Embassy Office Parks REIT has raised debt of Rs 2,000 crore to repay non-convertible debentures maturing this month.
In a regulatory filing on Tuesday, Embassy REIT said it has raised “Rs 2,000 crore in coupon-bearing debt at an interest rate of 7.95 percent.”
Embassy REIT will use the proceeds from this debt raise to pay off its Rs 2,000 crore non-convertible debentures (NCDs) maturing in October 2024.
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“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 allows the company to still optimally control its balance sheet and benefit from future interest rate cuts to raise capital.
Embassy REIT is India’s first listed Real Estate Investment Trust.
It owns and operates a 51 million sq ft portfolio of 14 office parks in Bengaluru, Mumbai, Pune, National Capital Region (NCR) and Chennai.
Embassy REIT’s portfolio includes 37.7 million square feet of completed operating space.
The portfolio also includes strategic facilities, including four operating business hotels, two hotels under construction and a 100 MW solar farm providing renewable energy to tenants.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)
First publication: Oct 9, 2024 | 1:00 am IST