Embassy Developments Allots 3.25 Cr Warrants to Promoter

Embassy Developments Ltd has allotted 3,25,18,900 unlisted convertible warrants to Embassy Property Developments Private Limited, a promoter group member. The warrants are convertible into equity shares at an exercise price of INR 111.51 each. The company received subscription money of ₹90.65 Crores (25% of the aggregate exercise price). The allotment does not change the current share capital. The warrants can be exercised within 6 months upon payment of the remaining 75% exercise price. This preferential allotment was approved by shareholders and received in-principle approval from stock exchanges.