The developer company Embassy Developments has approved an increase in the limit for raising funds through Non-Convertible Debentures (NCDs) to INR 1,570 crore, which is nearly four times the previously approved amount.
Details of the Bond Issuance Increase
The company plans to place senior, secured, redeemable, non-rated, and unlisted NCDs based on private placements in one or more tranches. In a filing with the stock exchange on Tuesday, the company reported that its board of directors discussed, reviewed, and approved raising additional funds of up to INR 1,170 crore by issuing an additional number of bonds under private placement terms.
Thus, the total issuance volume was increased from the initial INR 400 crore to INR 1,570 crore. Embassy Developments specified that the actual placement will depend on the company's financing needs, including refinancing existing debt, project construction, working capital requirements, and other general corporate needs.