EOEmbassy Office Parks REIT542602NCD issuance

Allotment of ₹1,000 Crore Series XVIII NCDs on private placement basis

The Borrowings Committee approved allotment of 1,00,000 secured, listed NCDs of ₹1,00,000 face value each, totalling ₹1,000 Crore, on a private placement basis.

By ScoutQuest · Thu 24 Sep 2026, 12:18 PM IST · 1 min read

NCD Face Value

₹1,00,000 each

Total NCD Amount

₹1,000 Crore

Number of NCDs

1,00,000

Coupon Rate

3-month MIBOR-OIS + 150 basis points; initial rate 6.97% per annum

Tenure

2 years 11 months and 28 days

What happened

The Borrowings Committee of the Board of Directors of the Manager to Embassy REIT passed a resolution by circulation approving the allotment of debentures that had been announced earlier.

• 1,00,000 listed, rated, secured, redeemable, transferable, rupee denominated non-convertible debentures
• Face value ₹1,00,000 each
• Aggregate principal amount ₹1,000 Crore
• Issued on a private placement basis (Series XVIII Debentures)

Pricing and money received

The issue price was discovered using the multiple yield allotment method on the Electronic Book Building Platform of BSE Limited. Embassy REIT received consideration of ₹1,000.07 Crore against the aggregate principal amount of ₹1,000 Crore.

Coupon structure

The coupon is floating and payable quarterly. It is the aggregate of the 3-month MIBOR-OIS rate and a spread of 150 basis points, reset quarterly. For the initial coupon period the rate works out to 6.97% per annum. Because the rate resets every quarter, the interest cost can move up or down with the benchmark.

Tenure and listing

The tenure is 2 years 11 months and 28 days from the deemed date of allotment. The debentures are proposed to be listed on the Wholesale Debt Market segment of BSE Limited.

How to read this

This is a debt-raising step by the REIT, secured by a charge created over assets, with the detailed terms set out in the Key Information Document. For unitholders, it adds borrowing at a floating rate; the perception is generally neutral and depends on how the funds are deployed and on movements in the benchmark rate.

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