPjsf
Further company coverage: EMBA.NS
(([email protected];;))
April 23 (Reuters) - Embassy Office Parks REIT EMBA.NS:
APPROVED RAISING OF DEBT UP TO 65 BILLION RUPEES
TO ISSUE COMMERCIAL PAPERS FOR 3.5 BILLION RUPEES FOR TERM OF 316 DAYS
APPROVES ISSUE OF COMMERCIAL PAPERS FOR 3.25 BILLION RUPEES FOR 326 DAYS TERM
Source text: ID:nBSE4vPjsf
Further company coverage: EMBA.NS
(([email protected];;))
Blackstone-Sattva JV to raise up to $712 million in India's largest REIT IPO
March 6 (Reuters) - A joint venture between Blackstone Inc BX.N and India's Sattva Group filed a draft prospectus on Thursday for the country's largest real estate investment trust (REIT) initial public offering, aiming to raise up to 62 billion rupees ($712.55 million).
The joint venture, Knowledge Realty Trust, is 55% owned by Blackstone, while Sattva holds a 45% stake, according to the draft prospectus.
India's Sattva Group is a real estate conglomerate headquartered in the south Indian city of Bengaluru and has operations across seven cities in the country, according to its website.
Bank of America, Morgan Stanley amongst others were the bookrunners for the listing.
In December 2023, Blackstone exited its investment of about $833 million in India's first publicly listed REIT Embassy Office Parks EMBA.NS.
($1 = 87.0110 Indian rupees)
(Reporting by Harshita Meenaktshi and Haripriya Suresh; Editing by Vijay Kishore)
(([email protected];))
March 6 (Reuters) - A joint venture between Blackstone Inc BX.N and India's Sattva Group filed a draft prospectus on Thursday for the country's largest real estate investment trust (REIT) initial public offering, aiming to raise up to 62 billion rupees ($712.55 million).
The joint venture, Knowledge Realty Trust, is 55% owned by Blackstone, while Sattva holds a 45% stake, according to the draft prospectus.
India's Sattva Group is a real estate conglomerate headquartered in the south Indian city of Bengaluru and has operations across seven cities in the country, according to its website.
Bank of America, Morgan Stanley amongst others were the bookrunners for the listing.
In December 2023, Blackstone exited its investment of about $833 million in India's first publicly listed REIT Embassy Office Parks EMBA.NS.
($1 = 87.0110 Indian rupees)
(Reporting by Harshita Meenaktshi and Haripriya Suresh; Editing by Vijay Kishore)
(([email protected];))
Embassy Office Parks REIT Invests 1 Billion Rupees In Bengaluru Metro Project
March 3 (Reuters) - Embassy Office Parks REIT EMBA.NS:
INVESTS 1 BILLION RUPEES IN BENGALURU METRO PROJECT
Source text: ID:nNSE386Ycb
Further company coverage: EMBA.NS
(([email protected];;))
March 3 (Reuters) - Embassy Office Parks REIT EMBA.NS:
INVESTS 1 BILLION RUPEES IN BENGALURU METRO PROJECT
Source text: ID:nNSE386Ycb
Further company coverage: EMBA.NS
(([email protected];;))
WeWork's India franchisee files for Mumbai IPO
NEW DELHI, Feb 2 (Reuters) - The Indian franchisee of U.S. shared office space manager WeWork has filed for an initial public offering in Mumbai, draft papers filed by the company showed.
The offer will consist of the sale of 33 million equity shares by Indian real estate firm Embassy Group EMBA.NS and 10.3 million equity shares by 1 Ariel Way Tenant. It will not issue new shares.
"The company will not receive any proceeds from the offer for sale," WeWork India Management said in the papers filed on Saturday, which did not detail expected pricing or time frame.
WeWork India has an aggregate leaseable area of 602,012 square metres (6.48 million square feet).
Its U.S. franchisor filed for bankruptcy in November 2023, ending a months-long restructuring process involving a strategy revamp and exits from several locations.
Once the most valuable U.S. startup, WeWork expanded at breakneck pace which resulted in significant loss due to expensive leases and a pandemic-driven slump in demand.
WeWork India is controlled by real estate tycoon Jitu Virwani and son Karan Virwani who own Bengaluru-based developer Embassy Group. Karan Virwani is CEO of WeWork India.
(Reporting by Sarita Chaganti Singh; Editing by Christopher Cushing)
(([email protected];))
NEW DELHI, Feb 2 (Reuters) - The Indian franchisee of U.S. shared office space manager WeWork has filed for an initial public offering in Mumbai, draft papers filed by the company showed.
The offer will consist of the sale of 33 million equity shares by Indian real estate firm Embassy Group EMBA.NS and 10.3 million equity shares by 1 Ariel Way Tenant. It will not issue new shares.
