Indiabulls Real Estate, Embassy Group merger seeks NCLT nod

18 Aug 2021 CW Team

Indiabulls Real Estate Limited (IBREL) and Embassy Group entities, NAM Estates Private Limited, and Embassy One Commercial Property Developments Private Limited (EOCPDPL) have sought approval for their merger from the National Company Law Tribunal (NCLT).

The proposed merger has already got all other regulatory approvals.

After obtaining regulatory approvals from the competition commission of India (CCI), BSE Limited (BSE), national stock exchange of India (NSE), and the securities and exchange board of India (SEBI), the group has filed for approval, said the Indiabulls real estate.

Indiabulls Real Estate said that the group has filed the requisite joint application today for its approval to the merger scheme with the jurisdictional bench of NCLT.

In February, Indiabulls Real Estate had said that the proposed merger would build one of India's leading listed real estate development platforms, with a proposed development area of 80.8 million sq ft across 30 projects in all India's leading cities.

Earlier, Indiabulls Real Estate had said that the proposed commercial projects in the merged entity would have a rent potential of Rs 4,241 crore. The net surplus from residential launched and planned projects in the merged entity is anticipated at Rs 18,592 crore.

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

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