The Board of Directors of Embassy Office Parks Management Services Private Limited ("Manager"), the Manager to the Embassy Office Parks REIT ("Embassy REIT"), at its meeting held on November 17, 2020, had approved the raising of debt by the Embassy REIT or any of its special purpose vehicles or holding companies through such modes as permitted under applicable law, including the issue of non-convertible debentures, for an aggregate amount of up to Rs. 36,411 million (Rupees Thirty Six Thousand Four Hundred and Eleven million) in one or more tranches, to be utilized towards refinancing existing Embassy TechVillage debt and for general corporate purposes.
The Debenture Committee of the Board of Directors of the Manager, at its meeting held earlier today i.e. January 12, 2021, has approved the issuance of 26,000 (Twenty Six Thousand) listed, rated, secured, redeemable, transferable, rupee denominated non-convertible debentures of face value of Rs. 10,00,000 (Rupees Ten Lakh) per debenture, aggregating up to Rs. 2,600 crores (Rupees Two Thousand Six Hundred Crores only) by Embassy REIT on a private placement basis.