"The company will not receive any proceeds from the offer for sale," WeWork India Management said in the papers filed on Saturday, which did not detail expected pricing or time frame.
WeWork India has an aggregate leaseable area of 602,012 square metres (6.48 million square feet).
Its U.S. franchisor filed for bankruptcy in November 2023, ending a months-long restructuring process involving a strategy revamp and exits from several locations.
Once the most valuable U.S. startup, WeWork expanded at breakneck pace which resulted in significant loss due to expensive leases and a pandemic-driven slump in demand.
WeWork India is controlled by real estate tycoon Jitu Virwani and son Karan Virwani who own Bengaluru-based developer Embassy Group. Karan Virwani is CEO of WeWork India.
(Reporting by Sarita Chaganti Singh; Editing by Christopher Cushing)
(([email protected];))
Equinox India And Embassy Group Announces Successful Completion Of Merger
Jan 24 (Reuters) - Embassy Office Parks REIT EMBA.NS:
EQUINOX INDIA AND EMBASSY GROUP ANNOUNCES SUCCESSFUL COMPLETION OF MERGER
Source text: [ID:]
Further company coverage: EMBA.NS
(([email protected];))
Jan 24 (Reuters) - Embassy Office Parks REIT EMBA.NS:
EQUINOX INDIA AND EMBASSY GROUP ANNOUNCES SUCCESSFUL COMPLETION OF MERGER
Source text: [ID:]
Further company coverage: EMBA.NS
(([email protected];))
Embassy Office Parks REIT Leases 207,000 Sq Ft To Rubrik In Bengaluru
Jan 9 (Reuters) - Embassy Office Parks REIT EMBA.NS:
EMBASSY OFFICE PARKS REIT - LEASES 207,000 SQ FT TO RUBRIK IN BENGALURU
Source text: ID:nNSE3Gkwlh
Further company coverage: EMBA.NS
(([email protected];))
Jan 9 (Reuters) - Embassy Office Parks REIT EMBA.NS:
EMBASSY OFFICE PARKS REIT - LEASES 207,000 SQ FT TO RUBRIK IN BENGALURU
Source text: ID:nNSE3Gkwlh
Further company coverage: EMBA.NS
(([email protected];))
Embassy Office Parks REIT Says Raised 10 Billion Rupees Of Debt At Interest Rate Of 7.73%
Dec 17 (Reuters) - Embassy Office Parks REIT EMBA.NS:
EMBASSY OFFICE PARKS REIT - RAISED 10 BILLION RUPEES OF DEBT AT INTEREST RATE OF 7.73%
EMBASSY OFFICE PARKS REIT - WILL UTILIZE PROCEEDS FROM DEBT RAISE TO REPAY CERTAIN EXISTING DEBT
Source text: ID:nBSE3rnRpz
Further company coverage: EMBA.NS
(([email protected];))
Dec 17 (Reuters) - Embassy Office Parks REIT EMBA.NS:
EMBASSY OFFICE PARKS REIT - RAISED 10 BILLION RUPEES OF DEBT AT INTEREST RATE OF 7.73%
EMBASSY OFFICE PARKS REIT - WILL UTILIZE PROCEEDS FROM DEBT RAISE TO REPAY CERTAIN EXISTING DEBT
Source text: ID:nBSE3rnRpz
Further company coverage: EMBA.NS
(([email protected];))
India New Issue-Embassy Office Parks REIT accepts bids for 5-year bonds, bankers say
MUMBAI, Dec 13 (Reuters) - India's Embassy Office Parks REIT EMBA.NS has accepted bids worth 7.78 billion rupees ($91.7 million) for bonds maturing in five years, three bankers said on Friday.
The company will pay a coupon of 7.73% on this issue and had invited bids from bankers and investors earlier in the day, they said.
The company did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on Dec. 13:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Embassy Office Parks REIT | 5 years | 7.73 | 7.78 | Dec. 13 | AAA (Crisil) |
Fortis Healthcare | 5 years | spread over MIFOR | 15.50 | Dec. 17 | AA (Crisil) |
REC | 10 years and 4 months | To be decided | 7+33 | Dec. 17 | AAA (Crisil, Icra, Care) |
REC | 15 years | To be decided | 5+20 | Dec. 17 | AAA (Crisil, Icra, Care) |
NHB | 6 years, 9 months and 14 days | To be decided | 10+30 | Dec. 17 | AAA (India Ratings, Care) |
NPCIL | 15 years | To be decided | 20+26 | Dec. 16 | AAA (India Ratings) |
Sundaram Finance | 2 years | 7.75 | 10 | Dec. 12 | AAA (Icra) |
L&T Finance | 3 years | 7.75 | 5 | Dec. 12 | AAA (Crisil) |
NABARD | 5 years and 5 months | 7.40 | 48.64 | Dec. 12 | AAA (Crisil, Icra) |
IRFC | 10 years | 7.09 | 23.45 | Dec. 12 | AAA (Crisil, Icra) |
* Size includes base plus greenshoe for some issues
($1 = 84.8390 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Savio D'Souza)
MUMBAI, Dec 13 (Reuters) - India's Embassy Office Parks REIT EMBA.NS has accepted bids worth 7.78 billion rupees ($91.7 million) for bonds maturing in five years, three bankers said on Friday.
