Embassy REIT obtains regulatory approval to simplify ownership of key portfolio assets

0

Embassy Office Parks REIT (Embassy REIT), a publicly traded REIT company, announced that it has received approval from the National Company Law Tribunal (NCLT) for its composite arrangement scheme between its entities which restructures and simplifies the ownership of the active keys of the wallet, including Embassy Manyata and Embassy TechZone.

Embassy REIT initiated the mechanism aimed at simplifying its ownership structure by reducing shareholder levels and creating value for its unitholders.

“Create long-term value”

Michael Holland, CEO of Embassy REIT, said: “We are delighted to deliver on our commitment to complete this key restructuring exercise by the target deadline of March 2021. This step allows us to significantly increase the dividend component in proportion to our quarterly distributions. Since REIT dividends are tax-free, this restructuring is expected to have a positive impact on distributions to the benefit of our unitholders. We continue to focus on creating long-term value to maximize returns for our unitholders. “

Under this program, the Embassy TechZone asset in Pune will be de-merged from Embassy Office Parks Private Limited (EOPPL) into Embassy Pune TechZone Private Limited (EPTPL), which will be 100% owned by Embassy REIT.

EOPPL will be merged with Manyata Promoters Private Limited (MPPL) and as a result, MPPL will be 100% owned directly by Embassy REIT, thus collapsing MPPL’s ​​two-tier shareholding structure.

The Plan of Arrangement will come into effect once the required filings and approvals are made with the Registrar of Companies and the Special Economic Zone Approval Board.


Source link

Share.

Leave A Reply