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Embassy REIT to raise up to Rs 300 cr via non-convertible debentures

Embassy Office Parks REIT will raise up to Rs 300 crore through issue of non-convertible debentures.

Topics
Embassy Reit | Embassy Office Parks REIT | NCDs

Press Trust of India  |  New Delhi 



Embassy Reit delivers returns of more than 20% since market debut
Embassy REIT is India's first publicly listed Real Estate Investment Trust (REIT), sponsored by global investment firm Blackstone and realty firm Embassy group

will raise up to Rs 300 crore through issue of .

The company did not disclose where the funds will be utilised.

In a regulatory filing, the company informed that the board of Embassy Office Parks Management Services Pvt Ltd, the manager to Embassy Office Parks REIT, had in November last year approved the raising of debt, including the issue of non-convertible debentures, for an aggregate amount up to Rs 3,641.1 crore in one or more tranches.

Out of this, Rs 2,600 crore was raised earlier as REIT NCD Series-III.

On Thursday, the debenture committee of the board of directors of the manager, has approved the further issuance of 3,000 listed, rated, secured, redeemable, transferable, rupee denominated of face value of Rs 10,00,000 each, aggregating up to Rs 300 crore by on a private placement basis.

In January this year, had raised Rs 2,600 crore through issue of to refinance an existing debt of its IT park 'Embassy TechVillage' in Bengaluru.

"We will use the funds raised to refinance a portion of the in-place Embassy TechVillage debt. Post this bond raise, we continue to maintain conservative leverage ratios and retain our flexibility to finance future growth," Mike Holland, chief executive officer of Embassy REIT, had said.

had on December 24, 2020, completed the acquisition of Embassy TechVillage for Rs 9,780 crore. It had raised Rs 3,680 crore as equity through an institutional placement to fund this acquisition.

Embassy REIT is India's first publicly listed Real Estate Investment Trust (REIT), sponsored by global investment firm Blackstone and realty firm .

It owns and operates more than 40 million square feet portfolio of eight infrastructure-like office parks and four city-centre office buildings in Bengaluru, Mumbai, Pune, and the national capital region.

has posted a 36 per cent rise in net operating income to Rs 621.3 crore during the first quarter of this fiscal ended June 30. It also declared distribution, including dividend, of Rs 534.61 crore to unitholders for the quarter ended June.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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First Published: Thu, September 02 2021. 19:57 IST

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