Embassy Developments Limited has informed the Exchange about Allotment of non-convertible debentures aggregating to INR 25 crores.
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Embassy Developments Limited has allotted 2,500 senior, secured, redeemable, unlisted non-convertible debentures (NCDs) of face value INR 1,00,000 each, aggregating INR 25 crores, on a private placement basis. This is part of a larger planned NCD issue of INR 400 crores, with prior intimation dated January 29, 2026. The NCDs carry a coupon rate of 11% per annum, paid quarterly after a 6-month moratorium, with a tenure of 40 months and 15 days. Principal repayment begins after a 4-quarter moratorium and is structured in 10 equal instalments, with an option for early prepayment. The instruments are secured by a charge on identified company assets but will not be listed on any stock exchange.
This INR 25 crore NCD raise expands the company's debt load at an 11% borrowing cost, indicating continued reliance on private debt funding rather than equity dilution. Shareholders should note rising interest obligations and the fact that this is only an initial tranche of a larger INR 400 crore NCD programme, which could increase leverage further.