Embassy REIT board approves fundraising up to Rs 1000 cr

At the meeting of March 17, 2022

The Board of Directors of Embassy Office Parks Management Services, manager of Embassy Office Parks REIT (Embassy REIT), at its meeting on March 17, 2022, approved the following –

Raising funds approved through the issuance of listed, rated, secured, redeemable, transferable and rupee-denominated non-convertible debentures aggregating up to Rs 1000 crore in one or more tranches by Embassy REIT to be used for ongoing growth initiatives, including development and acquisition(s), investment in the holding company, special purpose structures or investment entity of the Embassy REIT, including through debt underwriting and for general purposes, subject to applicable law at the discretion and in such manner as may be approved by the Board of Directors.

Endorsement of Embassy REIT’s commitment to achieve net zero carbon emissions in its operating portfolio by 2040, three decades ahead of India’s 2070 target announced at the COP26 Glasgow Summit in 2021 in (i) increasing the use of renewable energy through internal and third-party initiatives; (ii) reduce the energy footprint of existing facilities by investing to improve energy efficiency; (iii) partnering with key occupants, suppliers and contractors to develop joint action plans to reduce emissions; (iv) integrating sustainability criteria into pre-acquisition due diligence; and (v) compensation of residual emissions by carefully selected projects.

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