The Embassy Office Parks REIT raised Rs 1,743 crore by allotting units to anchor investors, including a host of foreign institutional investors ahead of its initial public offering (IPO).

A total of 5.81 crore units at the rate of Rs 300 apiece were allotted to the anchor or institutional investors according to a statement. The units were allotted to 59 anchor investors that include Fidelity Funds, Smallcap World Fund, and Kotak Mahindra Life Insurance.

Aimed at paring debt, the real estate joint venture between Bangalore-based property developer Embassy Group and private equity firm Blackstone will open its three-day IPO starting 18 March. It will become India's first ever REIT (Real Estate Investment Trust) listing.

The Embassy Office Parks have seven office parks and four city-center office buildings that totals to 32.6 million square feet as of 31 March 2018, across major Indian cities including Pune, Bengaluru, Mumbai and, Noida.

As per its red-herring prospectus, Rs 876.7 crore will be allocated to strategic investors and the rest of the issue amounting to Rs 3873.7 crore will be allotted to anchor and retail investors. It has set aside units worth Rs 968 crore for retail investors at Rs 299 to 300 apiece.