Embassy Office Parks REIT approves fundraising of Rs. 1,000 crores, reduce carbon emissions

The board of directors of Embassy Office Parks Management Services Private Limited, manager of Embassy Office Parks REIT (“Embassy REIT”), at its meeting held on March 17, 2022 by audio-visual electronic communication, approved the raising of funds by issuance of listed, rated, secured, redeemable, transferable and rupee-denominated non-convertible debentures aggregating up to INR 10,000 million (ten thousand million Indian rupees only) in one or more tranches by Embassy REIT to be used for ongoing growth initiatives, including development and acquisition(s), investment in the holding company, special purpose entities or investment entity of Embassy REIT, including through subscription of debt securities and general purposes, subject to applicable law at the discretion and in such manner as may be approved by the Panel. The Board has authorized the Debenture Committee to approve and take all decisions and actions relating to any proposed issuance of Debentures.

The board also approved Embassy REIT’s commitment to achieve net zero carbon emissions in its operating portfolio by 2040, three decades ahead of India’s 2070 target announced at the COP26 Glasgow summit. in 2021 by (i) increasing the use of renewable energy both internally and through third-party initiatives; (ii) reduce the energy footprint of existing facilities by investing to improve energy efficiency; (iii) partnering with key occupants, suppliers and contractors to develop joint action plans to reduce emissions; (iv) integrating sustainability criteria into pre-acquisition due diligence; and (v) compensation of residual emissions by carefully selected projects.

Embassy Office Parks REIT shares last traded in BSE at Rs. 377.44 from the previous close of Rs. 379.45. The total number of shares traded during the day was 17,209 in over 574 trades.

The stock hit an intraday high of Rs. 383.90 and intraday low of 368.25. Net turnover during the day was Rs. 6443658.00.

Source: Stock market bulls

Key words

Fund raising