Embassy Developments Secures ₹10.6 Billion from Warrants Conversion
NEW DELHI: Embassy Developments (EDL) has raised ₹10.6 billion through the conversion of unlisted warrants into equity shares by the promoter group and Blackstone Real Estate Fund. This strategic move is expected to bolster the company's financial standing and enhance its project pipeline.
As part of the transaction, Bellanza Developers, a promoter group entity, was allotted five crore equity shares for a total investment of ₹4.15 billion. On the other hand, NCL SG Holdings, a fund managed by Blackstone Real Estate, received 7.7 crore shares against an investment of ₹6.45 billion.
“This infusion of capital strengthens our balance sheet and our ability to scale operations while creating sustained value for all stakeholders,” said Sachin Shah, CEO & executive director of Embassy Developments. The 12.7 crore equity shares were allotted upon receipt of the remaining 75% of the issue price (₹111.51 per share) for the warrants, which were originally issued on May 21, 2024, under a preferential allotment approved by shareholders and rank equally with existing shares.
Post allotment, the company’s total paid-up equity capital stands at ₹269.9 crore, comprising 134.9 crore equity shares of face value ₹2 each. The revised shareholding of the promoter group stands at 42.96% and Blackstone Real Estate Fund at 10.93%. The company has 8.9 crore outstanding warrants pending conversion up to November 2025.
The fresh equity issuance is expected to strengthen the company's balance sheet ahead of its ₹15,000 crore project pipeline spanning 7.7 million sq ft of residential and commercial launches. This strategic financing will enable Embassy Developments to accelerate its growth plans and deliver high-quality projects to the market.
Embassy Developments is a leading real estate developer in India, known for its commitment to quality and innovation. The company has a strong track record of successful projects and a robust pipeline that promises to meet the growing demand for residential and commercial properties in key markets across the country.
The partnership with Blackstone Real Estate Fund underscores the confidence of global investors in Embassy Developments' growth potential and strategic vision. With this capital infusion, the company is well-positioned to capitalize on new opportunities and continue its trajectory of sustainable growth and value creation for all stakeholders.
