Aravind Maiya, Chief Executive Officer of Embassy REIT, said, 

“We are pleased to announce this fundraise of ₹2,000 crores, which has seen strong participation from mutual funds and banks. The attractive pricing on the term loans and the 3x oversubscription on the listed NCD issuances cements our reputation as the industry’s leading credit. This refinancing continues to allow us to optimally control our balance sheet and positions us to take advantage of future rate cuts to raise capital.”

Transaction Highlights 

• NCD Issuance of ₹900 crores of Embassy REIT Series XI NCDs 2024 with effective interest rate of 7.87%
  • Robust demand from Mutual Funds, Life and General Insurers resulting in NCD subscription of 3x
  • Oversubscription led to a savings of ~10 basis points on the offered rate
  • “CRISIL AAA/Stable” rating assigned by rating agency CRISIL to the NCDs issued
• ₹1,100 crores of term loans from leading PSU & MNC Banks at ~8.0% floating coupon
  • Pricing reflects strong demand for REIT credit by banks looking to actively deploy capital
• All proceeds to be used to refinance existing Series V NCD maturing in October 2024

Talwar Thakore & Associates served as the legal counsel to Embassy REIT.

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