Embassy REIT raises Rs.1,000-Cr through 5-yr NCDs for debt-refinancing

Bengaluru-based Embassy Office Parks REIT (Embassy REIT) has raised INR 1,000 crore through issuance of five-year coupon-bearing Embassy REIT Series XII NCDs (non-convertible debt) at a 7.73% coupon rate.The company will use the proceeds to repay existing debt. The refinance would help the firm make a.70 basis points interest savings from the existing rate.About 12 investors participated in the fundraise. Nearly 55% of the demand generated from existing investors.Talwar Thakore & Associates served as the legal counsel to Embassy REIT.