Embassy REIT Raises Rs 675 Cr Short-Term Debt

New Delhi, Apr 28 (PTI) Embassy Office Parks REIT has raised Rs 675 crore as short-term debt by issuing commercial papers to repay its existing borrowing and meet working capital requirement.

In April this year, the company had informed about issuance of listed, rated, redeemable, rupee denominated commercial papers, for an aggregate amount of Rs 675 crore on a private placement basis.

On Monday, Embassy Office Parks REIT said in a regulatory filing that a debenture committee of the Board of Directors has approved the allotment of commercial papers worth Rs 675 crore on a private placement basis.

The yield is 7.075 per cent and these commercial papers are proposed to be listed on the Wholesale Debt Market Segment of BSE Ltd.

The proceeds of the issue will be used for the repayment of existing debt and working capital purpose.

Embassy Office Parks REIT is India's first publicly listed Real Estate Investment Trust.

It owns and operates a 511 lakh square feet portfolio of 14 office parks in Bengaluru, Mumbai, Pune, the National Capital Region and Chennai. Its portfolio comprises 389 lakh square feet of completed operating area.