The company will pay a coupon of 7.73% on this issue and had invited bids from bankers and investors earlier in the day, they said.
The company did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on Dec. 13:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Embassy Office Parks REIT | 5 years | 7.73 | 7.78 | Dec. 13 | AAA (Crisil) |
Fortis Healthcare | 5 years | spread over MIFOR | 15.50 | Dec. 17 | AA (Crisil) |
REC | 10 years and 4 months | To be decided | 7+33 | Dec. 17 | AAA (Crisil, Icra, Care) |
REC | 15 years | To be decided | 5+20 | Dec. 17 | AAA (Crisil, Icra, Care) |
NHB | 6 years, 9 months and 14 days | To be decided | 10+30 | Dec. 17 | AAA (India Ratings, Care) |
NPCIL | 15 years | To be decided | 20+26 | Dec. 16 | AAA (India Ratings) |
Sundaram Finance | 2 years | 7.75 | 10 | Dec. 12 | AAA (Icra) |
L&T Finance | 3 years | 7.75 | 5 | Dec. 12 | AAA (Crisil) |
NABARD | 5 years and 5 months | 7.40 | 48.64 | Dec. 12 | AAA (Crisil, Icra) |
IRFC | 10 years | 7.09 | 23.45 | Dec. 12 | AAA (Crisil, Icra) |
* Size includes base plus greenshoe for some issues
($1 = 84.8390 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Savio D'Souza)
Embassy Office Parks REIT Approves Issuance Of NCDs Aggregating 10 Bln Rupees
Dec 11 (Reuters) - Embassy Office Parks REIT EMBA.NS:
APPROVED ISSUANCE OF NCDS AGGREGATING 10 BILLION RUPEES
Source text: ID:nNSE6Vw8FQ
Further company coverage: EMBA.NS
(([email protected];;))
Dec 11 (Reuters) - Embassy Office Parks REIT EMBA.NS:
APPROVED ISSUANCE OF NCDS AGGREGATING 10 BILLION RUPEES
Source text: ID:nNSE6Vw8FQ
Further company coverage: EMBA.NS
(([email protected];;))
India's Embassy REIT names Ritwik Bhattacharjee as interim CEO after regulatory action
Nov 7 (Reuters) - Embassy Office Parks EMBA.NS, India's largest real estate investment trust (REIT), on Thursday named Ritwik Bhattacharjee as interim CEO with immediate effect, days after the country's markets regulator directed to suspend its former chief.
On Tuesday, the trust announced that its then CEO Aravind Maiya would step down, following the Securities and Exchange Board of India's (SEBI) decision that he was unfit for the role.
The regulator had also asked Embassy to appoint an interim CEO.
SEBI's action followed a National Financial Reporting Authority (NFRA) order in August, which investigated the statutory auditors of Coffee Day Enterprises, where Maiya was an engagement partner, for alleged financial irregularities at the company in 2018-19.
The NFRA, a quasi-regulator overseeing the conduct of auditors, said it found serious lapses on the part of the auditor, Maiya and others.
Bhattacharjee has been associated with the REIT since its listing, and last held the position of Chief Investment Officer at Embassy. Before joining the REIT, he spent over 12 years as an investment banker at firms such as Nomura, Citi, UBS and JPMorgan.
Embassy REIT is India's first publicly listed REIT and owns and operates a 51.1-million-square-foot portfolio.
(Reporting by Nishit Navin in Bengaluru; Editing by Vijay Kishore)
(([email protected];))
Nov 7 (Reuters) - Embassy Office Parks EMBA.NS, India's largest real estate investment trust (REIT), on Thursday named Ritwik Bhattacharjee as interim CEO with immediate effect, days after the country's markets regulator directed to suspend its former chief.
On Tuesday, the trust announced that its then CEO Aravind Maiya would step down, following the Securities and Exchange Board of India's (SEBI) decision that he was unfit for the role.
The regulator had also asked Embassy to appoint an interim CEO.
SEBI's action followed a National Financial Reporting Authority (NFRA) order in August, which investigated the statutory auditors of Coffee Day Enterprises, where Maiya was an engagement partner, for alleged financial irregularities at the company in 2018-19.
The NFRA, a quasi-regulator overseeing the conduct of auditors, said it found serious lapses on the part of the auditor, Maiya and others.
