NEW DELHI:The board of directors of Embassy Office Parks Management Services, manager to Embassy Office Parks REIT (Embassy REIT) approved the raising of debt up to an aggregate amount of Rs 2,000 crore, the company said in a BSE filing.
The proceeds from the issuance of the instruments will be utilized for the repayment of Embassy REIT‘s existing debt.
The debenture committee of the board of directors of the manager has approved the issuance of:
a. 1,00,000 listed, rated, secured, redeemable, transferable, rupee denominated, non-convertible debentures with a face value of Rs one lakh each by Embassy REIT on a private placement basis for an aggregate amount of Rs 1,000 crore, for a term of 19 months and 28 days from the deemed date of allotment
b. listed, rated, redeemable, rupee denominated commercial papers, for an aggregate amount of Rs 250 crore for a term of five months six days from the deemed date of allotment (CP Tranche I Issue)
c. listed, rated, redeemable, rupee denominated commercial papers, for an aggregate amount of Rs 750 crore for a term of 12 months from the deemed date of allotment (CP Tranche II Issue)
The CP Tranche I Issue and CP Tranche II Issue were approved by the committee provided that the aggregate amount raised by Embassy REIT, its SPVs and Holdco, through commercial papers, does not exceed 10% of company’s consolidated outstanding debt.
On January 25, 2023, the board had approved the raising of debt up to an aggregate amount of Rs 5,100 crore through any means and for any purposes.
