Embassy REIT Raises Rs 2,000 Crore for NCD Repayment

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 per cent."

Embassy REIT will utilise the proceeds from this debt raise to repay its Non-Convertible Debentures (NCDs) of Rs 2,000 crore maturing in October 2024.

"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 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 comprises strategic amenities, including four operational business hotels, two under construction hotels, and a 100 MW solar park supplying renewable energy to tenants.