Blackstone, a US private equity firm, will be divesting its investment in Embassy Office Parks REIT for ₹6,931.5 crore ($833 million) on December 20 in a block deal.
Special purpose vehicles sponsored by Blackstone are set to sell 22.4 crore units or a 23.59% stake in Embassy REIT, the first REIT to be listed in the country.
At ₹310 per share, the floor price for the deal is set at a 7.7 percent discount to Embassy REIT's December 19th 2023 closing price. Over the years, Blackstone has been steadily decreasing its stake in the REIT, starting with 55.3 percent in June 2019.
It has been a challenging year in terms of trying to exit completely, as the right price couldn't be determined. Negotiations with Bain Capital in January failed due to disagreements over the value of a potential stake sale.