Embassy Office Parks REIT IPO to open on March 18, 2019

Embassy

The Price Band for the Offer is from Rs. 299 to Rs. 300 per Units. Bids can be made for a minimum of 800 Units and in multiples of 400 Units thereafter by Bidders other than Anchor Investors and Strategic Investors.

The Units of the Embassy REIT are proposed to be listed on the National Stock Exchange of India Limited (the “NSE”) and BSE Limited (the “BSE”, together with the NSE, the “Stock Exchanges”). 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. NSE is the Designated Stock Exchange for this Issue. This Issue will constitute at least 10% of the issued and paid-up Units on a post-Issue basis in accordance with Regulation 1 (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/ financial institution debt of certain Asset Special Purpose Vehicles (“SPVS”) and by the Investment Entity, (ii) Payment of consideration for acquisition of the Embassy One Assets currently held by Embassy One Developers Private Limited (“EODPL”), and (iii) General purposes.

The Issue will include participation by Strategic Investors in accordance with the SEBI Guidelines.

The Issue is being made through the Book Building Process and in compliance with the REIT Regulations and the SEBI Guidelines, wherein not more than 75% of the Issue (excluding the Strategic Investor Portion) shall be available for allocation on a proportionate basis to Institutional Investors, provided that the Manager may, in consultation with the Lead Managers, allocate up to 60% of the Institutional Investor Portion to Anchor Investors on a discretionary basis in accordance with the REIT Regulations and the SEBI Guidelines.

Further, not less than 25% of the Issue (excluding the Strategic Investor Portion) shall be available for allocation on a proportionate basis to Non-Institutional Investors, in accordance with the REIT Regulations and the SEBI Guidelines, subject to valid Bids being
received at or above the Issue Price

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.

Axis Trustee Services Limited is the Trustee to the Issue while Embassy Office Parks Management Services Private Limited is the Manager to the Issue. Embassy Property Developments Private Limited and BRE/ Mauritius Investments are the Sponsors to the issue.

The Global Coordinators and Book Running Lead Managers (GCBRLMs) to the offer are Morgan Stanley India Company Private Limited, Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited and DSP Merrill Lynch Limited. Book Running Lead Managers (“BRLMs”) to the Offer are Axis Capital Limited, Credit Suisse Securities (India) Private Limited, Deutsche Equities India Private Limited, Goldman Sachs (India) Securities Private Limited, HSBC Securities and Capital Markets (India) Private Limited, IIFL Holdings Limited, JM Financial Limited and Nomura Financial Advisory and Securities (India) Private Limited.

Disclaimer:
SEBI Disclaimer: It is to be distinctly understood that submission of the Draft Offer Document, the Offer Document or the Final Offer Document to SEBI should not in any way be deemed or construed that the same has been cleared or approved by SEBI. SEBI does not take any responsibility either for the financial soundness of any scheme or the project for which the Issue is proposed to be made or for the correctness of the statements made or opinions expressed in the Draft offer Document, the Offer Document or the Final Offer Document.

NSE Disclaimer: “It is to be distinctly understood that the permission given by NSE should not in any way be deemed or construed that the Offer Document has been cleared or approved by NSE nor does it certify the correctness or completeness of any of the contents of the Offer Document. The investors are advised to refer to the Offer Document for the full text of the Disclaimer clause of NSE.”

BSE Disclaimer: “It is to be distinctly understood that the permission given by BSE Limited should not in any way be deemed or construed that the Offer Document has been cleared or approved by BSE Limited nor does it certify the correctness or completeness of any of the contents of the Offer Document. The investors are advised to refer to the Offer Document for the full text of the Disclaimer clause of the BSE Limited.”

Embassy Office Parks REIT is proposing, subject to, receipt of requisite approvals, market conditions and other considerations, to make an Initial Public Offering of its Units and has filed the Offer Document with SEBI. 

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