Embassy Office Parks REIT on Tuesday said its board approved raising up to ₹2,600 crore through issuance of non-convertible debentures (NCDs) on a private place basis to fund its acquisition of commer
Blackstone-backed Embassy Office Parks REIT (real estate investment trust) has raised Rs 3,680 crore ($501 million) through an institutional placement of its units. The proceeds from this placement will be utilised to fund the REIT’s proposed acquisition of information technology park Embassy TechVillage (ETV) in Bengaluru for $1.3 billion, which was announced in November. The transaction is expected to close by the end of this month. “The strong demand for our offering amid market uncertainties and the ongoing pandemic is testament to the confidence in Embassy REIT’s inorganic growth strategy of owning quality office assets, such as ETV,” said Mike Holland, chief executive officer of Embassy Office Parks - the first-ever REIT in the country.
Blackstone set to buy Piramal Glass for $1 billion
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Blackstone will make an upfront payment of $850 million and take over the ownership and management of Piramal Glass. (Photo: Company website)
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The deal will allow Blackstone to gain from the global shift towards recyclable glass bottles
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Private equity giant Blackstone has agreed to acquire Piramal Glass, the glass packaging business of the diversified Piramal Group, at an enterprise value of $1 billion, said three people with direct knowledge of the deal.
Blackstone will execute the deal in two tranches, as part of the agreement signed between the two parties on Thursday evening, said one of the three persons mentioned above. The New York-based PE firm will first pay $850 million and assume ownership and management control of Piramal Glass. The remaining $150 million will be paid after Piramal Glass achieves certain business milestones.
Blackstone Inks Deal To Acquire Piramal Glass For $1 Billion moneycontrol.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneycontrol.com Daily Mail and Mail on Sunday newspapers.