Embassy Office Parks REIT’s manager -- Embassy Office Parks Management Services has received approval from its board for raising of debt up to an aggregate amount of Rs 6,500 crore. In addition, the board has approved issuance of listed, rated, redeemable, rupee denominated Commercial Papers for an aggregate amount of Rs 350 crore for a term of 316 days from the deemed date of allotment (CP Tranche V Issue). Meanwhile, board has also approved issuance of listed, rated, redeemable, rupee denominated Commercial Papers for an aggregate amount of Rs 325 crore for a term of 326 days from the deemed date of allotment (CP Tranche VI Issue).
The CP Tranche V Issue and CP Tranche VI Issue was approved by the board provided that the total outstanding amount raised by Embassy REIT, its SPVs and Holdco, through Commercial Papers, does not exceed 10% of Embassy REIT’s consolidated outstanding debt. The proceeds from the issuance of CP Tranche V Issue and CP Tranche VI Issue shall be utilized for the repayment of existing debt and working capital purpose of Embassy REIT, its SPVs and Holdco.
Embassy Office Parks REIT (Embassy REIT) owns, operates and invests in rent or income generating real estate and related assets in India.
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