“The proposed Scheme shall enable a simplified holding and management structure for Embassy REIT assets and create value for Embassy REIT and its Unitholders,” company said in a regulatory filing on Saturday.
EOVPL provides support services to VTPL in relation to operation and maintenance of the Embassy Tech Village. VTPL deals in ownership, operation and maintenance of the Embassy Tech Village
The Scheme pertains to an internal restructuring of the Embassy Office Parks REIT’s existing asset holdings and provides for amalgamation of EOVPL into VTPL (on a going concern basis, in consideration for which Embassy Office Parks REIT (as shareholder of EOVPL) will be issued shares in VTPL as per the share exchange ratio contemplated under the Scheme.
Upon the Scheme becoming effective i.e., with effect from the Appointed Date VTPL will become a 100% directly-held special purpose vehicle of the Embassy Office Parks REIT.
The transactions contemplated by the Scheme involve related party transactions amongst the parties to the Scheme and will be undertaken on an arms’ length basis.
“The Scheme is subject to the receipt of necessary statutory and regulatory approvals under applicable laws, including the approval of the National Company Law Tribunal, Bengaluru Bench,” company said.
At around 2.30 pm, Embassy Office Parks REIT was trading at Rs356 per piece up by Rs0.06 or 0.02% from its previous closing of Rs355.94 per piece on the BSE.