Embassy Office Parks REIT, India’s first publicly listed real estate investment trust, has successfully completed an issuance of ₹750 crore worth of Indian rupee-denominated, listed, rated, secured, transferable, redeemable non-convertible debentures (NCDs).
This latest NCD issuance strengthens Embassy REIT’s debt profile and provides capital to fund ongoing operational requirements, including debt refinancing, working capital, and general corporate purposes.
Also read: Kalpataru Limited Files for ₹15.90 Billion IPO — AZB Advises Bookrunners
Parties Involved
| Role | Entity |
|---|---|
| Issuer | Embassy Office Parks REIT |
| Legal Advisor | Talwar Thakore & Associates (TT&A) |
| Debenture Type | INR-denominated, Listed, Secured, Rated NCDs |
| Issue Size | ₹750 crore |
| Sector | Real Estate (Commercial – REIT) |
TT&A Deal Team
The TT&A team advising on the transaction was composed of experienced lawyers from the firm’s capital markets and financial regulatory practice:
Nidhi Rani – Partner
Prakrati Shah – Managing Associate
Adesh Sharma – Associate
The team advised on structuring, drafting of transaction documents, regulatory compliance, listing formalities, and closing-related matters.
This is TT&A’s second advisory role for Embassy REIT in 2025 — the firm had previously advised on a ₹2,000 crore NCD issuance in May 2025.
About Embassy REIT
Embassy Office Parks REIT is India’s pioneering listed real estate investment trust, focused on owning and operating income-generating commercial office assets.
Its portfolio includes approximately 51.1 million square feet of space across:
Nine large-scale business parks
Four city-center office properties
These assets are strategically located in high-demand urban hubs such as:
Bangalore
Mumbai
Pune
National Capital Region (NCR)
Embassy REIT’s tenants include several global Fortune 500 companies, contributing to strong, stable cash flows and consistent investor returns.
Key Transaction Highlights
The ₹750 crore NCD issuance was listed and rated, ensuring both investor protection and market credibility.
The debentures are secured and redeemable, designed for medium-term tenure.
The transaction enhances Embassy REIT’s funding mix and optimizes capital structure.
TT&A’s advisory scope included complete legal lifecycle coverage — from due diligence and documentation to listing and closing.
Strategic Significance
As one of India’s most prominent REITs, Embassy continues to demonstrate innovative capital raising strategies. The use of listed NCDs provides access to institutional fixed-income investors and allows for cost-effective long-term debt financing.
This issuance supports Embassy’s ability to de-leverage, manage capital efficiently, and ensure sustainable distribution yields to its unitholders.
Why It Matters
With growing appetite for REIT-backed debt instruments, listed NCDs are becoming a preferred mechanism for capital mobilization.
The deal reinforces the trend of REITs actively participating in India’s corporate debt markets.
For legal advisors, navigating SEBI REIT regulations, NCS (Non-Convertible Securities) norms, and exchange listing procedures requires deep domain expertise — a role that firms like TT&A are increasingly known for.
Also read: Trilegal Advises Times Internet on Dream11’s Investment in Cricbuzz and Willow
For more legal deal updates and analysis, stay tuned to TheCourtroom.in
Disclaimer
This article is for informational purposes only and does not constitute legal or financial advice. Readers should consult professionals before making decisions.