Bhattacharjee has been associated with the REIT since its listing, and last held the position of Chief Investment Officer at Embassy. Before joining the REIT, he spent over 12 years as an investment banker at firms such as Nomura, Citi, UBS and JPMorgan.
Embassy REIT is India's first publicly listed REIT and owns and operates a 51.1-million-square-foot portfolio.
(Reporting by Nishit Navin in Bengaluru; Editing by Vijay Kishore)
(([email protected];))
India's Embassy REIT chief steps down after SEBI action
Nov 5 (Reuters) - Embassy Office Parks EMBA.NS, India's largest real estate investment trust (REIT), said on Tuesday that Aravind Maiya will be stepping down as CEO of Embassy REIT, effective immediately.
The decision comes shortly after Indian markets regulator SEBI directed Embassy Office Parks Management Services, the manager of Embassy REIT, to suspend Maiya in an interim order. The regulator also told Embassy on Monday to appoint an interim CEO with immediate effect.
(Reporting by Ashish Chandra in Bengaluru; Editing by Sherry Jacob-Phillips)
(([email protected]; +91 7982114624;))
Nov 5 (Reuters) - Embassy Office Parks EMBA.NS, India's largest real estate investment trust (REIT), said on Tuesday that Aravind Maiya will be stepping down as CEO of Embassy REIT, effective immediately.
The decision comes shortly after Indian markets regulator SEBI directed Embassy Office Parks Management Services, the manager of Embassy REIT, to suspend Maiya in an interim order. The regulator also told Embassy on Monday to appoint an interim CEO with immediate effect.
(Reporting by Ashish Chandra in Bengaluru; Editing by Sherry Jacob-Phillips)
(([email protected]; +91 7982114624;))
Embassy Office Parks REIT Raises 20 Billion Rupees Debt At 7.95%
Oct 8 (Reuters) - Embassy Office Parks REIT EMBA.NS:
EMBASSY OFFICE PARKS REIT - RAISES 20 BILLION RUPEES DEBT AT 7.95%
EMBASSY OFFICE PARKS REIT - RAISES DEBT TO REFINANCE UPCOMING NCDS MATURITY
Further company coverage: EMBA.NS
(([email protected];))
Oct 8 (Reuters) - Embassy Office Parks REIT EMBA.NS:
EMBASSY OFFICE PARKS REIT - RAISES 20 BILLION RUPEES DEBT AT 7.95%
EMBASSY OFFICE PARKS REIT - RAISES DEBT TO REFINANCE UPCOMING NCDS MATURITY
Further company coverage: EMBA.NS
(([email protected];))
India New Issue-Embassy Office Parks REIT accepts bids for 3-year bonds, bankers say
MUMBAI, Sept 26 (Reuters) - India's Embassy Office Parks REIT EMBA.NS accepted bids worth 9 billion rupees ($107.64 million) for bonds maturing in three years, three bankers said on Thursday.
The company will pay a coupon of 7.96% and this would be payable on a quarterly basis. It had invited bids from bankers and investors on Wednesday, they said.
Here is the list of deals reported so far on Sept. 26:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Embassy Office Parks REIT | 3 years | 7.96 (payable quarterly) | 9 | Sept. 25 | AAA (Crisil) |
* Size includes base plus greenshoe for some issues
($1 = 83.6140 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Sherry Jacob-Phillips)
MUMBAI, Sept 26 (Reuters) - India's Embassy Office Parks REIT EMBA.NS accepted bids worth 9 billion rupees ($107.64 million) for bonds maturing in three years, three bankers said on Thursday.
The company will pay a coupon of 7.96% and this would be payable on a quarterly basis. It had invited bids from bankers and investors on Wednesday, they said.
Here is the list of deals reported so far on Sept. 26:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Embassy Office Parks REIT | 3 years | 7.96 (payable quarterly) | 9 | Sept. 25 | AAA (Crisil) |
* Size includes base plus greenshoe for some issues
($1 = 83.6140 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Sherry Jacob-Phillips)
India New Issue-Embassy Office Parks REIT to issue 3-year bonds, bankers say
MUMBAI, Sept 25 (Reuters) - India's Embassy Office Parks REIT EMBA.NS plans to raise 9 billion rupees ($107.68 million) through sale of bonds maturing in three years, three bankers said on Wednesday.
The company has invited bids from bankers and investors later in the day, they added.
Here is the list of deals reported so far on Sept. 25:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Embassy Office Parks REIT | 3 years | To be decided | 9 | Sept 25 | AAA (Crisil) |
* Size includes base plus greenshoe for some issues
($1 = 83.5840 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Sherry Jacob-Phillips)
MUMBAI, Sept 25 (Reuters) - India's Embassy Office Parks REIT EMBA.NS plans to raise 9 billion rupees ($107.68 million) through sale of bonds maturing in three years, three bankers said on Wednesday.
