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Bengaluru, <keyword id="6904948" type="UNKNOWN" weightage="20" keywordseo="Embassy-Office-Parks-REIT">Embassy Office Parks REIT</keyword> on Tuesday announced it has successfully completed a <keyword id="10475235" type="UNKNOWN" weightage="20" keywordseo="unit-capital-raise">unit capital raise</keyword> of $501 million through an institutional placement of units. The Securities Committee of the Board of Directors of Embassy Office Parks Management Services Private Limited, Manager to <keyword id="7428315" type="COMPANY" weightage="20" keywordseo="Embassy-REIT">Embassy REIT</keyword>, approved the issuance and allotment of over 11.13 crore new units through this institutional placement in a meeting held on Tuesday, the Embassy REIT said in a regulatory filing. Trading of these units is expected to commence on or around December 24, 2020 on NSE and BSE. "The institutional placement launched on December 15, 2020 and witnessed strong demand from both existing as well as <keyword id="10475234" type="UNKNOWN" weightage="20" keywordseo="new-institutional-investors">new institutional investors</keyword>, including global and domestic investors, pension funds, insurers, and alternative asset managers," it said. Mike Holland, Chief Executive Officer of Embassy REIT said: "The strong demand for our offering amidst market uncertainties and the ongoing pandemic is a testament to the confidence in Embassy REIT's inorganic growth strategy of owning quality office assets such as <keyword id="2223053" type="PERSON" weightage="20" keywordseo="Embassy-TechVillage">Embassy TechVillage</keyword>." The placement issue price of ₹331 per unit represents a discount of 4.99% to the applicable floor price of ₹348.38 per unit calculated in accordance with applicable SEBI regulations, said the filing. Embassy REIT proposes to use the proceeds from this placement to fund its proposed acquisition of Embassy TechVillage that it announced earlier on November 17, 2020, and for general purposes. Embassy REIT is acquiring ETV from the Embassy Sponsor, members of the Blackstone group and other selling shareholders, for a total enterprise valuation of $1.3 billion, subject to closing adjustments. The transaction is expected to close by end of December 2020. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-spicejet-interglobe-aviation-tata-motors-pfizer-asian-paints-niit-lupin-and-others/articleshow/79849749.cms">Top stocks to watch – SpiceJet, InterGlobe Aviation, Tata Motors, Pfizer, Asian Paints, NIIT, Lupin, and others</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-mrs-bectors-food-specialities-ipo-allotment-status-online/articleshow/79808672.cms?upcache=2">Mrs Bectors Food Specialities IPO allotment today: Here’s how to check share allotment status</a> <a href="https://www.businessinsider.in/business/startups/news/google-microsoft-invest-in-dailyhunt-for-its-short-video-platform-josh-making-it-the-latest-unicorn-in-india/articleshow/79850804.cms">Google, Microsoft invest in DailyHunt for its short video platform Josh – making it the latest unicorn in India</a>

Embassy REIT raises over $501 million through institutional placement of units

<ul><li>At 7:40 am, the SGX Nifty was up 0.12%, indicating a positive start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to start on a stronger note on Wednesday, led by positive cues from the global markets. At 7:40 am, the SGX Nifty was up 0.12%, indicating a positive start for Nifty50. The <a href="https://www.businessinsider.in/stock-market/news/dow-jumps-338-points-as-mitch-mcconnell-pledges-to-get-stimulus-deal-done/articleshow/79749308.cms">US stocks extended earlier gains</a> on Tuesday after Senate Majority Leader Mitch McConnell pledged to get a fiscal stimulus deal done before Congress takes a break for the holidays. The Dow Jones Industrial Average closed 337 points higher, and the S&amp;P 500 was up 1.29%. These are the stocks to watch out for during the trading session today: IDBI Bank IDBI Bank has set the floor price at ₹40.63 per share for its proposed qualified institutional placement (QIP) and downsized the fundraise by two-thirds to ₹2,000 crore. The bank’s board at its meeting on October 29 had proposed to raise ₹6,000 crore by issuing shares through QIP. Punjab National Bank Punjab National Bank (PNB) has set the floor price for its proposed QIP of ₹7,000 crore at ₹37.35 per share. PNB committee would meet on Friday to consider and determine the issue price for the equity shares, including a discount, if any, to be allotted to Qualified Institutional Buyers, pursuant to the QIP (qualified institutional placement). Indian Bank The state-owned Indian Bank declared the account of IL&amp;FS Financial Services (IFIN) as fraud with outstanding dues of ₹408 crore, and reported it to the Reserve Bank of India (RBI). Axis Bank Axis Bank has clarified that it has complied with its underwriting practices and approval processes for any exposure taken in relation to SREI Equipment Finance and SREI Infra Finance. SREI Group’s outstanding dues to the bank stand at ₹800 crore. Embassy Office Parks REIT Embassy Office Parks REIT plans to raise $500 million (around ₹3,700 crore) through the sale of units to institutional investors through QIP to fund its acquisition of commercial asset Embassy TechVillage in Bengaluru. Mahindra &amp; Mahindra (M&amp;M) Mahindra &amp; Mahindra (M&amp;M) said it would increase the price of its passenger and commercial vehicles, across models from January 1. PVR PVR to consider fundraising via various methods at its board meeting on December 18. Mrs Bectors Food Specialities Mrs Bectors Food Specialities IPO sees an overall subscription of 3.72 times on the first day of bidding. JSPL Jindal Steel and Power Ltd (JSPL) has appointed Hemant Kumar as the Chief Financial Officer (CFO) and key managerial personnel from Tuesday. SEE ALSO:<a href="https://www.businessinsider.in/business/corporates/news/interview-home-recipes-that-are-set-for-a-7-million-ipo-mrs-bectors-food-is-no-cookie-cutter/articleshow/79721783.cms" data-type="tilCustomLink"> INTERVIEW: Home recipes that are set for a $73 million IPO⁠— Mrs Bector’s Food is no cookie cutter</a> <a href="https://www.businessinsider.in/thelife/personalities/news/facebook-ceo-mark-zuckerberg-and-reliance-industries-mukesh-ambani-spoke-but-had-no-chemistry/articleshow/79739547.cms" data-type="tilCustomLink">Zuckerberg spoke to Ambani but there was no chemistry — even with a multi-million dollar partnership between them</a>

Top stocks to watch — IDBI Bank, PNB, Axis Bank, M&M, Embassy REIT, PVR, and others

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Embassy REIT raises over $501 million through institutional placement of units

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Top stocks to watch — IDBI Bank, PNB, Axis Bank, M&M, Embassy REIT, PVR, and others

Navdeep Yadav

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