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
Technology

We’re building robots that flow, not just move

Founded in 2021, Flo Mobility is reimagining construction automation with vision-AI robots designed for seamless movement through complex sites. In conversation with CW, Manesh Jain, Founder & CEO, discusses the company’s origin, its LiDAR-free tech stack, and expansion plans in the Middle East and US.What inspired the name Flo Mobility? Why ‘Flo’ and not ‘Flow’?When we started the company in 2021, our focus was on building autonomous navigation systems for robots. Since our work centred around robot movement, ‘mobility’ naturally became part of the name. We wanted to co..

Next Story
Real Estate

We’re committed to setting benchmarks in sustainable luxury living

From a landmark land acquisition in Boisar to ambitious launches across the Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Bengaluru and Pune, Birla Estates is driving future-ready growth with a strong focus on sustainability, partnerships and premium living, firmly anchored in its LifeDesigned® philosophy. K T Jithendran, Managing Director & CEO, outlines the company’s premium, sustainable growth playbook in conversation with PRATAP PADODE, Editor-in-Chief, CW. Excerpts:Birla Estates recently acquired a 70.92-acre land parcel in Boisar, Maharashtra, for..

Next Story
Infrastructure Urban

Mumbai’s land crunch and ageing homes call for structured renewal

Founded in 2022, Etonhurst Capital Partners is a real-estate fund management platform focused on the Indian market. As the firm achieves the first close of Rs 1.8 billion for its debut Rs 5 billion fund, Bamasish Paul, Co-founder, Managing Partner & CEO, discusses its sharp focus on redevelopment-driven value creation in Mumbai’s urban core with CW. Excerpts:Etonhurst Capital has achieved a significant milestone with the first close of Rs 1.8 billion for its Rs 5 billion fund. What factors contributed to this early success and how do you plan to attract further investments to r..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?