The company has invited bids from bankers and investors later in the day, they added.
Here is the list of deals reported so far on Sept. 25:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Embassy Office Parks REIT | 3 years | To be decided | 9 | Sept 25 | AAA (Crisil) |
* Size includes base plus greenshoe for some issues
($1 = 83.5840 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Sherry Jacob-Phillips)
Embassy Office Parks REIT To Raise Debt Up To 20 Bln Rupees
July 25 (Reuters) - Embassy Office Parks REIT EMBA.NS:
APPROVED DEBT FINANCING ARRANGEMENT BETWEEN CO, GOLFLINKS SOFTWARE
DEBT FINANCING ARRANGEMENT FOR 1.8 BILLION RUPEES
APPROVED RAISING OF DEBT UP TO 20 BILLION RUPEES
JUNE-QUARTER CONSOL PROFIT 1.79 BILLION RUPEES
JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 9.34 BILLION RUPEES
DECLARED DISTRIBUTION OF 5.6 RUPEES PER UNIT
Source text for Eikon: ID:nBSE1flyDh
Further company coverage: EMBA.NS
(([email protected];))
July 25 (Reuters) - Embassy Office Parks REIT EMBA.NS:
APPROVED DEBT FINANCING ARRANGEMENT BETWEEN CO, GOLFLINKS SOFTWARE
DEBT FINANCING ARRANGEMENT FOR 1.8 BILLION RUPEES
APPROVED RAISING OF DEBT UP TO 20 BILLION RUPEES
JUNE-QUARTER CONSOL PROFIT 1.79 BILLION RUPEES
JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 9.34 BILLION RUPEES
DECLARED DISTRIBUTION OF 5.6 RUPEES PER UNIT
Source text for Eikon: ID:nBSE1flyDh
Further company coverage: EMBA.NS
(([email protected];))
Embassy Office Parks REIT March-Quarter Consol Profit Jumps
April 25 (Reuters) - Embassy Office Parks REIT EMBA.NS:
DECLARED DISTRIBUTIONS OF 4.95 BILLION RUPEES / 5.22 RUPEES PER UNIT
EMBASSY OFFICE PARKS REIT MARCH-QUARTER CONSOL PROFIT 2.83 BILLION RUPEES VERSUS PROFIT 354.5 MILLION RUPEES
EMBASSY OFFICE PARKS REIT MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 9.46 BILLION RUPEES VERSUS 8.68 BILLION RUPEES
Source text for Eikon: ID:nBSE1XqPrM
Further company coverage: EMBA.NS
(([email protected];))
April 25 (Reuters) - Embassy Office Parks REIT EMBA.NS:
DECLARED DISTRIBUTIONS OF 4.95 BILLION RUPEES / 5.22 RUPEES PER UNIT
EMBASSY OFFICE PARKS REIT MARCH-QUARTER CONSOL PROFIT 2.83 BILLION RUPEES VERSUS PROFIT 354.5 MILLION RUPEES
EMBASSY OFFICE PARKS REIT MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 9.46 BILLION RUPEES VERSUS 8.68 BILLION RUPEES
Source text for Eikon: ID:nBSE1XqPrM
Further company coverage: EMBA.NS
(([email protected];))
BREAKINGVIEWS-Blackstone dodges worst of Asia’s exit angst
Corrects in third paragraph to reflect China exposure of Blackstone’s Asia-focused private equity funds. The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, April 8 (Reuters Breakingviews) - Blackstone’s BX.N nearly two-decade-long punt on India is paying off in two ways. The U.S. buyout firm is preparing to float more businesses in the country’s buoyant capital markets, including an Antwerp-based diamond certification firm at up to 6 times the value it paid for it last year, according to Reuters. Its strategy to go heavy on the South Asian country once looked lucrative but quirky. Now others are rushing to emulate it.
Private equity firms around the world are sitting on $3 trillion of unsold, ageing investments and a freeze in initial public offerings makes it hard to return money to investors. These problems are particularly pronounced in Asia, where many regional funds including PAG and Carlyle CG.O put a big focus on China – a market U.S. investors are now cutting allocations to at steep discounts.
Blackstone has a partial shield against that problem. It has a single digit percentage of its Asia-focused private equity funds deployed in the People’s Republic. It’s less exposed to the pullback of capital from the world’s second largest economy and to Beijing’s attempt to prop up its battered stocks, including by blocking big IPOs like Syngenta.
By contrast, India is Blackstone’s third biggest market globally by equity investments after the U.S. and UK. Its Asia head of private equity, Amit Dixit, is based in Mumbai, and he’s doubling down where the firm has generated its best private equity returns globally.
