Shares of Embassy Office Parks REIT slumped 5% during the early trading hours on 20 December after 22.36 crore equity shares of the company changed hands via a block deal.

Around 22.36 crore equity shares representing a 22.36% stake in the company changed hands on the bourses for an average price of Rs 319.65 per share.

The block deal triggered a spike in volume as 23 crore shares changed hands on the exchanges against the one-month daily trade average of 9 lakh shares.

Multiple sources had reported that private equity firm Blackstone was planning to divest its entire stake in the company through a mega block deal of $833 million. The firm was looking to sell its entire stake of 23.6% in the company for an average floor price of Rs 310 per share, which is an 8% discount from its previous close.

The company owns and manages a significant portfolio that spans 45 million square feet and consists of 9 office parks with infrastructure-like features and four office buildings that are located in the city centres of Mumbai, Pune, Bengaluru, and the National Capital Region (NCR).

At 12:11 pm, the shares of Embassy REIT were trading 0.060% lower at Rs 335.34 on NSE.