Embassy REIT Raises ₹1,000 Crores in Landmark First Bank Financing at REIT Trust Level

Becomes the first Indian REIT to access funding from a scheduled commercial bank at the trust level under the RBI's new REIT lending framework

Embassy Office Parks REIT (NSE: EMBASSY / BSE: 542602) ('Embassy REIT'), India's first listed REIT and the largest office REIT in Asia by area, today announced that it has raised ₹1,000 crores through the issuance of three-year floating-rate Non-Convertible Debentures ("NCDs"), fully subscribed by a leading European multinational bank.

The transaction marks the first financing by a scheduled commercial bank to an Indian REIT at the trust level, following the Reserve Bank of India's landmark framework announced in June 2026 permitting commercial banks to finance REITs. The NCDs have been priced at a spread of 150 basis points over the agreed three-month MIBOR OIS benchmark, translating into an initial coupon of 6.97%.

Amit Shetty, Chief Executive Officer of Embassy REIT, said,"This ₹1,000 crore fundraise is a significant milestone for Embassy REIT and for the evolution of India's REIT market. Continued regulatory support from SEBI and RBI has strengthened access to long-term funding for REITs. This new framework opens an important source of institutional capital that complements traditional capital market funding and further deepens the financing ecosystem. As India's first listed REIT, we are pleased to once again lead the way with the first bank financing at the trust level. This landmark transaction reflects the strength of our balance sheet, the quality of our portfolio, and reinforces Embassy REIT's position as the strongest credit in Indian real estate."

Transaction Highlights

• ₹1,000 crores raised through Embassy REIT Series XVIII NCDs
• Three-year tenor with an initial coupon rate of 6.97%
• Pricing at 150 basis points over the three-month MIBOR OIS benchmark
• Coupon to reset every three months in line with the movement in the benchmark
• Fully subscribed by a leading European multinational bank
• Marks the first financing by a scheduled commercial bank to an Indian REIT at the trust level following the RBI's new REIT lending framework
• NCDs rated "AAA/Stable" by CARE

About Embassy REIT

Embassy REIT is India's first publicly listed Real Estate Investment Trust and the largest office REIT in Asia, by area. Embassy REIT owns and operates a portfolio of over 52 million square feet of world-class office spaces across India's key gateway markets, including Bengaluru, Mumbai, Pune, the National Capital Region (NCR) and Chennai. The portfolio comprises 14 premium office ecosystems, including large, integrated office parks and city-centre office assets, and is home to 285 leading global and domestic corporations. In addition to office assets, the portfolio includes strategic amenities such as five operational business hotels, two hotels under development, and a 100 MW solar park that supplies renewable energy to tenants. Embassy REIT's industry-leading ESG programme has received multiple accolades from globally recognised institutions, including GRESB, USGBC LEED, the British Safety Council, among others. In 2023, Embassy REIT was included in the Dow Jones Sustainability Indices, becoming the first REIT in India to be recognised for its sustainability initiatives by a leading global benchmark. For more information, please visit www.embassyofficeparks.com.

Adani Enterprises Announces ₹1,000 cr NCD Issue Offering up to 9.30% P.A.

Adani Enterprises Limited (“the Company” or “AEL”), the flagship company of the Adani Group and India’s largest listed business incubators in terms of market capitalization with a long track record of creating sustainable infrastructure businesses since 1993, has announced the launch of its second public issuance of secured, rated, listed redeemable, non-convertible debentures. AEL’s first NCD issuance of ₹800 crore, launched in September last year, was fully subscribed on the first day.

“The second public issuance of NCDs by AEL, further deepens our commitment to inclusive capital markets growth and retail participation in long-term infrastructure development. This new issuance follows the strong market response to AEL’s debut NCD offering, which witnessed capital appreciation for debt investors after a rating upgrade within six months, reflecting the Group’s consistent delivery and financial robustness,” said Jugeshinder ‘Robbie’ Singh, Group CFO, Adani Group. “As the incubator of India’s most critical energy and transport utility platforms including Adani Ports & SEZ, Adani Energy Solutions, Adani Power, and Adani Green Energy, AEL is now successfully scaling the next generation of infrastructure businesses across airports, roads, data centers, and the green hydrogen ecosystem. Each of these verticals is poised to play a transformative role in India’s journey toward a $5 trillion economy,” he added.

