India's largest real estate investment trust, Embassy Office Parks REIT (NSEI:EMBASSY) plans to raise up to $400 million from investors, two sources with direct knowledge said, as it looks to meet demand for office space from global and local giants. The property group has appointed investment banks Morgan Stanley (NYSE:MS), and India's Kotak to run the deal, which it expects to complete by June, said the sources, who did not want to be named because the talks are private. The funds raised would be used to repay debt and acquire land in the southern city of Chennai, where Embassy is looking to bolster its presence, both sources said.
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355.8 INR | -1.71% | -2.51% | +9.61% |
Apr. 28 | Mutual Funds Plan to Oppose Embassy REIT's Proposal to Raise INR 30 Billion | CI |
Apr. 26 | Jefferies Adjusts Embassy Office Parks REIT's Price Target to INR406 From INR414, Keeps at Buy | MT |
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- Embassy REIT Reportedly Hires Bank to Raise Up to $400 Million from Investors