Embassy Developments Approves Massive Increase in Non-Convertible Debenture Issue Size through Private Placement
Embassy Developments Limited, formerly Equinox India Developments Limited, has approved a significant increase in the issuance size for its non-convertible debentures (NCDs). The approval was granted by the company's Board's constituted committee and allows Embassy to raise funds up to INR 1,570 crores through a private placement strategy.The decision involves issuing senior, secured, redeemable, unrated, unlisted NCDs having a face value of INR 1,00,000/- each. This move expands the scope from an initial proposed issue size of up to INR 400 crores to the new total capacity of up to INR 1,570 crores.
The authorization serves as an enabling directive for issuing these debentures in one or more tranches, allowing the company flexibility to raise capital as needed. The funds raised are designated for various corporate purposes, including refinancing existing debt, project construction, working capital requirements, and general corporate needs.
Key details regarding the proposed securities issuance include:
| Particulars | Details |
|---|---|
| Type of Securities | Senior, secured, redeemable, unrated, unlisted non-convertible debentures (NCDs) |
| Issuance Type | Private Placement |
| Maximum Issue Size | Upto INR 1,570 crores |
| Security Status | Secured by a charge on the identified assets of the Company and/or its subsidiaries |
| Listing Status | Not proposed to be listed at any stock exchange |
The debentures are structured such that the tenure and coupon/interest rate schedule may be determined by the Board's constituted committee. The repayment details, including the manner of redemption for the debentures, will be mutually agreed upon between the relevant parties.
EMBDL Stock Price Movement
Embassy Developments Limited shares on Monday slipped by 0.75% to settle at ₹62.68 after trading within a tight range between the day's low of ₹62.2 and a high of ₹63.54. The stock saw activity from 1.74 million shares, reflecting continued pressure in the realty sector.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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