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 debentures on a private placement basis.
In a regulatory filing, Embassy Office Parks said the "Debenture Committee of the Board of Directors of Embassy Office Parks Management Services Pvt Ltd has approved the allotment of 30,000 secured non-convertible debentures of Rs 10 lakh each aggregating to Rs 3,000 crore on a private placement basis under tranche A".
The debentures 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.
REIT is an investment tool that owns and operates rent-yielding real estate assets. It allows individual investors to make investment in this platform and earn income.