Embassy Office Parks REIT - Share Of Dividend To Rise Going Ahead: ICICI Securities
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ICICI Securities Report
As per an exchange announcement, The Embassy Office Parks REIT has received approval from the National Company Law Tribunal in relation to its composite scheme of arrangement among its entities that restructures and simplifies the ownership of key portfolio assets, including Embassy Manyata, Bengaluru and Embassy TechZone, Pune.
Post the expected completion of collapsing the Manyata special purpose vehicles shareholding into a two-tier structure, we expect the overall share of tax-free dividends plus SPV debt amortization to rise from approximately 62% in nine months FY21 to between 70-75% from FY22E onwards.
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