Embassy REIT Raises Rs 2000 Cr via Debentures

New Delhi, Jul 25 (PTI) Embassy Office Parks REIT has raised Rs 2,000 crore through issue of non-convertible debentures (NCDs) to refinance its existing loans and save interest cost.

In a regulatory filing on Friday, the company informed that the NCDs have been issued for 10-year tenor. The coupon rate is 7.25 per cent for the first five years and 7.45 per cent for the subsequent five years.

The company said it would use the amount to "refinance certain existing debt". More than 15 institutional investors, including insurance companies, pension funds, and mutual funds, participated in the issue.

Embassy REIT is India's first publicly listed Real Estate Investment Trust. It has a total portfolio of 51.1 million sq ft area across 14 office parks in Bengaluru, Mumbai, Pune, Delhi-NCR and Chennai.