Embassy Office Parks REIT Fully Redeems ₹1,100 Crore Debentures Early

Embassy Office Parks REIT, the office investment trust sponsored by Embassy Group, completed the full redemption of its ₹1,100 crore non-convertible debentures on 16 October 2026. The payment was made two days ahead of the scheduled maturity date of 18 October 2026, and the outstanding amount on the instrument is now nil.

The series, identified by ISIN INE041007084 and listed on the BSE, was redeemed on maturity grounds. Alongside the principal, the REIT paid its final quarterly interest of ₹3.82 crore on the same day, against an interest due date of 18 October. The exchange intimation for the transaction was filed on 16 October 2026.

Redemption terms and instrument details

Filings describe the redeemed debentures as Series VB, also labelled Series V Tranche B in some documents. The series comprised 11,000 debentures of ₹10 lakh each, which adds up to the ₹1,100 crore redeemed. Catalyst Trusteeship Limited acts as debenture trustee, under a trust deed dated 18 October 2021 that was amended on 1 December 2025.

The instrument carried a coupon of 7.05 per cent, paid quarterly, and holds an AAA rating from CRISIL. The interest record date was 3 October 2026.

• Principal redeemed: ₹1,100 crore
• Final interest paid: ₹3.82 crore
• Redemption executed: 16 October 2026 (Friday)
• Original maturity and interest due date: 18 October 2026
• Outstanding amount after redemption: nil

The early clearance reduces the REIT's near-term debt maturities. Market commentary has read the move as a sign of active liquidity management, while noting that it also retires an interest-bearing instrument held by investors.

Bengaluru, the REIT's anchor market

Bengaluru remains the centre of the REIT's portfolio. According to the company's Q1 FY27 earnings presentation, the city accounts for 28 per cent of pan-India office leasing, with the Bangalore market leading absorption on the back of demand from global capability centres. Embassy TechVillage, one of the trust's assets, sits on the Outer Ring Road, while Embassy One lies on the main road linking the international airport to the central business district.

The REIT's portfolio and recent capital activity

Embassy Office Parks REIT was India's first publicly listed REIT and is described as the largest office REIT in Asia by area. Its portfolio spans 52.5 million sq ft across five Indian cities, namely Bengaluru, Mumbai, Pune, the National Capital Region and Chennai. It includes 14 commercial offices, 1,730 hotel keys and a 100 MW solar park. The REIT is listed on the NSE under the symbol EMBASSY and on the BSE under code 542602, and its manager is Embassy Office Parks Management Services Private Limited.

The Q1 FY27 presentation reported 285 occupiers, 90 per cent occupancy by area and 93 per cent by value. Mumbai stood at 100 per cent, Bengaluru at 95 per cent, Noida at 93 per cent and Chennai at 92 per cent by value. On 16 October 2026, the REIT also announced a GRESB 2026 score of 100 per cent for its development portfolio, ranking first in the Asia office peer group. Chief executive Amit Shetty commented on the result.

Earlier in the year, the REIT raised ₹1,400 crore through 10-year NCDs carrying a 7.49 per cent coupon in March 2026. On 25 September 2026, it issued ₹1,000 crore of three-year floating-rate NCDs, priced at 150 basis points over three-month MIBOR OIS with an initial coupon of 6.97 per cent and rated AAA/Stable by CARE. The issue was fully subscribed by a European multinational bank and was the first trust-level financing by a scheduled commercial bank to an Indian REIT. In September, the REIT also decided not to redeem ₹1,000 crore of Series VI NCDs at their 5 October 2026 call date. On 7 October 2026, the board approved the acquisition of 8,048 sq ft of retail space at FIFC in Mumbai.

What comes next

The REIT's board will meet on 28 October 2026 to consider the Q2 FY27 results and distributions for the September quarter. An earnings call is scheduled for 29 October 2026. The record date for the distribution is 31 October 2026, with payment due by 6 November 2026. The trading window for designated persons remains closed from 30 September 2026 until 48 hours after the Q2 FY27 results are declared.