Ritwik Bhattacharjee, Chief Executive Officer of Embassy REIT.
Embassy Office Parks REIT has raised ₹2,000 crore through a 10-year Non-Convertible Debenture (NCD) issue. The issue was priced at an effective coupon of 7.33% over a 10-year tenor, with a step-up structure of 7.25% for the first five years and 7.45% for the subsequent five years.
The proceeds will be used to refinance certain existing debt, resulting in annual interest savings of approximately 70 basis points (bps).
Debt refinancing move
The proceeds will be used to refinance certain existing debt, resulting in annual interest savings of approximately 70 basis points (bps). “The transaction optimally staggers our liability profile and enables us to prudently manage future debt maturities,” said Ritwik Bhattacharjee, Chief Executive Officer of Embassy REIT.
The 10-year NCD attracted significant interest from insurance companies and pension funds, as the tenure aligns well with their longer-term investment requirements.
The issuance saw robust demand from a diverse set of over 15 leading institutional investors, including insurance companies, pension funds, and mutual funds, and was oversubscribed by 1.4x.
Published on July 25, 2025
