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Blackstone-backed firms invest ₹1,060 crore in Embassy Developments
Blackstone Real Estate Fund-backed NCL SG Holdings Pte Limited and Bellanza Developers Private Limited have invested ₹1,060 crore into Bengaluru-based realty major Embassy Developments Limited through the conversion of unlisted warrants into equity shares.
Bellanza Developers Private Limited is a promoter group entity. Of the total investment, Bellanza Developers has infused ₹415 crore and NCL SG Holdings has deployed ₹645 crore into the company.
'The ₹10.6 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 and Executive Director, Embassy Developments Limited.
The infusion was done via conversion of 12.7 crore equity shares, originally issued on 21 May 2024, under a preferential allotment approved by shareholders. The shares were allotted at ₹111.51 apiece upon receipt of the remaining 75 per cent of the issue price.
Post allotment, Embassy Developments' total paid-up equity capital is ₹269.9 crore, comprising ₹134.9 crore in equity shares of face value ₹2 each. The revised shareholding of the promoter group stands at 42.96 per cent and Blackstone Real Estate Fund at 10.93 per cent. The company has 8.9 crore outstanding warrants pending conversion up to November 2025.
Specialising in the construction and development of residential, commercial and Special Economic Zone (SEZ) projects, Embassy Developments focuses on Bengaluru, the Mumbai Metropolitan Region (MMR) and the National Capital Region (NCR), with additional presence in Chennai, Jodhpur, Vadodara, Vizag and Indore.
Embassy Developments further said the equity participation underlines the strong and continued confidence shown by the promoter group and another key shareholder in the growth roadmap of EDL, with its substantial pipeline of residential and commercial projects across the country.
The company stated that the funds will support upcoming project launches totalling 7.7 million sq ft, valued at over ₹15,000 crore.
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