What’s more, it looks easier than ever to exit investments in the country. Some $7.4 billion was raised through primary issues in India in the year to March, 19% higher than in the previous 12-month period, according to Prime Database. Recent Blackstone exits include Embassy Office Parks REIT EMBA.NS and automotive component maker Sona BLW Precision SONB.NS.
Overall exits in the country by private equity and venture capital investors in 2023 hit a record volume of 303 and were valued at $24.8 billion, half via open-market deals, according to EY and the Indian Private Equity & Venture Capital Association. Next up, Blackstone is looking to sell shares worth $950 million in the International Gemological Institute, which has most of its business in India, and mortgage financier Aadhar Housing Finance.
Asian funds trying to raise capital are busy assuring investors that they won’t deploy more than 20% of the pot into China. They are also trying to convince investors that they can spend money in alternative markets as effectively as firms like Blackstone that ramped up much earlier. India’s market isn’t perfect, but at least it is open for business.
Follow @ShritamaBose on X
CONTEXT NEWS
Blackstone is exploring raising $300 million via an initial public offering in India of the International Gemological Institute (IGI), less than a year after it acquired the company, Reuters reported on April 2, citing three unnamed people familiar with the matter. The company is targeting a valuation of up to $3.5 billion, according to two of the sources.
The U.S. private equity giant is also targeting an up to $650 million IPO for Indian home loans provider Aadhar Housing Finance at a valuation of up to $3 billion, Reuters reported on Jan. 30, citing two unnamed sources with direct knowledge.
Graphic: Indian IPO volumes have been buoyant https://reut.rs/3xChHis
(Editing by Una Galani and Katrina Hamlin)
((For previous columns by the author, Reuters customers can click on BOSE/
[email protected]; Reuters Messaging: shritama.bose.[email protected]))
Corrects in third paragraph to reflect China exposure of Blackstone’s Asia-focused private equity funds. The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, April 8 (Reuters Breakingviews) - Blackstone’s BX.N nearly two-decade-long punt on India is paying off in two ways. The U.S. buyout firm is preparing to float more businesses in the country’s buoyant capital markets, including an Antwerp-based diamond certification firm at up to 6 times the value it paid for it last year, according to Reuters. Its strategy to go heavy on the South Asian country once looked lucrative but quirky. Now others are rushing to emulate it.
Private equity firms around the world are sitting on $3 trillion of unsold, ageing investments and a freeze in initial public offerings makes it hard to return money to investors. These problems are particularly pronounced in Asia, where many regional funds including PAG and Carlyle CG.O put a big focus on China – a market U.S. investors are now cutting allocations to at steep discounts.
Blackstone has a partial shield against that problem. It has a single digit percentage of its Asia-focused private equity funds deployed in the People’s Republic. It’s less exposed to the pullback of capital from the world’s second largest economy and to Beijing’s attempt to prop up its battered stocks, including by blocking big IPOs like Syngenta.
By contrast, India is Blackstone’s third biggest market globally by equity investments after the U.S. and UK. Its Asia head of private equity, Amit Dixit, is based in Mumbai, and he’s doubling down where the firm has generated its best private equity returns globally.
What’s more, it looks easier than ever to exit investments in the country. Some $7.4 billion was raised through primary issues in India in the year to March, 19% higher than in the previous 12-month period, according to Prime Database. Recent Blackstone exits include Embassy Office Parks REIT EMBA.NS and automotive component maker Sona BLW Precision SONB.NS.
Overall exits in the country by private equity and venture capital investors in 2023 hit a record volume of 303 and were valued at $24.8 billion, half via open-market deals, according to EY and the Indian Private Equity & Venture Capital Association. Next up, Blackstone is looking to sell shares worth $950 million in the International Gemological Institute, which has most of its business in India, and mortgage financier Aadhar Housing Finance.
Asian funds trying to raise capital are busy assuring investors that they won’t deploy more than 20% of the pot into China. They are also trying to convince investors that they can spend money in alternative markets as effectively as firms like Blackstone that ramped up much earlier. India’s market isn’t perfect, but at least it is open for business.
Follow @ShritamaBose on X
CONTEXT NEWS
Blackstone is exploring raising $300 million via an initial public offering in India of the International Gemological Institute (IGI), less than a year after it acquired the company, Reuters reported on April 2, citing three unnamed people familiar with the matter. The company is targeting a valuation of up to $3.5 billion, according to two of the sources.
The U.S. private equity giant is also targeting an up to $650 million IPO for Indian home loans provider Aadhar Housing Finance at a valuation of up to $3 billion, Reuters reported on Jan. 30, citing two unnamed sources with direct knowledge.
Graphic: Indian IPO volumes have been buoyant https://reut.rs/3xChHis
(Editing by Una Galani and Katrina Hamlin)
((For previous columns by the author, Reuters customers can click on BOSE/
[email protected]; Reuters Messaging: shritama.bose.[email protected]))
India's Embassy REIT to raise $300 mln to fund acquisition, lower debt
NEW DELHI, April 6 (Reuters) - India's largest real estate investment trust, Embassy Office Parks EMBA.NS, said on Saturday it will raise 25 billion Indian rupees ($300 million) to fund its acquisition of an integrated office park and repay debt.
