Embassy Properties Plan Realty Projects

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Embassy Property Development, a Real Estate Firm has planned a public issue of Rs. 2400 cr to Finance Realty Projects. It has already filed Draft Red Herring Prospectus (DRHP) with the market regulator SEBI.

The firm also plans on considering pre-IPO placements of Rs. 1175 cr worth of equity shares.

Embassy Properties have joined ventures with a Malaysian company Azikaf SDN BHD, a member of Emkay Group to develop a business park in Cyberjaya, MKN Embassy Techzone. This will be first real estate development outside the country.

Presently the company is developing 49.65 million sq. ft. area. It includes 63 international and domestic projects.

The proceeds from the issue will be used to finance the construction and development of ongoing projects, investments, associates, paying loans etc.

The book running lead managers to the issue are Nomura Financial Advisory and Securities (India) Pvt Ltd, UBS Securities India Private Limited, Edelweiss Capital Ltd.

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