Embassy Group has announced the repayment of Rs 17.48 billion worth of non-convertible debentures (NCDs) using proceeds from the Offer for Sale (OFS) in the recently concluded WeWork India IPO.

The repayment marks a key milestone in the Group’s deleveraging strategy, significantly strengthening its balance sheet and reducing the pledge on its WeWork India shares to 15 per cent. The move reflects Embassy’s confidence in WeWork India as a long-term strategic asset within its investment portfolio.

In addition to this, Embassy Group has previously fully repaid Rs 16 billion in debt to Samaan Capital, further consolidating its financial position and lowering overall leverage.

WeWork India, in which Embassy holds a major stake, has become the country’s leading flexible workspace provider, driven by robust operations and a scalable business model. The company’s successful IPO has been seen as an endorsement of Embassy Group’s strategic foresight and its ability to develop market-leading ventures.

Jitendra Virwani, Chairman of Embassy Group, said, “The WeWork India IPO marks a significant step in our journey towards financial discipline. This debt reduction reinforces our financial stability and reflects our commitment to maintaining a strong and sustainable capital structure.”

The development places Embassy Group on a firmer financial footing as it continues to expand its real estate portfolio and invest in high-growth commercial and co-working segments.