Private Equity

PE-RE Fund Investments

Realtor Embassy Developments raises Rs.645-Cr from Blackstone

BSE Announcement   Business Standard  

Bengaluru-based, publicly listed realty firm Embassy Developments Ltd has raised INR 645 crore from Blackstone Real Estate Fund (via its unit NCL SG Holdings Pte Ltd) through conversion of unlisted warrants into equity shares. The equity shares were allotted upon receipt of the remaining 75% of the issue price (INR 111.51 per share) for the warrants, which were originally issued on May 21, 2024, under a preferential allotment. Promoter group entity Bellanza Developers Pvt Ltd co-invested INR 415 crore.Post allotment, Embassy Developments’ total paid-up equity capital would be INR 269.9 crore, comprising INR 134.9 crore in equity shares of face value INR 2 each. The revised shareholding of the promoter group stands at 42.96% and Blackstone Real Estate Fund at 10.93%. The company has 8.9 crore outstanding warrants pending conversion up to November 2025.