EFC (I), through its wholly-owned step-down subsidiary EFC REIT, has received registration from SEBI for Emberstone SM REIT as a small and medium real estate investment trust (SM REIT) under the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014.
As a result, Emberstone SM REIT will be eligible to make an initial offer for units of its first scheme for an amount of up to Rs 5 billion. The company intends to raise and deploy capital through the initial public offering process to acquire commercial properties, which will be managed and operated by EFC REIT.
This development is expected to significantly expand the EFC Group's assets under management (AUM) and its managed office space portfolio nationwide. EFC (I) reported a growth of 230.26 per cent in its net consolidated profit for the quarter ending September 30, 2024, with a profit after tax of Rs 360.56 million and a net consolidated total income of Rs 171.08 crore in Q2 FY25.
In a separate regulatory filing, the company announced that it had executed a letter of intent (LOI) for the lease of a property covering 78,084 sq ft in Hyderabad, which adds to its existing space at Silicon Towers. The additional space, spanning three floors, has a seating capacity of over 1,700. The company stated that this consolidation brings its total presence to approximately 200,000 sq ft in a single building, allowing for improved cost efficiency, streamlined management, and enhanced service offerings.