Promoters, Blackstone infuse Rs 1,060 cr in Embassy Developments

New Delhi, May 23 (PTI) Realty firm Embassy Developments Ltd on Friday said its promoters and global investment firm Blackstone affiliated firm have infused Rs 1,060 crore capital in the company.

In a statement, the company said that there has been a conversion of unlisted warrants into equity shares by the promoter group and another key shareholder.

Allotments were made to Bellanza Developers Pvt Ltd (a Promoter group entity) and NCL SG Holdings Pte Ltd (a Blackstone Real Estate Fund), it added.

Embassy Developments said that "the transaction has resulted in a capital infusion of Rs 10.6 billion, further strengthening the company's equity base." The company said that 5 crore shares were allotted to the promoter firm for Rs 415 crore, while 7.7 crore equity shares were alloted to NCL SG Holding for Rs 645 crore.

This equity participation underlines the strong and continued confidence shown by the promoter group and other key shareholders in the growth roadmap, it said adding the fund infusion would help in strengthening its balance sheet and scaling operations.

The revised shareholding of the Promoter Group stood at 42.96 per cent and Blackstone Real Estate Fund at 10.93 per cent.

Embassy Developments Ltd (earlier known as Indiabulls Real Estate Ltd) is one of India's leading real estate developers, specializing in the construction and development of residential, commercial, and Special Economic Zone (SEZ) projects across Indian cities. PTI MJH DRR