Embassy REIT Secures Rs 2,000 Crore to Refinance NCDs
Embassy REIT's Significant Debt Raise
New Delhi, Oct 8 (PTI) Embassy Office Parks REIT has raised Rs 2,000 crore debt to repay non-convertible debentures maturing this month. In a regulatory filing on Tuesday, Embassy REIT said it has raised Rs 2,000 crore of coupon-bearing debt at an interest rate of 7.95 percent.
Utilization of Fundraise
Embassy REIT will utilize the proceeds from this debt raise to repay its NCDs of Rs 2,000 crore maturing in October 2024.
Management Insights
“We are pleased to announce this fundraise of Rs 2,000 crore, which has seen strong participation from mutual funds and banks,” said Aravind Maiya, Chief Executive Officer of Embassy REIT. This refinancing continues to allow the company to optimally control its balance sheet and positions it to take advantage of future rate cuts to raise capital.
Embassy REIT's Portfolio Overview
Embassy REIT is India's first publicly listed Real Estate Investment Trust. It owns and operates a 51 million square feet portfolio of 14 office parks in Bengaluru, Mumbai, Pune, the National Capital Region (NCR), and Chennai. Embassy REIT’s portfolio comprises 37.7 million square feet of completed operating area. The portfolio also includes strategic amenities, such as four operational business hotels, two under construction hotels, and a 100 MW solar park supplying renewable energy to tenants.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.