April 1, 2019 / 4:46 AM / 6 months ago

India's Embassy Office Parks REIT rises on market debut

April 1 (Reuters) - Units of Embassy Office Parks REIT rose as much as 3.7 percent on their market debut on Monday, after the real estate investment trust raised 47.50 billion rupees ($686.61 million) in India’s first such listing.

The unit was trading at 310 rupees as of 0433 GMT, after touching a high of 311.10 rupees, compared with the IPO price band of 299-300 rupees.

Earlier this month, investors bid for about 183.5 million units, or 2.57 times the 71.3 million on offer. The REIT is a joint-venture between Embassy Group and U.S.-based equity investor Blackstone Group LP. ($1 = 69.1800 Indian rupees) (Reporting By Arnab Paul in Bengaluru; Editing by Subhranshu Sahu)

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