Embassy REIT Board approves fund raising up to Rs 1000 cr

23 Mar 2022 , 01:33 AM

The Board of Embassy Office Parks Management Services Manager to Embassy Office Parks REIT Embassy REIT at its meeting held on 17 March 2022 has approved the following – Approved fund raising by way of issuance of listed rated secured redeemable transferable rupee denominated non-convertible debentures aggregating up to Rs 1000 crore in one or more tranches by Embassy REIT to be utilized towards ongoing growth initiatives including development and acquisitions investment in the holding company special purpose vehicles or the investment entity of the Embassy REIT including through subscription to debt securities and general purposes subject to applicable law at the discretion of and in such manner as may be approved by the Board Approved Embassy REITs commitment to achieve net zero carbon emissions across its operational portfolio by 2040 three decades ahead of Indias 2070 target announced at the Glasgow COP26 summit in 2021 by i increasing usage of renewable energy through both internal and third-party initiatives; ii reducing energy consumption footprint of existing facilities by investing to improve energy-efficiency; iii partnering with key occupiers suppliers and contractors to develop joint action plans towards reducing emissions; iv embedding sustainability criteria in pre-acquisition due diligence; and v offsetting residual emissions through carefully selected projects