Embassy Property to raise $540 million through IPO


Bangalore:Embassy Property Developments will go public in next two months to raise 24 billion rupees ($540 million)to meet demand for space from the information technology sector. "Right now, we lose out on a lot of business because we don't have deep pockets to build buildings in anticipation of our clients' requirement," Managing Director Jitendra Virwani told Reuters in an interview on Tuesday. The Bangalore-based developer, which specialises in selling and leasing office space to India's software services sector, is also increasing its focus on residential property, and will launch at least two new projects in the southern technology hub in the next three months. Embassy, which developed about 5 million square feet of space in the fiscal year ended March 2010, hopes to double this within the next two years, Virwani said.