Embassy Group, Indiabulls Real Estate await NCLT nod for merger

19 Aug 2021 CW Team

Embassy Group and Indiabulls Real Estate entities, Embassy One Commercial Property Developments Pvt Ltd and NAM Estates Private Limited, have sought permission from the National Company Law Tribunal's (NCLT) for their merger.

The proposed merger has received all other regulatory permissions.

In a regulatory filing, Indiabulls Real Estate said that after receipt of applicable regulatory approvals from BSE Limited (BSE), National Stock Exchange of India (NSE), Competition Commission of India (CCI) and the Securities and Exchange Board of India (SEBI), today the firm has filed the requisite joint application with the jurisdictional bench of NCLT, for its permission to the scheme of merger.

In February, Indiabulls Real Estate had told the media that the proposed merger will form one of India's leading listed real estate development platforms, with a planned and launched development area of 80.8 million sq ft across 30 projects in all the leading cities in India.

The proposed commercial projects in the merged entity will have a rent potential of Rs 4,241 crore. The net surplus from residential launched and planned projects in the merged entity is likely at Rs 18,592 crore.

The combined listed entity shall be controlled 44.9% by Embassy Group, 26.2% by the existing public and institutional shareholders, 9.8% by existing IBREL promoter group and 19.1% by Blackstone group and other Embassy institutional investors.

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Also read: Yes Bank, Indiabulls Housing enter co-lending pact to offer home loans

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