Embassy Office Parks REIT Secures Rs 1,400 Crore in Debenture Issue

Real estate entity Embassy Office Parks REIT raised Rs 1,400 crore via Non-Convertible Debentures at a fixed 7.49% coupon. The 10-year debentures, fully subscribed by a major Indian insurer, are part of the company's strategy to extend debt maturity amidst favorable market conditions. The REIT manages over 50M square feet of office spaces.

Embassy Office Parks REIT has successfully raised Rs 1,400 crore through the issuance of Non-Convertible Debentures (NCDs), according to a company filing made public on Thursday.

The debentures, boasting a fixed coupon rate of 7.49% for a 10-year duration, were fully subscribed by one of India's leading life insurance companies. This move is part of Embassy REIT's strategy to lengthen the average tenor of its borrowings while market conditions are favorable.

CEO Amit Shetty noted the significance of this being the company's second 10-year issuance this year, reflecting its capacity to attract long-term capital at competitive rates. The firm manages over 50 million square feet of office spaces in major Indian cities including Bengaluru, Mumbai, Pune, NCR, and Chennai.

(With inputs from agencies.)