 "WeWork")
Bengaluru-based Embassy Group has utilised proceeds from the offer for sale in the WeWork India initial public offering (IPO) to reduce its group-level debt, repaying ₹1,748 crore worth of non-convertible debentures (NCDs), the company said in a statement on Wednesday.
The repayment has also enabled the group to lower the pledge on its WeWork India shares to a nominal 15 per cent.
Further, Embassy Group said it has completely repaid its ₹1,600 crore debt to Samaan Capital over the past few years.
Jitendra Virwani, chairperson, Embassy Group, said, “The WeWork India IPO marks an important milestone in our ongoing efforts to strengthen our balance sheet. The debt reduction not only reinforces our financial stability but also underscores our continued commitment to maintaining a robust and sustainable financial framework.”
IPO milestone and capital reallocation
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 "WeWork")
 "WeWork")
 "(From left) Karan Virwani, Managing Director and Chief Executive Officer, WeWork India Management Limited and Clifford Lobo, Chief Financial Officer, WeWork India Management Limited during IPO press conference in Mumbai | Photo: Kamlesh Pednekar")
WeWork India was listed on the domestic bourses on October 10 following the completion of its ₹3,000-crore IPO.
Earlier, in an interaction with Business Standard, Karan Virwani, managing director and chief executive officer of WeWork India, said that a portion of the disinvestment was aimed at returning capital invested and redeploying it into other Embassy Group businesses to strengthen the overall group portfolio.
Embassy Group footprint
Embassy Group, a leading real estate developer, has developed over 75 million square feet across commercial, residential, industrial, warehousing, hospitality, and retail segments. Its operations span Bengaluru, Chennai, Thiruvananthapuram, Mumbai, Pune, the National Capital Region (NCR), and international markets including Serbia.
The group’s residential portfolio covers 21 million square feet of ready developments, including branded residences, luxury villas, villaments, sky condominiums, integrated townships, senior living, and contemporary homes. Embassy was also the sponsor of India’s first publicly listed Real Estate Investment Trust (REIT) — Embassy REIT.
On Wednesday, WeWork India shares closed at ₹621.85 apiece on the BSE, giving the company a market capitalisation of ₹8,334.24 crore.
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