Embassy Developments raises NCD fundraising limit to ₹1,570 crore

Board increases issue size nearly fourfold from ₹400 crore; proceeds may be used for debt refinancing, project construction, working capital and general corporate purposes

Real estate developer Embassy Developments has approved increasing its fund-raising limit through non-convertible debentures (NCDs) to up to ₹1,570 crore, nearly four times the previously approved size.

 

The company will issue senior, secured, redeemable, unrated and unlisted NCDs on a private placement basis in one or more tranches.

 

In a stock exchange filing on Tuesday, the company said its board "discussed, considered and approved the raising of additional funds aggregating up to ₹1,170 crore through the issuance of additional number of debentures on a private placement basis, in one or more tranches, part of tranches and/or series, thereby increasing the overall issue size from up to ₹400 crore to up to ₹1,570 crore."

 

 

Embassy Developments said the actual issuance would depend on the company's funding requirements, including refinancing existing debt, project construction, working capital requirements and other general corporate purposes.

 

Last month, the company, formerly known as Equinox India Developments, signed a non-binding memorandum of understanding (MoU) with the Uttar Pradesh government under the Invest UP framework for a proposed large-scale commercial development in Lucknow.

 

The indicative proposal envisages the development of 2.5-3 million square feet (msf) of commercial real estate with an investment of ₹1,500 crore.

 

Embassy Developments has a presence across seven Indian cities with more than 40 residential and commercial projects spanning 38 msf of leasable and saleable area. The company has a land bank of 3,251 acres.

 

As of FY26, the total estimated gross development value (GDV) of its portfolio stood at around ₹57,700 crore.

 

The company's pre-sales for FY26 stood at ₹4,631 crore, while collections during the year were ₹1,673 crore. It launched six projects with a GDV of ₹16,300 crore and incurred construction expenditure of ₹1,182 crore during the year.