Embassy Office Parks REIT, India’s First REIT to Open IPO From March 18-20, 2019

The initial public offering (IPO) of Embassy Office Parks REIT (“Embassy REIT”), the first ever by a Real Estate Investment Trust in India, will open on March 18, 2019 at a price band of Rs 299 to Rs 300. Embassy REIT is issuing Units aggregating up to Rs. 47,500 million (the “Issue”). This Issue will constitute at least 10% of the issued and paid-up Units on a post-Issue basis in accordance with Regulation 14(2A) of the REIT Regulations. The issue will close on March 20, 2019.

The Units of the Embassy REIT are proposed to be listed on the National Stock Exchange of India Limited (the “NSE”) and BSE Limited (the “BSE”, together with the NSE, the “Stock Exchanges”). The Embassy REIT has received in-principle approvals from the NSE and the BSE for listing of the Units pursuant to letters dated October 11, 2018 and October 9, 2018, respectively. NSE is the Designated Stock Exchange for this Issue. This Issue will constitute at least 10% of the issued and paid-up Units on a post-Issue basis in accordance with Regulation 14(2A) of the REIT Regulations. The Manager, in consultation with the Lead Managers, may retain oversubscription in the Issue in accordance with the REIT Regulations and the SEBI Guidelines.

The Net Proceeds from the Issue will be used for (i) Partial or full repayment or pre-payment of bank/ financial institution debt of certain Asset Special Purpose Vehicles (“SPVS”) and by the Investment Entity, (ii) Payment of consideration for acquisition of the Embassy One Assets currently held by Embassy One Developers Private Limited (“EODPL"), and (iii) General purposes.

The Issue will include participation by Strategic Investors in accordance with the SEBI Guidelines.

The Issue is being made through the Book Building Process and in compliance with the REIT Regulations and the SEBI Guidelines, wherein not more than 75% of the Issue (excluding the Strategic Investor Portion) shall be available for allocation on a proportionate basis to Institutional Investors, provided that the Manager may, in consultation with the Lead Managers, allocate up to 60% of the Institutional Investor Portion to Anchor Investors on a discretionary basis in accordance with the REIT Regulations and the SEBI Guidelines.

Further, not less than 25% of the Issue (excluding the Strategic Investor Portion) shall be available for allocation on a proportionate basis to Non-Institutional Investors, in accordance with the REIT Regulations and the SEBI Guidelines, subject to valid Bids being received at or above the Issue Price

Bids can be made for a minimum lot of 800 Units and in multiples of 400 Units thereafter by Bidders other than the units subscribed for by Anchor Investors and Strategic Investors.

Axis Trustee Services Limited is the Trustee to the Issue while Embassy Office Parks Management Services Private Limited is the Manager to the Issue. Embassy Property Developments Private Limited and BRE/ Mauritius Investments are the Sponsors to the issue.

The Global Coordinators and Book Running Lead Managers (GCBRLMs) to the offer are Morgan Stanley India Company Private Limited, Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited and DSP Merrill Lynch Limited. Book Running Lead Managers (“BRLMs”) to the Offer are Axis Capital Limited, Credit Suisse Securities (India) Private Limited, Deutsche Equities India Private Limited, Goldman Sachs (India) Securities Private Limited, HSBC Securities and Capital Markets (India) Private Limited, IIFL Holdings Limited, JM Financial Limited and Nomura Financial Advisory and Securities (India) Private Limited.