NEW DELHI: Embassy Office Parks REIT (Embassy REIT) has raised Rs 1,000 crore through issuance of non-convertible debenture (NCDs) of Embassy REIT Series XII NCDs 2024 of five-year coupon-bearing debt at an interest rate of 7.73%.
The company will utilize the proceeds from this debt raise to repay its certain existing debt. Through this refinance, it will be able to secure c.70 basis points interest savings from the existing rate.
Ritwik Bhattacharjee, interim chief executive officer of the company said, “The offer witnessed strong participation from new and existing investors, including numerous first-time participants across the mutual fund, pension and insurance sectors.”
About 12 different investors participated in the fundraise with nearly 55% of the demand generated from existing investors.
Both CRISIL and CARE have assigned “AAA/Stable” rating to the NCDs issued.
Talwar Thakore & Associates served as the legal counsel to Embassy REIT.
