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)