Embassy REIT raises Rs 10 billion through NCDs

Embassy Office Parks real estate investment trust (Embassy REIT) has raised Rs 10 billion through non-convertible debentures (NCDs). The NCDs carry a coupon rate of 7.73 per cent with a duration of five years. The proceeds will be utilised to repay existing debt. Investors include Nippon Mutual Fund, Kotak Mutual Fund, Axis Mutual Fund, SBI Pension Fund and HDFC Life.