Embassy Office Parks REIT on Tuesday said its board approved raising up to ₹2,600 crore through issuance of non-convertible debentures (NCDs) on a private place basis to fund its acquisition of commercial asset Embassy TechVillage in Bengaluru.
The debenture committee of the board of directors of the Embassy Office Parks Management Services has approved the issuance of 26,000 listed, rated, secured, redeemable, transferable, rupee denominated NCDs of face value of ₹10 lakh per debenture, aggregating up to ₹2,600 crore by Embassy REIT on a private placement basis, it said in a regulatory filing.
In November, the board of directors of Embassy Office Parks Management Services, the manager to the Embassy REIT, had approved the raising of debt by the Embassy REIT or any of its special purpose vehicles or holding companies through such modes as permitted under applicable law, including the issue of NCDs, for up to ₹3,641.1 crore in one or more tranches, to be utilised towards refinancing existing Embassy TechVillage debt and for general corporate purposes.
In November 2020, Embassy Office Parks REIT had announced that it has agreed to acquire a large business park “Embassy TechVillage” in Bengaluru from realty firm Embassy group, Blackstone and some other investors for ₹9,782.4 crore.