Embassy Office Parks REIT jumps over 6 pc in debut trade

The units of Embassy Office Parks REIT jumped as much as 6.3 per cent in its trading debut Monday, against its issue price of Rs 300.

The REIT got listed flat at Rs 300 on the BSE. Later, it rose by 5.9 per cent to Rs 317.70 as compared to the issue price.

At the NSE, the unit made its debut at Rs 308, registering a gain of 2.66 per cent. As the trade progressed, it later jumped 6.26 per cent to a high of Rs 318.80.

The REIT's market valuation stood at Rs 24,446.36 crore on the BSE.

The issue of the country's first real estate investment trust (REIT) was subscribed 2.57 times during its bidding process last month, helping the firm raise Rs 4,750 crore.

The issue was in a price band of Rs 299-300 per unit.

REIT is an investment tool that owns and operates rent-yielding real estate assets. It allows individual investors to make investment in this platform and earn income.

Embassy Office Parks had in September last year filed the draft red herring prospectus (DRHP) with markets regulator Sebi to launch REIT, touted as Asia's largest in terms of portfolio size of 33 million sq ft.

Embassy Office Park is a joint venture of Blackstone and realty firm Embassy Group.