Embassy Office Parks REIT raises Rs 1,000 crore via debt refinancing
According to BSE, Nippon MF, Kotak MF, Axis MF, SBI Pension Fund, and HDFC Life participated in this round. The five years coupon bearing debt carries an interest rate of 7.73%.
The funds raised will be utilized to refinance a portion of Embassy REIT’s existing debt, resulting in an estimated interest cost saving of round 70 basis points (bps) from the current rates. The bond has been issued against Embassy Express Towers, a 0.5 mn sqft in Mumbai and Embassy TechZone in Pune spread over 5.5 mn sqft.
“The offer witnessed strong participation from new and existing investors, including numerous first-time participants across the mutual fund, pension, and insurance sectors. Raising a 5-year NCD allows us to optimally stagger our liability profile and ensure we continue to finance our growth and the rollover of debt maturities prudently,” said Ritwik Bhattacharjee, Interim Chief Executive Officer of Embassy REIT.
This fundraise further strengthens Embassy REIT’s financial position while enabling it to capitalize on attractive interest rates. The issuance attracted demand from institutional investors, with 12 participants in total. Nearly 55% of the demand came from existing investors, underscoring strong confidence in Embassy REIT’s credit profile.
Stock Trading
RSI Trading Techniques: Mastering the RSI Indicator
By — Dinesh Nagpal, Full Time Trader, Ichimoku & Trading Psychology Expert
Stock Trading
Dow Theory Made Easy
By — Vishal Mehta, Independent Systematic Trader
Stock Trading
Technical Analysis Made Easy: Online
