Embassy REIT board approves raising up to ₹2,600 cr via NCDs

PTI Updated - January 12, 2021 at 12:01 PM.

Bangalore - 16/11/2011 : Domlur, in Bangalore on November 16, 2011. Domlur is surrounded by offices of multinational software companies and BPOs like Dell, IBM, Microsoft and Target. Domlur is located close to the 'old airport' (The Airport has now shifted to Devanahalli in the North of Bangalore). The major military establishments having divisions in Domlur are Indian Air Force, EME Workshop, and ASC. The main advantage of Domlur is its proximity to M.G. Road on the other. Koramangala, too, can be accessed easily via the Inner Ring Road. Photo: K. Murali Kumar

Embassy Office Parks REIT on Tuesday said its board approved raising up to ₹2,600 crore through issuance of non-convertible debentures (NCDs) on a private place basis to fund its acquisition of commercial asset Embassy TechVillage in Bengaluru.

The debenture committee of the board of directors of the Embassy Office Parks Management Services has approved the issuance of 26,000 listed, rated, secured, redeemable, transferable, rupee denominated NCDs of face value of ₹10 lakh per debenture, aggregating up to ₹2,600 crore by Embassy REIT on a private placement basis, it said in a regulatory filing.

Also Read:

Embassy REIT raises Rs 3,680 cr to part fund IT park acquisition

In November, the board of directors of Embassy Office Parks Management Services, the manager to the Embassy REIT, had approved the raising of debt by the Embassy REIT or any of its special purpose vehicles or holding companies through such modes as permitted under applicable law, including the issue of NCDs, for up to ₹3,641.1 crore in one or more tranches, to be utilised towards refinancing existing Embassy TechVillage debt and for general corporate purposes.

In November 2020, Embassy Office Parks REIT had announced that it has agreed to acquire a large business park “Embassy TechVillage” in Bengaluru from realty firm Embassy group, Blackstone and some other investors for ₹9,782.4 crore.

Published on January 12, 2021 06:31