Embassy Office Parks REIT has successfully completed the allotment of commercial papers worth ₹500 crores, with the Debenture Committee approving the final allocation at a yield of 7.15%. The committee, through a resolution passed by circulation on March 13, 2026, formalized the allotment following the initial approval granted on March 11, 2026.

Allotment Details and Yield Structure

The CP Tranche IX Issue has been structured with specific parameters to optimize the REIT's capital costs while maintaining regulatory compliance. The commercial papers carry a competitive yield structure aligned with current market conditions:

Regulatory Compliance and Documentation

The allotment follows comprehensive regulatory procedures under Regulation 30, with the REIT maintaining transparency through proper documentation. The Key Information Document dated March 11, 2026, outlines the complete terms and conditions including tenure, allotment dates, maturity schedule, and payment terms. The commercial papers will be issued on a private placement basis, ensuring efficient capital raising while meeting institutional investor requirements.

Strategic Purpose and Utilization

The proceeds from the CP Tranche IX Issue will serve dual purposes for Embassy REIT's financial operations. The funds will be utilized for repayment of existing debt obligations and working capital requirements across Embassy REIT, its Special Purpose Vehicles (SPVs), and Holdco entities. This approach reflects the REIT's strategy to optimize its debt structure while maintaining operational liquidity within the maximum limit of 10% of consolidated outstanding debt.

Broader Debt Management Framework

The commercial paper issuance operates within the broader debt raising program previously approved by Embassy REIT's Board of Directors. The Board had sanctioned debt raising up to ₹10,500 crores through meetings held on April 23, 2025, and July 31, 2025, providing the framework for various debt instruments including the current commercial paper issue. The systematic approach demonstrates the REIT's commitment to maintaining optimal capital structure while ensuring adequate liquidity for operational requirements.

Embassy Office Parks REIT has received dual credit rating confirmations for its Commercial Paper programme, with CRISIL Ratings Limited revalidating its CRISIL A1+ rating and CARE Ratings Limited reaffirming its CARE A1+ rating. The ratings cover the REIT's Rs.2000 crore Commercial Paper programme, as disclosed under Regulation 23(5) of the SEBI (Real Estate Investment Trusts) Regulations, 2014.

Dual Rating Agency Confirmations

The REIT secured rating confirmations from both major credit rating agencies within a day of each other. CRISIL Ratings issued its revalidation on March 09, 2026, while CARE Ratings provided its reaffirmation on March 10, 2026. Both A1+ ratings signify a very strong degree of safety regarding timely payment of financial obligations, carrying the lowest credit risk.

Programme Coverage and ISIN Details

The rating confirmations cover multiple ISINs under the Commercial Paper programme. The ratings apply to three active ISINs, with one ISIN (INE041014056) having been redeemed as of the disclosure date.

Rating Validity and Terms

CRISIL's rating letter remains valid for 60 calendar days from March 09, 2026, for issuing new commercial papers under the programme. CARE Ratings has set a validity period until May 09, 2026, requiring revalidation if the issue is not made within two months. Once instruments are issued, both ratings remain valid throughout the life of the Commercial Paper programme, which has a maximum maturity of one year.

Regulatory Compliance and Disclosure

The disclosure was made in compliance with SEBI REIT Regulations, with the REIT informing both the National Stock Exchange of India Limited and BSE Limited about the dual rating confirmations. The communication was signed by Vinittha Menon, Head - Company Secretary and Compliance Officer, on behalf of Embassy Office Parks Management Services Private Limited, which acts as the manager for Embassy Office Parks REIT.

Both rating agencies maintain continuous surveillance of all assigned ratings and reserve the right to withdraw or revise ratings based on new information or changing circumstances that may impact the credit assessment.

Source: None/Company/INE041025011/51bf302a-165f-4232-83d2-8a7906401a7c.pdf