 "Promoters, Blackstone invest ₹1,060 crore in Embassy Developments")
Embassy Developments Ltd, a leading real estate firm, on Friday announced that its promoters and an affiliate of global investment firm Blackstone have invested ₹1,060 crore in the company.
The capital was infused through the conversion of unlisted warrants into equity shares by the promoter group and another key shareholder, the company said in a statement.
The allotments were made to Bellanza Developers Pvt Ltd, part of the promoter group, and NCL SG Holdings Pte Ltd, a fund managed by Blackstone Real Estate.
“The transaction has resulted in a capital infusion of ₹10.6 billion, further strengthening the company's equity base,” the company said. It added that 5 crore shares were allotted to the promoter entity for ₹415 crore, and 7.7 crore equity shares to NCL SG Holdings for ₹645 crore.
“This equity participation underscores the strong and continued confidence shown by the promoter group and other major shareholders in the company’s growth roadmap,” Embassy Developments stated, adding that the fresh capital will bolster its balance sheet and support operational expansion.
Following the allotment, the promoter group holds a 42.96 per cent stake, while the Blackstone real estate fund holds 10.93 per cent.
Embassy Developments Ltd, formerly Indiabulls Real Estate Ltd, is one of India’s prominent real estate developers. The company focuses on residential, commercial, and Special Economic Zone (SEZ) projects across key cities.