AEL is the only corporate (outside of NBFCs) offering a listed debt product for retail investors, thereby creating a rare opportunity for individual and non-institutional investors to participate in India’s infrastructure growth story. With the recent rate cuts and the beginning of a softer interest rate cycle, the AEL NCD issue comes at an opportune time for investors seeking stable, fixed-income avenues. Offering competitive yields compared to similarly rated NCDs and fixed deposits, this public issue presents a valuable proposition for the investors. 

The proposed NCDs have been rated “Care AA-; Stable” and “[ICRA]AA- (Stable)”. CARE Ratings first upgraded the credit rating of AEL on 19 February 2025 and reaffirmed the rating on 18 June 2025. ICRA assigned ‘“[ICRA]AA- (Stable)’ rating on 28 March 2025 and reaffirmed it on 17 June 2025. Securities with this rating are considered to have a high degree of safety regarding timely servicing of financial obligations. Such securities carry very low credit risk.

The base size issue is ₹500 crore, with an option to retain over-subscription up to an additional ₹500 crore (“Green Shoe Option”) aggregating up to ₹1,000 crore (“Issue” or “Issue Size”). The Issue will open on 9 July 2025, and close on 22 July 2025, with an option of early closure or extension.

The NCDs have a face value of ₹1000 each. Each application will be for a minimum of 10 NCDs and in multiples of 1 NCD thereafter. The minimum application size would be ₹10,000.

At least 75% of the proceeds from the issuance will be utilized towards the prepayment or repayment, in full or in part, of the existing indebtedness availed by the Company, and the balance (up to a maximum of 25%) for general corporate purposes.

Nuvama Wealth Management Limited, Trust Investment Advisors Private Limited and Tipsons Consultancy Services Private Limited are the Lead Managers to the Issue.

The NCDs are available in tenors of 24 months, 36 months and 60 months with quarterly, annual and cumulative interest payment options across eight series.

Series	I	II	III	IV*	V	VI	VII	VIII
Frequency of Interest Payment	Annual	Cumulative	Quarterly	Annual	Cumulative	Quarterly	Annual	Cumulative
Tenor	24 Months	24 Months	36 Months	36 Months	36 Months	60 Months	60 Months	60 Months
Coupon (% per annum) for NCD Holders in all Categories	8.95%	NA	8.85%	9.15%	NA	9.00%	9.30%	NA
Effective Yield (% per annum) for NCD Holders in all Categories	8.95%	8.95%	9.14%	9.14%	9.15%	9.30%	9.29%	9.30%
Redemption Amount (₹ / NCD) on Maturity for NCD Holders in all Categories	₹ 1,000	₹ 1,187.01	₹ 1,000	₹ 1,000	₹ 1,300.70	₹ 1,000	₹ 1,000	₹ 1,560.30
Maturity/Redemption Date (from the Deemed Date of Allotment)	24 Months	24 Months	36 Months	36 Months	36 Months	60 Months	60 Months	60 Months
Put and Call Option	Not Applicable
Face Value/ Issue Price of NCDs (₹/ NCD)	₹ 1,000
Minimum Application size and in multiples of NCD thereafter	₹10,000 (10 NCDs) and in multiple of ₹1,000 (1 NCD) thereafter.
Mode of Interest Payment	Through various modes available
Nature of Indebtedness	Secured

*The Company shall allocate and allot Series IV NCDs (36 months – annual option) wherein the Applicants have not indicated the choice of the relevant NCD Series.

Adani Enterprises to Raise ₹1,000 Crore via NCD Issue

Adani Enterprises has announced a public issue of non-convertible debentures (NCDs) to raise up to ₹1,000 crore. This includes a base issue size of ₹500 crore with a green shoe option for an additional ₹500 crore, all carrying a face value of ₹1,000. The draft prospectus has been filed with BSE, NSE, and SEBI. This fundraising is part of a broader ₹2,000 crore capital plan approved in October 2024.

