 "Government Debt")
Embassy Office Parks REIT on Monday said it has raised Rs 500 crore through issue of debentures to refinance its existing debt.
In a regulatory filing, the company informed that the Debenture Committee of the Board of Directors of the manager has approved the allotment of 50,000 non-convertible debentures (NCDs) with a face value of Rs 1 lakh on a private placement basis.
On August 23, the company announced plans to raise Rs 1,000 crore through issue of NCDs in two tranches.
The tenure of the NCDs is 60 months from the deemed date of allotment, with a coupon rate of 8.10 per cent per annum payable on a quarterly basis to the debenture holders.
These NCDs are proposed to be listed on the Wholesale Debt Market Segment of the BSE Limited.
Embassy Office Parks REIT has reported a 9 per cent increase in net operating income to Rs 737.6 crore for the first quarter of this fiscal year and declared a distribution of Rs 510 crore to the unitholders. Net operating income (NOI) stood at Rs 677.3 crore in the year-ago period.
More From This Section
Revenue from operations increased 10 per cent to Rs 913.6 crore in the quarter from Rs 829.4 crore in the year-ago period.
Embassy REIT is India's first publicly listed Real Estate Investment Trust (REIT). It owns and operates a 45 million square feet portfolio of nine infrastructure-like office parks and four city centre office buildings in Bengaluru, Mumbai, Pune, and the National Capital Region (NCR).
Its portfolio comprises 34.3 million square feet of completed operating area.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
