Earlier on Monday, CNBC-TV18 reported Blackstone is slated to sell 77 million units of Embassy REIT worth Rs 2,650 crore through block deals.
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Shares of Embassy Office Parks REIT dropped over 1.7 percent testing January lows after around 77.1 million shares or 8.1 percent equity changed hands in a big block deal, according to Bloomberg. Buyers and sellers are not known.
At 9.37 am, the stock was trading at Rs 347 on BSE, down 1.02 percent from its previous close.
Earlier on Monday, CNBC-TV18 reported Blackstone is slated to sell 77 million units of Embassy REIT worth Rs 2,650 crore.
The offer price of the block deal stands at Rs 345 per unit, 1.82 percent lower than yesterday’s closing price of Rs 351.40 on the BSE.
Abu Dhabi’s sovereign wealth fund, one of the world’s largest, was likely to pick up at least half of the stake that Blackstone would sell, CNBC-TV18 reported.
Embassy Office Parks, India’s first REIT to list in 2019, owns and operates more than 42 million square feet portfolio of office parks and office buildings in cities such as Bengaluru and Mumbai. It is the largest office REIT in Asia by area.
Blackstone has invested more than $ 11 billion in Indian companies and assets over the years, but has been trimming its interests over time in Indian REITs.
Earlier this year, it sold its entire stake in India’s Mindspace Business Parks REIT for $ 235 million.