Embassy Office Parks REIT Ltd., which recently launched India's first real estate investment trust, said Friday it will raise Rs 3,000 crore through the allotment of non-convertible debentures on a private placement basis.
Embassy Office Parks REIT, a joint venture between global investment firm Blackstone Group LLP and Bengaluru-based realty firm Embassy Group, had raised Rs 4,750 crore through REIT.
In a regulatory filing on Friday, Embassy Office Parks said the "Debenture Committee of the Board of Directors of Embassy Office Parks Management Services Pvt. Ltd. has approved the allotment of 30,000 secured NCDs of Rs 10 lakh each, aggregating to Rs 3,000 crore on a private placement basis under Tranche A."
The company had earlier announced that it has got an approval to raise Rs 3,650 crore in two tranches. Embassy Office Parks, the country's leading commercial real estate developer, plans to raise another Rs 650 crore in Tranche B.
Embassy Office Parks Management Services Pvt. Ltd. is an investment manager of Embassy Office Parks REIT.
The NCDs would be listed on the wholesale debt market segment of the BSE, Embassy Office Parks said in the regulatory filing.
Embassy Office Parks did not mention where the amount would be utilized but people familiar with the matter had earlier said the funds would be used to expand its commercial real estate business.
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