EFC (I) receives approval for its small & medium REIT
NEW DELHI: EFC (I) through its wholly-owned step-down subsidiary, EFC REIT, has obtained SEBI registration for Emberstone SM REIT as a small & medium real estate investment trust (SM REIT) in terms of securities and exchange board of India (Real Estate Investment Trusts) Regulations, 2014.
Accordingly Emberstone SM REIT will be eligible to make an initial offer for units of its first scheme for an amount of up to Rs 500 crore.
The company plans to raise and deploy capital through the initial public offer process to acquire commercial properties, which will be managed and operated by EFC REIT.
This development will significantly expand the EFC Group’s assets-under-management (AUM) and its managed office space portfolio across the country.
EFC (I) had reported a growth of 230.26 per cent in its net consolidated profit during the quarter ended September 30, 2024. Its profit after tax stood at Rs 36.56 crore while its net consolidated total income stood at Rs 171.08 crore in Q2 FY25.
In a separate regulatory filing, the company informed that it has executed a letter of intent (LOI) for the lease of a property spread over 78,084 sq ft in Hyderabad. This new lease adds to company’s existing space at Silicon Towers.
The additional space spread across three floors has a seating capacity of over 1,700. “This consolidates our presence with approximately two lakh sq ft of area in a single building, enabling improved cost efficiency, streamlined management, and enhanced service offerings,” the company said in a media release.
