The developer company Embassy Office Parks REIT has successfully raised an amount of 100 billion rupees by issuing unsecured convertible debentures (NCDs) to a European bank.
These funds are intended for refinancing the company's existing debt. According to regulatory filings submitted on Friday, the amount was secured through the issuance of three-year NCDs with a floating interest rate, which were fully subscribed by a leading European multinational bank.
The initial coupon rate for these NCDs is set at 6.97 percent. This deal marks the first instance of financing an Indian REIT by an accredited commercial bank at the trust level, made possible after the Reserve Bank of India (RBI) announced frameworks in June 2026 allowing commercial banks to finance REITs.
Amit Shetty, CEO of Embassy REIT, noted that raising these 100 billion rupees is a significant milestone both for Embassy REIT itself and for the development of the REIT market in India. He also emphasized that continuous support from SEBI and RBI has strengthened REITs' access to long-term financing.
Embassy REIT owns and manages a portfolio of office spaces spanning over 52 million square feet, located in cities such as Bangalore, Mumbai, Pune, National Capital Region (NCR), and Chennai.