Embassy Office Parks REIT said that its board had approved fund-raising of up to Rs 1000 crore through the issuance of listed, secured, redeemable, and rupee-denominated non-convertible debentures (NCDs) in one or more tranches.

The board of Embassy Office Parks Management Services Pvt Ltd, the manager to Embassy REIT, met on Thursday.

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“The funds would be utilized towards 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,” the company said in a regulatory filing.