Indian office properties developer Embassy Office Parks REIT has raised 47.50 billion rupees ($690.31 million) in its initial public offering.

Embassy Office Parks, a joint venture between Embassy Group and Blackstone Group LP., intends to use the proceeds to cut its debt and finance acquisitions of assets.

Morgan Stanley India, Kotak Mahindra Capital, J.P. Morgan India and DSP Merrill Lynch are global coordinators and among the book running lead managers for the deal.

The was oversubscribed initial public offering had backers bid for around 183.5 million shares, or 2.57 times the 71.3 million offer.