+
Embassy REIT board approves Rs 20 bn debt raise for repayment
Real Estate

Embassy REIT board approves Rs 20 bn debt raise for repayment

Embassy Office Parks Management Services, the manager for Embassy Office Parks REIT (Embassy REIT), has received approval from its board of directors to raise debt up to Rs 20 billion, as stated in a filing with the BSE.

The funds generated from the issuance of these instruments will be allocated for repaying the existing debt of Embassy REIT. The debenture committee of the manager's board of directors has sanctioned the issuance of the following:

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, totalling Rs 10 billion. The term for these debentures is 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, with a term of five months and 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, with a term of 12 months from the deemed date of allotment (CP Tranche II Issue).

The committee approved CP Tranche I Issue and CP Tranche II Issue with the condition that the combined amount raised by Embassy REIT, its SPVs, and Holdco through commercial papers does not surpass 10% of the company's consolidated outstanding debt.

It's worth noting that on January 25, 2023, the board had initially sanctioned the raising of debt up to Rs 51 billion for any purpose and through any means.

Embassy Office Parks Management Services, the manager for Embassy Office Parks REIT (Embassy REIT), has received approval from its board of directors to raise debt up to Rs 20 billion, as stated in a filing with the BSE. The funds generated from the issuance of these instruments will be allocated for repaying the existing debt of Embassy REIT. The debenture committee of the manager's board of directors has sanctioned the issuance of the following: 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, totalling Rs 10 billion. The term for these debentures is 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, with a term of five months and 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, with a term of 12 months from the deemed date of allotment (CP Tranche II Issue). The committee approved CP Tranche I Issue and CP Tranche II Issue with the condition that the combined amount raised by Embassy REIT, its SPVs, and Holdco through commercial papers does not surpass 10% of the company's consolidated outstanding debt. It's worth noting that on January 25, 2023, the board had initially sanctioned the raising of debt up to Rs 51 billion for any purpose and through any means.

Next Story
Real Estate

MoHUA Sanctions 1.47 Lakh Additional Houses Under PMAY-U 2.0

In a major push towards the Government’s Housing for All mission, the Ministry of Housing and Urban Affairs (MoHUA) has approved 1,46,582 additional pucca houses under Pradhan Mantri Awas Yojana – Urban 2.0 (PMAY-U 2.0) for 14 States/UTs, bringing total sanctions under the revamped scheme to 8.56 lakh.The decision came during the fourth meeting of the Central Sanctioning and Monitoring Committee (CSMC), chaired by Srinivas Katikithala, Secretary, MoHUA, at the Ministry’s Kasturba Gandhi Marg office. Senior officials, State Principal Secretaries, and PMAY-U Mission Directors participated ..

Next Story
Real Estate

Piyush Goyal Inaugurates Expanded ISA Building at Intellectual Property Office

Union Minister of Commerce and Industry, Piyush Goyal, today inaugurated the newly expanded International Searching Authority (ISA) building at the Intellectual Property Office (IPO) in Dwarka, New Delhi, marking a major step forward in India’s intellectual property ecosystem.Addressing the gathering, Goyal highlighted that innovation has been central to India’s heritage for centuries, citing the engineering brilliance of the Konark Temple as a historic example. He emphasised that innovation is not just intellectual property but a symbol of sovereignty, and a key driver in India’s journe..

Next Story
Real Estate

SIEGER Boosts Automation in Mumbai Realty

SIEGER, a leading automation solutions provider, is expanding its advanced manufacturing capabilities to meet the surging demand for precision, high-speed automation in Mumbai’s rapidly growing real estate sector.Operating from a 21,000 m² advanced production hub in Coimbatore—part of a 40,000 m² integrated campus—SIEGER offers complete solutions from design and prototyping to manufacturing and deployment. The fully digitalised facility features CNC machining, QR-coded component tracking, conveyorized powder coating, and a Government of India–certified R&D centre, ensuring unmatc..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?