Embassy REIT raises Rs 2,600 cr
New Delhi: Embassy Office Parks REIT has raised Rs 2,600 crore by issuing non-convertible debentures (NCDs). The move by the company will enable refinance the current on its 'Embassy TechVillage' project in Bengaluru.
The NCDs were allotted through private placement. They will bear 6.40 percent quarterly coupon rate. They will be listed on wholesale debt market of BSE, the company said in a regulatory filing.
"Post this bond raise, we continue to maintain conservative leverage ratios and retain our flexibility to finance future growth," said the company.
The REIT had acquired the IT project for Rs 9,780 crore. It also raised Rs 3,680 crore as equity by way of institutional placement.