Embassy Office Parks Real Estate Investment Trust (REIT) plans to raise Rs4,750-crore through an Initial Public Offering (IPO) in the next week.
According to the info from reliable source, the IPO of the REIT will open on 18th March and close on 20th March. The part of the offering held in reserve for institutional investors, will be opened on 15 March.
As per Bloomberg, the offering will see the REIT sell as many as 158.6 million units at Rs299 to 300 per unit and start taking offers from anchor investors on Friday.
The IPO comes at a nick time when the real estate companies are at pressure due to weak sales and a decline in property prices.