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NEW DELHI: Embassy Developments (EDL) announced that its promoters have successfully completed the subscription of 100% of warrants through the final tranche amounting to ₹67.7 crore, resulting in a total promoter capital infusion of ₹1,160 crore.
This investment was made by converting warrants into equity shares at a price of ₹111.51 per share.
The funds will be utilized to bolster the balance sheet, finalize ongoing projects, and support future expansion initiatives in key markets.
Rajesh Kaimal, Chief Financial Officer of EDL, stated, “With a strengthened equity base, we are well-positioned to enhance project delivery, explore strategic growth opportunities, and expand our footprint in Bengaluru, Delhi NCR, and the Mumbai Metropolitan Region.”
This infusion follows the conversion of previously issued preferential warrants. With this final tranche, a total of 10.4 crore fully paid-up equity shares of face value ₹2 each have been allocated to the promoter group and its associated entities at a price of ₹111.51 per share, raising the promoter’s stake in EDL to 41.4%.
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