Embassy, which manages over 45 million square feet (4.18 million square metres) of office parks, has clients including Google GOOGL.O, Cisco CSCO.O and IBM IBM.N, which are bolstering their presence in India.
Embassy, Asia's biggest office REIT, said the funds raised from investors would be used to finance the acquisition of an integrated office park in the southern state of Chennai for 12.69 billion rupees and reduce existing portfolio leverage to 27% from 30%.
The announcement confirms a Reuters story that said the company plans to raise up to $400 million from investors.
Commercial real estate is booming in India, with large local and global companies hiring in record numbers after the COVID-19 pandemic. In 2023, companies in India leased 61.6 million square feet of office space, and the year's last quarter saw record quarterly leasing, consultancy firm CBRE said.
That's in contrast with markets such as the U.S., UK and Australia, where office occupancies have slumped with people working from home. Although companies in India too have "hybrid" working models, many still need more office space to fit new hires and for back offices, which employ thousands.
($1 = 83.2930 Indian rupees)
(Reporting by Aftab Ahmed and M. Sriram; editing by David Evans)
(([email protected]; +91 99109 33884;))
NEW DELHI, April 6 (Reuters) - India's largest real estate investment trust, Embassy Office Parks EMBA.NS, said on Saturday it will raise 25 billion Indian rupees ($300 million) to fund its acquisition of an integrated office park and repay debt.
Embassy, which manages over 45 million square feet (4.18 million square metres) of office parks, has clients including Google GOOGL.O, Cisco CSCO.O and IBM IBM.N, which are bolstering their presence in India.
Embassy, Asia's biggest office REIT, said the funds raised from investors would be used to finance the acquisition of an integrated office park in the southern state of Chennai for 12.69 billion rupees and reduce existing portfolio leverage to 27% from 30%.
The announcement confirms a Reuters story that said the company plans to raise up to $400 million from investors.
Commercial real estate is booming in India, with large local and global companies hiring in record numbers after the COVID-19 pandemic. In 2023, companies in India leased 61.6 million square feet of office space, and the year's last quarter saw record quarterly leasing, consultancy firm CBRE said.
That's in contrast with markets such as the U.S., UK and Australia, where office occupancies have slumped with people working from home. Although companies in India too have "hybrid" working models, many still need more office space to fit new hires and for back offices, which employ thousands.
($1 = 83.2930 Indian rupees)
(Reporting by Aftab Ahmed and M. Sriram; editing by David Evans)
(([email protected]; +91 99109 33884;))
Embassy Office Parks REIT- To Consider And Approve Raising Of Funds
Embassy Office Parks REIT EMBA.NS:
EMBASSY OFFICE PARKS REIT- TO CONSIDER AND APPROVE RAISING OF FUNDS
Source text for Eikon: ID:nBSE2h884M
Further company coverage: EMBA.NS
Embassy Office Parks REIT EMBA.NS:
EMBASSY OFFICE PARKS REIT- TO CONSIDER AND APPROVE RAISING OF FUNDS
Source text for Eikon: ID:nBSE2h884M
Further company coverage: EMBA.NS
India's Embassy REIT up after Reuters report of planned $400 mln fundraise
** Shares of Embassy Office Parks REIT EMBA.NS up 2% at 373.99 rupees
** Real estate investment trust plans to raise $400 mln by June, Reuters reported on Tuesday citing sources
** Stock was up ~1.5% ahead of the report
** Still, volumes remain thin at 0.1x the 30-day avg
** Fifteen analysts rate EMBA "buy" on avg - LSEG data
** Stock fell 1.1% in March, its first monthly decline since Sept. 2023
** YTD, however, stock is up over 15% so far after four straight yearly drops
(Reporting by Varun Vyas in Bengaluru)
** Shares of Embassy Office Parks REIT EMBA.NS up 2% at 373.99 rupees
** Real estate investment trust plans to raise $400 mln by June, Reuters reported on Tuesday citing sources
** Stock was up ~1.5% ahead of the report
** Still, volumes remain thin at 0.1x the 30-day avg
** Fifteen analysts rate EMBA "buy" on avg - LSEG data
** Stock fell 1.1% in March, its first monthly decline since Sept. 2023
** YTD, however, stock is up over 15% so far after four straight yearly drops
(Reporting by Varun Vyas in Bengaluru)
India New Issue-Summary of primary bond market deals reported on Jan 8
MUMBAI, Jan 8 (Reuters) - This is a summary of primary market corporate bond deals in India as of 6 p.m. IST (1230 GMT) on Jan. 8. Please note the list includes deals reported by Reuters and is not exhaustive.
