Business & Investment

Embassy REITs Obtain Regulatory Approval to Simplify Ownership of Key Portfolio Assets

The listed REIT company Embassy Office Parks REIT (Embassy REIT) has announced that it has received approval from the National Company Law Tribunal (NCLT) for a complex arrangement scheme between entities that reconstructs and simplifies key ownership. .. Portfolio assets such as Embassy Manyata and Embassy Tech Zone.

Embassy REITs have launched a scheme to simplify their holding structure and create value for unit holders by reducing their shareholding hierarchy.

“Creation of long-term value”

Michael Holland, CEO of Embassy REITs, said: Quarterly distribution. This restructuring is expected to have a positive impact on the distribution for the benefit of unit holders, as REIT dividends are tax exempt. To maximize returns to unit holders, we continue to focus on creating long-term value. “

Under this scheme, Pune’s Embassy Tech Zone assets will be split from Embassy Office Parks Private Limited (EOPPL) to Embassy Tech Zone Private Limited (EPTPL) and will be 100% owned by the Embassy REIT.

EOPPL will be integrated into Manyata Promoters Private Limited (MPPL), resulting in 100% direct ownership of MPPL by Embassy REITs and disruption of MPPL’s ​​two-tier shareholding structure.

The scheme of the arrangement will be effective upon completion of the necessary submissions and approvals to the Company Registrar and the Special Economic Zone Approval Committee.

Embassy REITs Obtain Regulatory Approval to Simplify Ownership of Key Portfolio Assets

https://www.thehindubusinessline.com/news/real-estate/embassy-reit-gets-regulatory-approval-for-simplifying-ownership-of-key-portfolio-assets/article34004152.ece Embassy REITs Obtain Regulatory Approval to Simplify Ownership of Key Portfolio Assets

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