Embassy Office Parks REIT Secures Rs 675 Crore Through Commercial Papers

Embassy Office Parks REIT has raised Rs 675 crore by issuing commercial papers, intended for repaying existing debt and supporting working capital needs. The yield on these papers is 7.075%, and they will be listed on the BSE. The REIT manages a large portfolio of office parks across India.

Embassy Office Parks REIT has successfully raised Rs 675 crore through the issuance of commercial papers, the company announced in a regulatory filing. This financial move is aimed at repaying existing borrowing and meeting the working capital requirements of the company.

In April, Embassy Office Parks REIT had already publicized its plan to issue these listed, rated, and redeemable rupee-denominated commercial papers worth an aggregate of Rs 675 crore. The debenture committee of the company's Board of Directors has now greenlit the allotment of these commercial papers.

With an attractive yield of 7.075%, these commercial papers are poised for listing on the Wholesale Debt Market Segment of the Bombay Stock Exchange (BSE). Embassy Office Parks REIT is renowned as India's first publicly listed Real Estate Investment Trust, owning an extensive portfolio of office spaces in major cities like Bengaluru, Mumbai, and Delhi.

(With inputs from agencies.)