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.
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, while 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 the company.
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. 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 upto 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.
