Embassyoffice Parks plans to raise funds via debentures

Embassy office Parks, which recently raised Rs 4,750 crore through India's first Real Estate Investment Trust (REIT), Tuesday said it will raise Rs 3,650 crore in two tranches through the issue of debentures. The debenture committee of the board of directors of Embassy Office Parks Management Services, which is an investment manager of Embassy Office Parks REIT, has approved the issue of secured, redeemable, non-convertible debentures on a private placement basis for an aggregate amount of Rs 3,650 crore, a regulatory filing said. The first tranche would be worth Rs 3,000 crore and the second of Rs 650 crore, it added. The company did not disclose where this amount would be utilised. However, it would be used for expansion of its commercial real estate business, sources said.