Embassy Office Parks REIT has received positive credit rating updates from two leading rating agencies for its Commercial Paper programme. CRISIL Ratings Limited has revalidated the CRISIL A1+ rating, while CARE Ratings Limited has reaffirmed the CARE A1+ rating for the REIT's Commercial Paper issuances.

Credit Rating Details

The rating actions cover Embassy REIT's Commercial Paper programme with specific parameters and timelines:

Rating Significance

Both rating agencies emphasize the strong credit profile reflected in the A1+ ratings. According to CRISIL, securities with A1+ rating are considered to have very strong degree of safety regarding timely payment of financial obligations and carry the lowest credit risk. The ratings remain valid throughout the life of the Commercial Paper programme, subject to continuous surveillance by both agencies.

Validity and Compliance

CRISIL's revalidation letter is valid for 60 calendar days from April 06, 2026, for the purpose of issuing the Commercial Paper programme. CARE Ratings has specified that the rating should be revalidated if the issue is not made within two months from April 07, 2026, i.e., by June 06, 2026.

Verification Status

Both rating agencies have completed their verification processes:

The REIT has disclosed this information under Regulation 23(5) of the SEBI (Real Estate Investment Trusts) Regulations, 2014, ensuring compliance with regulatory requirements for credit rating disclosures. The rating letters from both agencies provide detailed terms and conditions for the Commercial Paper programme, including surveillance provisions and reporting requirements.

Embassy Office Parks REIT 's debenture committee has approved a significant commercial paper issuance worth ₹1,100 crores, structured across two tranches to support the company's debt management and working capital requirements. The decision was taken during a committee meeting held on April 07, 2026, demonstrating the REIT's continued focus on optimizing its capital structure.

Commercial Paper Issuance Details

The approved commercial paper program, designated as CP Tranche X Issue, has been structured into two distinct components with varying tenures and amounts:

Regulatory Framework and Conditions

The debenture committee's approval comes with specific regulatory safeguards to maintain prudent debt management practices. The issuance has been approved with the condition that the total outstanding amount raised by Embassy REIT, its SPVs, and Holdco through commercial papers does not exceed 10% of Embassy REIT's consolidated outstanding debt.

This commercial paper issuance falls under the broader debt raising framework previously approved by the Board of Directors. The board had earlier sanctioned debt raising up to an aggregate amount of ₹10,500 crores through meetings held on April 23, 2025, and July 31, 2025, for various purposes including refinancing existing debt.

Fund Utilization Strategy

The proceeds from the CP Tranche X Issue will serve dual purposes in Embassy REIT's financial strategy:

• Debt Repayment: Refinancing and repayment of existing debt obligations
• Working Capital: Supporting operational requirements of Embassy REIT, its Special Purpose Vehicles (SPVs), and Holdco

Meeting Details

The debenture committee meeting was conducted efficiently, commencing at 1732 Hrs IST and concluding at 1748 Hrs IST on April 07, 2026. The meeting outcome was communicated to both the National Stock Exchange of India Limited and BSE Limited, ensuring compliance with regulatory disclosure requirements under Regulation 30.

This commercial paper issuance represents Embassy REIT's strategic approach to maintaining liquidity while managing debt costs effectively through short-term funding instruments.