Embassy REIT Exercises Call Option to Redeem ₹1,000 Crore Series VI NCDs

Series VI NCDs Redemption Exercise

Embassy Office Parks REIT has intimated its intention to exercise the call option for the redemption of Series VI Non-Convertible Debentures (NCDs) aggregating ₹1,000 crore. Redemption is slated for October 5, 2026 under the amended trust deed.

Decision Timeline

The REIT manager will notify debenture holders and the trustee by September 14, 2026, regarding whether the securities will be redeemed on the first call option date of October 5, 2026. Embassy REIT must deliver a Call Option Notice-2 to debenture holders at least three business days prior to the call option date if it proceeds with redemption, requiring issuing the notice on or before September 29, 2026.

Debenture Details

The issuance was governed by a Debenture Trust Deed dated March 31, 2022, as amended on December 1, 2025. Catalyst Trusteeship Limited acts as debenture trustee. The ISIN for the debentures is INE041007092.

Context: REIT Debt Management

Embassy Office Parks REIT owns and operates a 52.5 million square feet portfolio of ten infrastructure-like office parks and four city-centre office buildings in India's best-performing office markets of Bengaluru, Mumbai, Pune, and the National Capital Region and Chennai. The REIT has been active in managing its capital structure through multiple debt instruments in recent months. In February 2026, Embassy Office Parks REIT approved the issuance of listed, rated, secured, redeemable non-convertible debentures aggregating up to ₹1,400 crore, aimed at refinancing existing debt and funding capital expenditure at its SPVs. The REIT also issued Series XVII Debentures worth ₹700 crore on a private placement basis, with proceeds used for debt repayment and capital expenditure.

Credit Rating

CARE reaffirmed Embassy REIT ratings at AAA/Stable for NCDs and issuer, and A1+ for CPs.