Embassy Office Parks REIT rises nearly 5% in debut trade

The units of Embassy Office Parks REIT ended nearly 5 per cent higher in debut trade on Monday, against its issue price of Rs 300.

The REIT closed at Rs 314.10, a gain of 4.70 per cent from the issue price on BSE. Intra-day, it touched a high of Rs 324.50, a jump of 8.16 per cent. Earlier, in the day, it had opened flat at Rs 300.

At NSE, the REIT closed 4.66 per cent higher at Rs 314.

On the traded volume front, 2.79 lakh units were traded on BSE and over 29 lakh units on NSE.

The company's market valuation stood at Rs 24,238.01 crore on 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 Parks is a joint venture of Blackstone and realty firm Embassy Group.