Three‑year floating‑rate NCDs. Embassy Office Parks REIT raised ₹1,000 crore on September 25, marking the first scheduled commercial bank financing to an Indian REIT at the trust level under the RBI’s new June 2026 framework.
The NCDs were priced at a spread of 150 basis points over the three‑month MIBOR OIS benchmark. The initial coupon sits at 6.97% and will reset every three months in line with benchmark movements.
Embassy REIT Series XVIII earned a ‘AAA/Stable’ rating from CARE. The full subscription came from a European multinational bank, underscoring confidence in the REIT’s credit profile.
This financing is a landmark under the RBI’s expanded framework, which now allows scheduled commercial banks to lend directly to REITs at the trust level. The move could open up new capital‑raising avenues for other listed REITs in India.
By locking in a three‑year source of debt, Embassy Office Parks REIT positions itself to support portfolio growth across Bengaluru, Mumbai, Pune, NCR and Chennai without immediately diluting equity.