Embassy Office Parks REIT approves fund raising of Rs. 1000 crores, reduce carbon emissions

The Board of Directors of Embassy Office Parks Management Services Private Limited, Manager to Embassy Office Parks REIT ("Embassy REIT") at its meeting held on March 17, 2022 through audio-visual electronic communication, has, approved fund raising by way of issuance of listed, rated, secured, redeemable, transferable, rupee denominated non-convertible debentures aggregating up to INR 10,000 million (Indian Rupees Ten Thousand million only) in one or more tranches by the Embassy REIT to be utilized towards ongoing growth initiatives including development and acquisition(s), investment in the holding company, special purpose vehicles or the investment entity of the Embassy REIT, including through subscription to debt securities and general purposes, subject to applicable law at the discretion of and in such manner as may be approved by the Board. The Board has authorised the Debenture Committee to approve and take all decisions and actions in relation to any proposed issuance of debentures.

The board also approved Embassy REIT's commitment to achieve net zero carbon emissions across its operational portfolio by 2040, three decades ahead of India's 2070 target announced at the Glasgow COP26 summit in 2021 by (i) increasing usage of renewable energy through both internal and third-party initiatives; (ii) reducing energy consumption footprint of existing facilities by investing to improve energy-efficiency; (iii) partnering with key occupiers, suppliers and contractors to develop joint action plans towards reducing emissions; (iv) embedding sustainability criteria in pre-acquisition due diligence; and (v) offsetting residual emissions through carefully selected projects.

Shares of Embassy Office Parks REIT was last trading in BSE at Rs. 377.44 as compared to the previous close of Rs. 379.45. The total number of shares traded during the day was 17209 in over 574 trades.

The stock hit an intraday high of Rs. 383.90 and intraday low of 368.25. The net turnover during the day was Rs. 6443658.00.

Source : Equity Bulls

Keywords

EmbassyOfficeParksREIT FundRaising NCDs