In a regulatory filing, Embassy Office Parks REIT (Real Estate Investment Trust) stated that the Debenture Committee of the Board of Directors of the manager has approved the allotment of 50,000 non-convertible debentures (NCDs) with a face value of Rs 1 lakh on a private placement basis. This will be worth Rs. 500 crore and will be used to refinance existing debt.
Last week on August 23, the company announced its intent to raise Rs 1,000 crore through issue of NCDs of tenure 60 months split into two tranches. The issue was stated to have a coupon of 8.1% paid quarterly. These NCDs are proposed to be listed on the Wholesale Debt Market Segment of the BSE Limited.
Embassy Office Parks REIT has reported a 9% increase in net operating income to Rs 737.6 crore for the first quarter of this fiscal year and declared a distribution of Rs 510 crore to the unitholders. Net operating income (NOI) stood at Rs 677.3 crore in the year-ago period. Revenue from operations increased 10% to Rs 913.6 crore in the quarter from Rs 829.4 crore in the year-ago period.
Embassy REIT is India’s first publicly listed Real Estate Investment Trust (REIT). It owns and operates a 45 million square feet portfolio of nine infrastructure-like office parks and four city center office buildings in Bengaluru, Mumbai, Pune, and the National Capital Region (NCR). Its portfolio comprises 34.3 million square feet of completed operating area.
