Embassy Office Parks REIT has raised a debt of Rs 2,000 crore to cover fixed debt maturing this month.
In a regulatory filing on Tuesday, Embassy REIT said it has raised “Rs 2,000 crore of coupon-bearing debt at an interest rate of 7.95 percent.”
Embassy REIT will use the proceeds from this debt to repay Rs 2,000 crore worth of Non-Convertible Debentures (NCDs) maturing in October 2024.
Click here to contact us on WhatsApp
“We are pleased to announce this Rs 2,000 crore fundraising, which saw strong participation from mutual funds and banks,” said Aravind Maiya, Chief Executive Officer of Embassy REIT.
This recapitalization continues to allow the company to take full control of its balance sheet and position it to take advantage of future rate cuts to raise capital.
Embassy REIT is India’s first listed Real Estate Investment Trust.
It owns and operates a portfolio of 51 million square feet of 14 office parks in Bengaluru, Mumbai, Pune, National Capital Region (NCR) and Chennai.
Embassy REIT’s portfolio is 37.7 million square feet of finished office space.
The portfolio also includes strategic facilities, including four operational business hotels, two hotels under construction, and a 100 MW solar park providing renewable energy to tenants.
(Only the headline and image for this report may have been reused by Business Standard staff; other content is automatically generated from the trade feed.)
First published: October 09 2024 | 1:00 AM IST
Source link