Embassy Developments announced successful conversion of unlisted warrants into equity shares by the Promotor group and other key shareholder. Allotments were made to Bellanza Developers (a Promoter group entity) and NCL SG Holdings Pte (a Blackstone Real Estate Fund). The transaction has resulted in a capital infusion of
Rs 1060 crore, further strengthening the company's equity base.
The
12.7 Cr equity shares were allotted upon receipt of the remaining 75% of the issue price (Rs 111.51 per share) for the warrants, which were originally issued on 21 May 2024, under a preferential allotment approved by shareholders and rank equally with existing shares.