The supply will encompass the sale of 33 million fairness shares by Indian actual property agency Embassy Group and 10.3 million equity shares by 1 Ariel Means Tenant. It won’t situation new shares.
“The corporate won’t obtain any proceeds from the supply on the market,” WeWork India Administration stated within the papers filed on Saturday, which didn’t element anticipated pricing or time-frame.
WeWork India has an mixture leaseable space of 602,012 sq. metres (6.48 million sq. toes).
Its U.S. franchisor filed for bankruptcy in November 2023, ending a months-long restructuring course of involving a method revamp and exits from a number of places.
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As soon as probably the most priceless U.S. startup, WeWork expanded at breakneck tempo which resulted in important loss attributable to costly leases and a pandemic-driven stoop in demand. WeWork India is managed by actual property tycoon Jitu Virwani and son Karan Virwani who personal Bengaluru-based developer Embassy Group. Karan Virwani is CEO of WeWork India.
