Embassy Office Parks REIT (NSEI:EMBASSY) agreed to acquire Embassy TechVillage Assets from Embassy Property Developments Private Limited, BRE/Mauritius Investments and others for INR 97.8 billion on November 17, 2020. Embassy Office Parks REIT proposes to fund the transaction by issuing equity of INR 60 billion through a combination of an institutional placement of INR 37 billion and by way of a preferential issue of units to third-party selling shareholders of INR 23 billion. The REIT also plans to refinance existing ETV debt facilities of up to INR 36 billion through a combination of equity and issuance of new coupon bearing debt. As on December 15, 2020, Embassy Office Parks REIT plans to raise INR 36.8 billion through a qualified institutional placement (QIP) to fund the acquisition. As on December 24, 2020, Embassy Office Parks REIT raised INR 23.1 billion through preferential allotment. The transaction is subject to certain condition precedents and requires Independent Directors, Unitholder, regulatory and other approvals. As of November 26, 2020, the Board of Directors of Embassy Office Parks REIT approved the transaction. As of December 10, 2020, Unit holders of Embassy Office Parks REIT approved the transaction. Attractive acquisition with proforma accretion of 28% to net operating income, 4.2% to Distribution Per Unit (‘DPU’) and 3.0% to net asset value per unit basis 6 months period ended September 2020. Morgan Stanley (NYSE:MS) and Kotak Mahindra Capital Company Limited acted as financial advisors and S&R Associates and Clifford Chance LLP acted as legal advisors to Embassy Office Parks REIT. Ernst & Young Private Limited, Investment Banking Arm provided financial and tax diligence and HSBC Securities and Capital Markets (India) Private Limited provided a fairness opinion to the independent directors of the manager to Embassy REIT. Embassy Office Parks REIT (NSEI:EMBASSY) completed the acquisition of Embassy TechVillage Assets from Embassy Property Developments Private Limited, BRE/Mauritius Investments and others on December 24, 2020. As of January 12, 2021, Embassy Office Parks REIT's board approved raising of INR 26 billion through listed, rated, secured, redeemable, and transferable non-convertible debentures to fund the acquisition. Rajiv Khaitan, Udayarkar Rangarajan and Rishabh Bharadwaj of Khaitan & Co. acted as legal advisors to Embassy.