Embassy REIT Secures Rs 1,000 Crore Through NCDs for Debt Refinance

Embassy Office Parks REIT has successfully raised Rs 1,000 crore by issuing Non-convertible Debentures to refinance existing debt. The five-year debt, with a 7.73% interest rate, will help save 70 basis points. CEO Ritwik Bhattacharjee highlights the optimal financing strategy for future growth.

Embassy Office Parks REIT has fortified its financial strategy by raising Rs 1,000 crore through Non-convertible Debentures (NCDs) aimed at refinancing outstanding debts.

In a recent regulatory filing, Embassy REIT disclosed its successful issuance of five-year, coupon-bearing debt at an interest rate of 7.73%, facilitating an estimated 70 basis points in interest savings compared to existing rates.

According to Ritwik Bhattacharjee, Interim CEO, the initiative strategically spaces out liabilities, maintaining prudent financial management and supporting the trust’s growth ambitions. Embassy REIT, India's pioneering publicly listed Real Estate Investment Trust, manages a diversified 51.1 million square feet portfolio across key cities, complemented by advanced amenities like business hotels and a solar park.

(With inputs from agencies.)