Companies

Embassy REIT places ₹750-crore NCDs

Our Bureau Bengaluru | Updated on September 09, 2020 Published on September 09, 2020

Michael Holland, CEO, Embassy Office Parks REIT

Embassy Office Parks REIT (Embassy REIT) said on Wednesday that it has successfully priced and allotted by way of a private placement, ₹750 crore of rupee-denominated, listed, rated, secured, redeemable, transferable non-convertible debentures.

The NCDs will be listed on the wholesale debt market of BSE.

Michael Holland, CEO of Embassy REIT, said, “Our ability to raise financing at competitive rates despite uneven and volatile bond markets demonstrates the strength of our balance sheet and resilience of our commercial office business supported by the strong covenants of our largely multinational occupiers. We are very pleased with the successful debt raise and we continue to see positive traction as markets witness preference for high-quality borrowers like Embassy REIT.”

On August 14, the board of Embassy Office Parks Management Services Private Limited (EOPMSPL, Manager to the Embassy REIT) had approved the issue of NCDs aggregating ₹2,000 crore in one or more tranches and earlier on Wednesday, the Debenture Committee approved the allotment of the first tranche, i.e., Series II Tranche A NCDs aggregating ₹750 crore carrying a face value of ₹10 lakh with a coupon of 7.25 per cent payable on a quarterly basis.

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Published on September 09, 2020
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