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Embassy Office Parks REIT | 1 years and 8 mnts | 8.17 | 10 | Jan. 8 | AAA (Crisil) |
Adani Ports and SEZ | 5 years | 8.70 | 2.5 | Jan. 8 | AA+ (India Ratings, Icra) |
Adani Ports and SEZ | 10 years | 8.80 | 2.5 | Jan. 8 | AA+ (India Ratings, Icra) |
IREDA | 3 years and 4 mnts | 7.77 | 8.09 | Jan. 8 | AAA (India Ratings, ICRA) |
Power Grid Corp of India | 10 years | To be decided | 5+17 | Jan. 10 | AAA (Crisil, Icra Ratings) |
Kotak Infrastructure Debt Fund | 6 years and 10 mnts | 8.2030 | 1.25 | Jan. 8 | AAA (Crisil) |
HDB Financial Services reissue of Dec 2033 bond | 9 years and 11 mnts | 8.38 yield | 3 | Jan. 8 | AAA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 83.1180 Indian rupees)
(Reporting by Bhakti Tambe; Editing by Sonia Cheema)
MUMBAI, Jan 8 (Reuters) - This is a summary of primary market corporate bond deals in India as of 6 p.m. IST (1230 GMT) on Jan. 8. Please note the list includes deals reported by Reuters and is not exhaustive.
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Embassy Office Parks REIT | 1 years and 8 mnts | 8.17 | 10 | Jan. 8 | AAA (Crisil) |
Adani Ports and SEZ | 5 years | 8.70 | 2.5 | Jan. 8 | AA+ (India Ratings, Icra) |
Adani Ports and SEZ | 10 years | 8.80 | 2.5 | Jan. 8 | AA+ (India Ratings, Icra) |
IREDA | 3 years and 4 mnts | 7.77 | 8.09 | Jan. 8 | AAA (India Ratings, ICRA) |
Power Grid Corp of India | 10 years | To be decided | 5+17 | Jan. 10 | AAA (Crisil, Icra Ratings) |
Kotak Infrastructure Debt Fund | 6 years and 10 mnts | 8.2030 | 1.25 | Jan. 8 | AAA (Crisil) |
HDB Financial Services reissue of Dec 2033 bond | 9 years and 11 mnts | 8.38 yield | 3 | Jan. 8 | AAA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 83.1180 Indian rupees)
(Reporting by Bhakti Tambe; Editing by Sonia Cheema)
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What does Embassy Office Parks do?
Embassy Office Parks REIT owns, operates and invests in rent or income generating real estate and related assets in India. It is India's first publicly listed REIT and is Asia's largest official REIT by area. It is a Real Estate Investment Trust that owns, operates or finances income producing real estate.
Who are the competitors of Embassy Office Parks?
Embassy Office Parks major competitors are Brookfield IndiaReal, Mindspace Business, Nexus Select Trust, Prestige EstatesProj, Phoenix Mills, DLF, Nila Spaces. Market Cap of Embassy Office Parks is ₹0 Crs. While the median market cap of its peers are ₹544 Crs.
Is Embassy Office Parks financially stable compared to its competitors?
Embassy Office Parks seems to be less financially stable compared to its competitors. Altman Z score of Embassy Office Parks is -0.16 and is ranked 8 out of its 8 competitors.
Does Embassy Office Parks pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. Embassy Office Parks latest dividend payout ratio is 0% and 3yr average dividend payout ratio is 0%
How has Embassy Office Parks allocated its funds?
Companies resources are majorly tied in miscellaneous assets
How strong is Embassy Office Parks balance sheet?
Embassy Office Parks balance sheet is weak and might have solvency issues
Is the profitablity of Embassy Office Parks improving?
Yes, profit is increasing. The profit of Embassy Office Parks is ₹1,624 Crs for Mar 2025, ₹964 Crs for Mar 2024 and ₹506 Crs for Mar 2023
Is the debt of Embassy Office Parks increasing or decreasing?
Yes, The net debt of Embassy Office Parks is increasing. Latest net debt of Embassy Office Parks is ₹18,454 Crs as of Mar-25. This is greater than Mar-24 when it was ₹14,754 Crs.
Is Embassy Office Parks stock expensive?
There is insufficient historical data to gauge this. Latest PE of Embassy Office Parks is 0
Has the share price of Embassy Office Parks grown faster than its competition?
Embassy Office Parks has given lower returns compared to its competitors. Embassy Office Parks has grown at ~11.81% over the last 2yrs while peers have grown at a median rate of 24.03%
Is the promoter bullish about Embassy Office Parks?
There is Insufficient data to gauge this.
Are mutual funds buying/selling Embassy Office Parks?
There is Insufficient data to gauge this.