Embassy Developments Receives Rs10.6 Bn From Warrants Conversion

Embassy Developments Limited (‘EDL’), one of India’s leading real estate developers, announced the successful conversion of unlisted warrants into equity shares by the promotor group and another key shareholder. Allotments were made to Bellanza Developers Private Limited (a Promoter group entity) and NCL SG Holdings Pte Limited (a Blackstone Real Estate Fund). The transaction has resulted in a capital infusion of ~Rs10.6 billion, further strengthening the company’s equity base.

“The Rs10.6 billion raised through warrant conversions by the promoter group and another key shareholder reflects the continued trust in EDL’s vision and growth prospects. This infusion of capital strengthens our balance sheet and our ability to scale operations while creating sustained value for all stakeholders. We look forward to capitalising on India’s real estate growth story,” said Sachin Shah, CEO & Executive Director, Embassy Developments Limited.

The ~12.7 Cr equity shares were allotted upon receipt of the remaining 75% of the issue price (Rs111.51 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.

This equity participation underlines the strong and continued confidence shown by the promoter group and other key shareholder in the growth roadmap of EDL, with its substantial pipeline of residential and commercial projects across the country.

Details of the Allotment:

Post allotment, the company’s total paid-up equity capital stands at ~Rs269.9 Cr, comprising ~134.9 Cr equity shares of face value Rs2 each. Revised shareholding of the Promoter Group stands at 42.96% and Blackstone Real Estate Fund at 10.93%. The Company has ~8.9 Cr outstanding warrants pending conversion upto November 2025.

This conversion is aligned with the company’s previously announced strategic initiatives, including upcoming project launches across 7.7 msf, valued at over Rs15,000 Cr. The company continues to build a pan-India real estate platform backed by its revitalised Board and leadership team.