Embassy Group arms & Indiabulls Real Estate awaits NCLT approval for merger
Indiabulls Real Estate and Embassy Group entities, NAM Estates and Embassy One Commercial Property Developments, have requested approval from the National Company Law Tribunal's (NCLT) for their merger. The proposed merger has already obtained all other regulatory approvals.
In a regulatory filing, Indiabulls Real Estate states, "Subsequent to receipt of applicable regulatory approvals from the Competition Commission of India (CCI), National Stock Exchange of India (NSE), BSE Limited (BSE), and the Securities and Exchange Board of India (SEBI), today the company has filed the requisite joint application with the jurisdictional bench of NCLT, for its approval to the scheme of merger."
Indiabulls Real Estate has stated that the proposed merger would develop one of India's leading listed real estate development platforms in February, with introduced and planned development area of 80.8 million square feet across 30 projects in all the leading cities in India.
It further adds that the planned commercial projects in the combined entity will have a rent potential of Rs 4,241 crore. The net surplus from residential launched and planned projects in the combined entity is expected at Rs 18,592 crore.
The combined listed entity shall be owned 44.9 per cent by Embassy Group, 26.2 per cent by the existing public and institutional shareholders, 9.8 per cent by existing IBREL promoter group and 19.1 per cent by Blackstone group and other Embassy institutional investors.