Appreciating efforts of all who provided such a powerful IDE, EmBlocks.
This is a handy tool written in C# to import TrueStudio project file of the STM32CubeMX output for STM32F4 family to generate EmBlocks project file (including compiler options for debug and release and debugger as well as copying loader file) in the same folder. The created project file can be opened in EmBlocks. Although it's been tailored for personal use, it can be easily modified for use with other STM32 families with other options.
Hopefully, this may be useful for others.