Embassy Developments Secures ₹10.6 Billion from Warrants Conversion
Embassy Developments raises ₹10.6 billion through the conversion of unlisted warrants into equity shares, strengthening its balance sheet and project pipeline.
Embassy DevelopmentsBlackstone Real Estate FundBellanza DevelopersNcl Sg HoldingsSachin ShahReal EstateMay 23, 2025
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.
Frequently Asked Questions
What is the total amount raised by Embassy Developments through the warrants conversion?
Embassy Developments raised ₹10.6 billion through the conversion of unlisted warrants into equity shares.
Who are the main investors in this transaction?
The main investors in this transaction are Bellanza Developers and NCL SG Holdings, a fund managed by Blackstone Real Estate Fund.
How many equity shares were allotted to Bellanza Developers?
Bellanza Developers was allotted five crore equity shares for a total investment of ₹4.15 billion.
What is the revised shareholding of the promoter group and Blackstone Real Estate Fund post allotment?
Post allotment, the revised shareholding of the promoter group stands at 42.96% and Blackstone Real Estate Fund at 10.93%.
What is the total paid-up equity capital of Embassy Developments after the allotment?
The total paid-up equity capital of Embassy Developments stands at ₹269.9 crore, comprising 134.9 crore equity shares of face value ₹2 each.
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