Embassy Office Parks REIT has raised ₹1,050 crore through an NCD issue. Embassy REIT will use the proceeds from this debt raise to refinance bank loans, which are due for an interest reset in the coming months. It will be able to secure about 138-basis point interest savings, compared to the expected interest rate when repriced, Embassy REIT said in a release.

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

Ritwik Bhattacharjee, Chief Investment Officer at Embassy REIT, said the NCD issue has seen strong participation from institutional investors. “Our AAA-rated balance sheet, proactive debt management and industry-leading creditworthiness continues to attract capital from mutual funds, insurers and corporates. This NCD issuance, priced at 7.77 per cent, enables us to partly refinance floating-rate loans prudently, and we will continue to monitor our floating-rate debt book to minimise the impact of potential interest rate increases to unitholders,” he added.

Embassy REIT owns and operates a 45-million sq ft portfolio of nine office parks and four city‑centre office buildings in Bengaluru, Mumbai, Pune and the National Capital Region .