Promoters sell stake in Indiabulls ahead of merger

17 Mar 2021 Editorial Team

Realty developer Indiabulls Real Estate's founder Sameer Gehlaut and promoters have sold around 3.1% stake in the company, in the open market between March 8 and 10.

Promoters of Indiabulls Real Estate are reducing their stake ahead of the completion of its merger with Embassy Group. The merger has already received approval from the Securities & Exchange Board of India (Sebi), the stock exchanges, and the Competition Commission of India (CCI).

The companies are now in the process of filing a requisite application with the National Company Law Tribunal (NCLT) for its approval.

The merger will be a cashless structure as Embassy subsidiaries—Embassy One Commercial Property Developments (NAM Opco) and NAM Estates (NAM) will swap shares with Indiabulls Real Estate.

According to the terms approved by boards of both the merging entities, Indiabulls Real Estate shares are valued at Rs 92.5 per share.

Shareholders of Embassy subsidiary NAM will get 6.619 shares of Indiabulls Real Estate for every 10 shares of NAM, while NAM Opco shareholders will get 5.406 shares of Indiabulls Real Estate for every 10 shares in NAM Opco.

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

Embassy Group is one of the largest developers in Bengaluru, already holds 14% of listed Indiabulls Real Estate. Following the completion of this merger, Embassy Group will become the promoter of the combined entity.

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Also read: Indiabulls Real Estate and Embassy Group sign definitive merger documentation

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