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Embassy Office Parks to raise Rs 3,000 cr via non-convertible debentures

Embassy Office Parks, a joint venture between global investment firm Blackstone and realty firm Embassy Group, had raised Rs 4,750 crore through REIT

Press Trust of India  |  New Delhi 

Even though the equity market was opened up for foreign investors immediately after the early 1990s, the norms for foreign investment in debt were released in 1995 and in 1997, Rs 29 crore trickled in

Embassy Office Parks, which recently launched India's first real estate investment trust (REIT), Friday said it will raise Rs 3,000 crore through the allotment of on a private placement basis.

Embassy Office Parks, a joint venture between global investment firm and realty firm Embassy Group, had raised Rs 4,750 crore through

In a regulatory filing, said the "Debenture Committee of the Board of Directors of Management Services Pvt Ltd has approved the allotment of 30,000 secured non-convertible of Rs 10 lakh each aggregating to Rs 3,000 crore on a private placement basis under tranche A".

Management Services Pvt Ltd is an investment manager of Embassy Office Parks

The would be listed on the wholesale debt market (WDM) segment of the BSE, it added.

Embassy Office Parks did not mention where the amount would be utilised but sources had earlier said it would be used to expand commercial real estate business.

The company had earlier announced that it has got an approval to raise Rs 3,650 crore in two tranches.

Embassy Office Parks, the country's leading commercial real estate developer, plans to raise another Rs 650 crore in tranche B.

In March this year, Embassy Office Parks launched its REIT, which was subscribed 2.57 times during its bidding process. The issue was in a price band of Rs 299-300 per unit.

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First Published: Fri, May 03 2019. 14:10 IST
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