Embassy Reit Triumphantly Secures Rs 2,000 Crore: Strategic Move to Tackle October NCDs Maturity | Exciting Company News
Embassy Office Parks REIT has successfully raised Rs 2,000 crore through a debt issuance at an interest rate of 7.95% to refinance its Non-Convertible Debentures (NCDs) maturing in October 2024. This strategic move, announced on Tuesday via a regulatory filing, garnered robust interest from mutual funds and banks, according to Aravind Maiya, CEO of Embassy REIT. The refinancing effort is part of the company’s strategy to effectively manage its balance sheet and capitalize on potential future interest rate cuts for capital raising. Embassy REIT, India’s first publicly listed Real Estate Investment Trust, boasts a vast portfolio of 51 million square feet, including 37.7 million square feet of completed office space across major cities like Bengaluru, Mumbai, Pune, NCR, and Chennai. The portfolio is complemented by strategic assets, including four operational business hotels, two under-construction hotels, and a 100 MW solar park providing renewable energy to tenants.
Original Story https://www.business-standard.com/companies/news/embassy-reit-raises-rs-2-000-crore-to-repay-ncds-maturing-in-october-124100800459_1.html
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