Embassy to take control of Indiabulls Real Estate after merging 11 projects

Embassy Group will merge 11 residential and commercial projects with Indiabulls Real Estate as part of an all-stock deal where it will take control of the Mumbai-listed developer. Indiabulls said in a stock exchange filing that chairman Sameer Gehlaut will cease to be its promoter after the merger and that Embassy chairman Jitendra Virwani and his related entities will be the new promoters. Gehlaut has sold a bunch of his realty assets to move away from the sector and focus on the financial services business.Embassy and Indiabulls Real Estate had first announced the planned merger in January. The deal also involved the merged entity raising $200 mn (Rs.14 bn then) from private equity firm Blackstone and others.

Contact: Embassy Group.

Website: www.embassyindia.com