Embassy Office Parks REIT Shares Fall As Blackstone Exits
The shares were sold at Rs 316.10 per share, raking in $850 million.
Shares of Embassy Office Parks REIT fell over 4% on Wednesday after Blackstone Inc. exited the real estate investment trust.
As many as 22.36 crore units of Embassy Office Parks changed hands at Rs 316.10 apiece for an aggregate of $850 million (Rs 7,100 crore), according to Bloomberg data.
While buyers and sellers were not known immediately, people aware of the deal told NDTV Profit that Blackstone sold its 23.5% stake in a large trade.
Capital Group, Fidelity, Bain Capital, ICICI Mutual Fund and HDFC Mutual Fund are among existing investors that increased stake in the REIT, the people said on the condition of anonymity as details are not public yet. SBI Mutual Fund is a new investor, they said.
Shares of Embassy Office Park REIT declined as much as 4.69%, before paring loss to trade 0.22% lower at 10:15 a.m. compared to a 0.48% advance in the NSE Nifty 50.
The stock has fallen 0.37% year-to-date. The total traded volume so far in the day stood at 3.54 times its 30-day average. The relative strength index was at 60.36.
All 14 analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average of 12-month analyst price targets implies an upside of 10.9%.