The price at which the units changed hands and the total transaction value are not yet disclosed. However, on assumption that the deal took place at the pre-determined floor price of ₹430 per unit, the total transaction value would come up to ₹2,279 crore.
The official buyers and sellers of the block deal are not yet known.
On Saturday, August 15, CNBC-TV18 reported that a Bain Capital entity APAC Company XXIII Ltd had launched a block deal to sell units of Embassy Office Parks REIT via a screen-based trading platform of the Indian exchanges.
The base offer was set to comprise up to 41.9 million units, which amounts to around 4.42% of the existing total listed units, for up to ₹1,801.7 crore ($189 million). The transaction could also include an upsize option of up to 11.55 million units, which represents around 1.22% of the existing listed units, for up to ₹496.7 crore.
If the entire upsize option was exercised, the total units offered would be around 5.64% of Embassy REIT’s current total listed units.
At the end of the June quarter, sponsor and sponsor group holding in Embassy Office Parks REIT was at 7.69% while public unit holding was at 93.31%. Of this, APAC Company XXIII Ltd held 0.06% stake in it.
The transaction is a vendor sale, which means the units are being sold by the current investor APAC Company XXIII Ltd. The proceeds will go to the seller.
Morgan Stanley India Company Pvt Ltd and Kotak Securities Ltd were said to be the placement agents for the transaction.
Units of Embassy Office Parks REIT are trading 2.8% lower on Monday after the block deal, currently trading at ₹439. The stock is little changed on a year-to-date basis, but has gained 14% in the last 12 months.
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