New Delhi, Sep 2 (PTI) Embassy Office Parks REIT will raise up to Rs 300 crore through issue of non-convertible debentures.

The company did not disclose where the funds will be utilised.

Also Read | Samsung Galaxy Tab S7 FE Wi-Fi Variant Launched in India at Rs 41,999.

In a regulatory filing, the company informed that the board of Embassy Office Parks Management Services Pvt Ltd, the manager to Embassy Office Parks REIT, had in November last year approved the raising of debt, including the issue of non-convertible debentures, for an aggregate amount up to Rs 3,641.1 crore in one or more tranches.

Out of this, Rs 2,600 crore was raised earlier as REIT NCD Series-III.

Also Read | JioPhone Next Prices To Be Announced Next Week, Here's How You Could Buy It at Just Rs 500.

On Thursday, the debenture committee of the board of directors of the manager, has approved the further issuance of 3,000 listed, rated, secured, redeemable, transferable, rupee denominated non-convertible debentures of face value of Rs 10,00,000 each, aggregating up to Rs 300 crore by Embassy REIT on a private placement basis.

In January this year, Embassy REIT had raised Rs 2,600 crore through issue of non-convertible debentures to refinance an existing debt of its IT park 'Embassy TechVillage' in Bengaluru.

"We will use the funds raised to refinance a portion of the in-place Embassy TechVillage debt. Post this bond raise, we continue to maintain conservative leverage ratios and retain our flexibility to finance future growth," Mike Holland, chief executive officer of Embassy REIT, had said.

Embassy REIT had on December 24, 2020, completed the acquisition of Embassy TechVillage for Rs 9,780 crore. It had raised Rs 3,680 crore as equity through an institutional placement to fund this acquisition.

Embassy REIT is India's first publicly listed Real Estate Investment Trust (REIT), sponsored by global investment firm Blackstone and realty firm Embassy group.

It owns and operates more than 40 million square feet portfolio of eight infrastructure-like office parks and four city-centre office buildings in Bengaluru, Mumbai, Pune, and the national capital region.

Embassy Office Parks REIT has posted a 36 per cent rise in net operating income to Rs 621.3 crore during the first quarter of this fiscal ended June 30. It also declared distribution, including dividend, of Rs 534.61 crore to unitholders for the quarter ended June. HRS hrs

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)