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Embassy Group has significantly strengthened its balance sheet by repaying ₹1,748 crore worth of non-convertible debentures (NCDs), using proceeds from the Offer for Sale (OFS) in the recently concluded WeWork India IPO.
The repayment marks a major step in the Group’s ongoing deleveraging strategy and has also helped reduce the pledge on its WeWork India shares to a nominal 15%. The move underscores Embassy’s view of WeWork India as a long-term strategic asset within its portfolio.
In addition to this, the Group has, over the years, fully repaid its ₹1,600 crore debt to Samaan Capital, further consolidating its financial position and reducing overall leverage.
WeWork India, in which Embassy Group holds a significant stake, has emerged as the country’s leading flexible workspace provider on the back of a strong operational performance and scalable business model. The company’s successful listing has been viewed as a validation of Embassy Group’s strategic vision and its ability to nurture market-leading enterprises.
Commenting on the development, Jitendra Virwani, Chairman of Embassy Group, said, “The WeWork India IPO marks an important milestone in our ongoing efforts to strengthen our balance sheet. The debt reduction not only reinforces our financial stability but also underscores our continued commitment to maintaining a robust and sustainable financial framework.”
The move positions Embassy Group on a firmer financial footing as it continues to expand its real estate portfolio and invest in high-growth ventures across the commercial and co-working space sectors.
The repayment marks a major step in the Group’s ongoing deleveraging strategy and has also helped reduce the pledge on its WeWork India shares to a nominal 15%. The move underscores Embassy’s view of WeWork India as a long-term strategic asset within its portfolio.
In addition to this, the Group has, over the years, fully repaid its ₹1,600 crore debt to Samaan Capital, further consolidating its financial position and reducing overall leverage.
WeWork India, in which Embassy Group holds a significant stake, has emerged as the country’s leading flexible workspace provider on the back of a strong operational performance and scalable business model. The company’s successful listing has been viewed as a validation of Embassy Group’s strategic vision and its ability to nurture market-leading enterprises.
Commenting on the development, Jitendra Virwani, Chairman of Embassy Group, said, “The WeWork India IPO marks an important milestone in our ongoing efforts to strengthen our balance sheet. The debt reduction not only reinforces our financial stability but also underscores our continued commitment to maintaining a robust and sustainable financial framework.”
The move positions Embassy Group on a firmer financial footing as it continues to expand its real estate portfolio and invest in high-growth ventures across the commercial and co-working space sectors.
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