Embassy Office Parks REIT decides not to redeem ₹11,000 crore NCDs
Embassy Office Parks REIT has decided not to exercise the call option for Series VB Non-Convertible Debentures aggregating to ₹11,000,000,000 on July 18, 2026. The REIT informed the debenture holders and the debenture trustee, Catalyst Trusteeship Limited, that it will not issue the call option notice. The debentures were issued under a Debenture Trust Deed dated October 18, 2021.
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Embassy Office Parks REIT has decided not to exercise the call option for Series VB Non-Convertible Debentures aggregating to ₹11,000,000,000 on July 18, 2026. The REIT communicated this decision to the debenture holders and the debenture trustee, Catalyst Trusteeship Limited, stating that it will not issue the call option notice required for redemption. The ISIN for the debentures is INE041007084.
The Second Call Option Date under the Debenture Trust Deed is July 18, 2026. As per the terms, the issuer had the right to redeem all the debentures in full on this date by delivering a call option notice at least three business days prior, i.e., by July 14, 2026. However, the REIT confirmed that it will not exercise this option.
The decision was communicated in accordance with Regulation 15 read with Regulation 23(7) of the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021. The debentures were issued pursuant to a Debenture Trust Deed dated October 18, 2021, as amended on December 01, 2025.
Key Details of the Debentures
| Feature | Details |
|---|---|
| Issuer | Embassy Office Parks REIT |
| Debenture Series | Series VB Non-Convertible Debentures |
| Aggregate Amount | ₹11,000,000,000 |
| Second Call Option Date | July 18, 2026 |
| ISIN | INE041007084 |
| Debenture Trustee | Catalyst Trusteeship Limited |
The notice was issued by Vinitha Menon, Head - Company Secretary and Compliance Officer, on behalf of Embassy Office Parks REIT acting through its Manager, Embassy Office Parks Management Services Private Limited.
Historical Stock Returns for Embassy Office Parks REIT
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.49% | -0.25% | +0.67% | -3.41% | +7.91% | +28.20% |
How will the decision to retain the ₹11,000 crore debt impact Embassy Office Parks REIT's leverage ratios and overall credit profile?
What are the prevailing interest rate environments and borrowing costs for REITs, and did this influence the decision against refinancing?
How will investors react to the extension of the debenture tenure in terms of the REIT's unit price and yield spreads?
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