Embassy Developments to raise up to Rs 2,000 cr QIP, approves 2 acquisitions
Embassy Developments, earlier known as Indiabulls Real Estate, is planning to raise up to Rs 2,000 crore through Qualified Institutions Placement (QIP) or other permissible modes to support the company's growth.
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The fundraising may involve equity shares, convertible or exchangeable securities, Global Depository Receipts, American Depository Receipts, Foreign Currency Convertible Bonds, and other instruments.
The listed company’s board has approved an enabling resolution for the same in a bid to ensure cost optimization and maintain conservative financial management.
It has also approved the plan to acquire a 100% stake in Squadron Developers for enterprise value of Rs 455 crore to develop a 1.27 million sq ft premium residential project on a 10.59-acre parcel in Bengaluru’s Yelahanka locality.
The housing project is planned on this land parcel at Embassy Hub, Yelahanka, with Squadron Developers Pvt. Ltd. owning 7.49 acres and development rights on 3.10 acres through a joint development agreement.
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