Embassy Developments Completes First Tranche NCD Allotment of ₹250 Crore

Embassy Developments Completes First Tranche NCD Allotment of ₹250 Crore

Embassy Developments completed the allotment of ₹250 crore worth of NCDs on January 30, 2026, comprising 25,000 NCDs of ₹1,00,000 face value each.

Debt Instrument Structure

The allotment took place under a committee-approved fundraising programme of up to ₹400 crore in non-convertible debentures on a private placement basis. The NCDs carry a tenure of 42 months from allotment and an 11% coupon rate per annum, payable quarterly after a 6-month moratorium.

The instruments are senior, secured, unrated, and unlisted debentures, not proposed to be listed on any stock exchange.

Use of Proceeds

The stated uses of NCD proceeds include refinancing existing indebtedness, project construction, working capital requirements, and other general corporate purposes.

Company Background

Embassy Group is an Indian real estate developer based in Bengaluru, established in 1993. The company has a presence across seven Indian cities with more than 40 residential and commercial projects spanning 38 million square feet of leasable and saleable area, and a land bank of 3,251 acres.

As of FY26, the total estimated gross development value (GDV) of its portfolio stood at around ₹57,700 crore. For FY26, the company's pre-sales stood at ₹4,631 crore with collections of ₹1,673 crore, while it launched six projects with a GDV of ₹16,300 crore and incurred construction expenditure of ₹1,182 crore during the year.

Expanded Fundraising Authorization

In July 2026, the company's board committee approved raising an additional ₹1,170 crore via privately placed NCDs, increasing the total authorised issue size from ₹400 crore to ₹1,570 crore.