Shares of Embassy Office Parks REIT gained nearly 6 percent after a flat debut on the stock exchanges on Monday. Embassy Office Parks REIT shares opened at Rs 300 and soon jumped as much as 5.9 percent to Rs 317.70 on the BSE. At 10:43 AM, the stock was trading at Rs 311.50 per share, up 3.83 percent from its issue price of Rs 300 per share.
The Embassy Office Parks REIT IPO, which was open for subscription from March 18 to March 20, was subscribed 2.57 times. This country’s first real estate investment trust (REIT) IPO, launched by Blackstone and Embassy, had a price band of Rs 299 to Rs 300.
Embassy Office Parks is a leading player in commercial real estate, has put 33 million sq ft of office and hospitality assets under its proposed REIT comprising seven business parks and four city-centric buildings spread across Mumbai, Bengaluru, Pune and Noida. The total market value of all completed and under-construction assets is Rs 34,000 crore.
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