Embassy REIT raises Rs 300 crore through debentures to refinance debt

The tenure of the NCDs is 60 months from the deemed date of allotment, with coupon rate at 6.80 per annum.

Embassy Office Parks REIT on Tuesday said it had obtained Rs 300 million through the offering of non-convertible debt securities on a private placement basis to refinance current debt.

The NCDs are proposed to be listed on the Wholesale Debt Market (WDM) segment of the BSE. The tenor of the NCDs is 60 months from the deemed date of allocation, with a coupon rate of 6.80 per annum.

Embassy REIT stated the money would be primarily used to retire current construction finance debt.

It operates more than 40 million square feet of eight connection office parks and four city-center office buildings in Bengaluru, Mumbai, Pune, and the national capital region.

Embassy REIT has registered a 36 percent net operating profit gain to Rs 621.3 million in the quarter ended June 30. It also reported a dividend payout of Rs 534.61 million to unitholders for the June quarter.