Embassy Office Parks REIT has successfully raised ₹2,000 crore in debt to address non-convertible debentures (NCDs) that are maturing this month.
In a regulatory filing made on Tuesday, Embassy REIT announced that it has secured “₹2,000 crore of coupon-bearing debt at an interest rate of 7.95 percent.”
“We are pleased to share this successful fundraising of ₹2,000 crore, which has attracted significant participation from mutual funds and banks,” stated Aravind Maiya, Chief Executive Officer of Embassy REIT.
This refinancing strategy enables the company to maintain effective control over its balance sheet and positions it to capitalize on potential future interest rate cuts for further capital raising.
Embassy REIT is notable for being India’s first publicly listed Real Estate Investment Trust, managing a portfolio of 51 million square feet across 14 office parks located in Bengaluru, Mumbai, Pune, the National Capital Region (NCR), and Chennai.
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