Embassy Office Parks REIT has informed the Exchange regarding Disclosure of material issue
Awaiting price reaction for this filing.
Embassy Office Parks REIT has raised ₹2,000 crores through a 10-year Non-Convertible Debenture (NCD), making it the first Indian REIT to do so. The NCD was priced at an effective coupon of 7.33%, with a step-up structure of 7.25% for the first 5 years and 7.45% for the next 5 years. The issue was oversubscribed 1.4 times, attracting 15+ institutional investors including insurance companies, pension funds, and mutual funds. Proceeds will be used to refinance existing debt, generating annual interest savings of approximately 70 basis points. The NCDs are rated AAA/Stable by both CRISIL and CARE.
This is a positive development for unitholders — Embassy REIT has locked in long-term, lower-cost funding, improving its liability profile and reducing annual interest costs by ~70 bps. The oversubscription and AAA rating reflect strong institutional confidence, though the 7.33% coupon is competitive in the current rate environment.