India's Embassy Office Parks at 8-month low on stake sale report

Embassy Office Parks REIT

26/09/2022 05:05

** Shares of India's biggest real estate investment trust
Embassy Office Parks REIT  EMBA.NS  fall as much as 2% to 347.55
rupees ($4.27), their lowest since Jan. 20
    ** Blackstone Inc  BX.N  to sell stake worth up to $400
million in EMBA via Indian stock exchange block deals, three
sources familiar with the matter told Reuters  urn:newsml:reuters.com:*:nL4N30U0PH
    ** Abu Dhabi's sovereign wealth fund likely to pick up at
least half the stake that Blackstone is to sell, one of the
sources said
    ** More than 56,000 shares change hands by 0403 GMT vs
30-day avg of 1.54 mln shares
    ** All 15 analysts covering the stock have a "buy" or
"strong buy" rating; median PT is 411.50 rupees - Refinitiv data
    ** Stock up 4.4% so far this year, up to last close
($1 = 81.4700 Indian rupees)
 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))