While the draft offer document does not specifically earmark use of proceeds, the issuance aligns with Adani’s aggressive infrastructure investment strategy. The group is investing ₹15–20 billion annually across its energy, transport, and digital businesses. A major focus is its airport vertical, particularly the modernization of Mumbai International Airport (MIAL), under its subsidiary Adani Airports Holdings Ltd.

Recently, the company secured $1 billion in project finance for MIAL to support its capacity enhancement and sustainability initiatives. Key efforts include upgrading terminals and runways, integrating advanced digital systems to enhance passenger experiences, and achieving net-zero emissions by 2029.

The NCD issuance not only strengthens Adani’s financial flexibility but also reinforces its pivotal role in driving India’s infrastructure transformation. With growing emphasis on renewable energy, green mobility, and smart airports, this move positions Adani Enterprises at the forefront of the country’s next wave of development.

Adani Enterprises Announces Maiden Public Issuance of Secured NCDs

Adani Enterprises Limited (AEL), the flagship company of the Adani Group, has announced its maiden public issuance of secured non-convertible debentures (NCDs) to raise up to ₹800 crore. Below are key information about the same:

Issue Dates: The NCD issue will open on September 4 and close on September 17, 2024, with an option for early closure or extension.

Credit Rating: The NCDs proposed to be issued have been rated "CARE A+; positive" by CARE Ratings Ltd. Securities with this rating are considered to have an adequate degree of safety regarding timely servicing of financial obligations and carry low credit risk.

Offering Details: AEL's offering includes up to 80 lakh NCDs, each with a face value of ₹1,000. The base size issue is ₹400 crore, with an option to retain oversubscription up to an additional ₹400 crore (greenshoe option), aggregating up to ₹800 crore.

Use of Proceeds: The proceeds from the issue will primarily be used for prepayment or repayment (at least 75%) of existing indebtedness and general corporate purposes (up to 25%) in compliance with SEBI regulations.

Lead Managers: Trust Investment Advisors Pvt Ltd, A K Capital Services Ltd, and Nuvama Wealth Management Ltd are the lead managers to the issue.

Tenors and Interest Payment Options: The NCDs are available in tenors of 24 months, 36 months, and 60 months, with quarterly, cumulative, and annual interest payment options across eight series.

U GRO Capital redeems NCDs worth Rs.50 Cr To Pay Back Entire Debt to Sachin Bansal's Firm

U GRO Capital, a BSE listed, technology-enabled small business lending platform, announced that it has decided to redeem non-convertible debentures (NDC) worth Rs.50 crore with the face value of Rs. 10 lakh each before the maturity date. The early redemption of NCDs underlines U GRO Capital’s well-capitalised business model and inherent balance sheet strength at a time when most NBFCs are struggling with liquidity stress. 

The liquidity scenario has worsened in the NBFC sector, as despite offering moratorium to the borrowers in line with the RBI notification, NBFCs haven’t received similar reprieve from the banks. 

are going through liquidity crunch Although the NBFCs have offered moratorium to their borrowers in line with the RBI notification, they haven’t received similar reprieve from the banks to manage the liquidity crunch. However, despite offering moratorium options to its borrowers, U GRO Capital managed to redeem NCDs before the maturity date banking on its conservative asset liability mismatch and liquidity-related policies. 

“In a challenging market scenario, our ability to honour the liability underlines the strength of our business model in withstanding liquidity stress. We maintain the highest level of corporate governance which has led to an extremely conservative asset liability mismatch policy. We have created a granular and diversified liability line which includes multiple terms loans from PSU and private sector banks. We have also actively securitised portfolios. All these have enabled us in facilitating the early redemption of the NCDs in a pretty challenging economic environment,” said Shachindra Nath, Executive Chairman and Managing Director, U GRO Capital.  

A Sachin Bansal-owned entity bought NCDs worth Rs.50 crore on October 3, 2019.

U GRO capital is one of the few tech-based small business lending platforms that have received a long-term rating of 'A' with a stable outlook and a short-term rating of 'A1' by Acuité within six months of starting its commercial operations. The company broke even in the first year.