News
Indiabulls is set to exit realty business
Indiabulls Group is close to a deal that will see its exit from the real estate development space, one of the areas its name has been associated with for years, said a report in the leading English daily, The Times of India.
Each Indiabulls Real Estate share has been valued at Rs 92.5, a premium of nearly 26 pc over the stock’s August 18 close on the BSE at over Rs 73. Existing shareholders of Nam Estates will get 6.6 shares of the new entity for every 10 shares of the unlisted entity currently held.
After the merger, the listed entity will be re-named Embassy Developments, in which Sameer Gehlaut, who is currently the main promoter of Indiabulls, will hold a little less than 10 pc — down from 23.4 pc now — and cease to be a promoter.
Jitendra Virwani, the main promoter of Embassy Group and some associated entities, will become the promoters of the new company and hold nearly 45 per cent. Public shareholders will have about 26 pc, while Blackstone will hold about 19 pc, an investor presentation on the deal showed, according to the report.
The merged entity will have a balanced mix of commercial and residential assets, a joint release by Indiabulls and Embassy Groups said. While the residential properties will be sold to individual owners, the commercial properties will feed into the already listed REIT.
-
News4 weeks ago
Godrej Properties Sells Rs 3k cr+ Homes of Godrej Zenith, Gurugram, within 3 days
-
News3 weeks ago
Noida’s High-Rise Societies Face Multiple Challenges Despite Rapid Urban Growth
-
News3 weeks ago
Olive Announces Dhruv Kalro as Co-Founder
-
News4 weeks ago
Godrej Properties Sells 5000+ Homes of Rs 9.5 cr in Q4FY24, Bookings up 84% YoY
-
News3 weeks ago
Vestian: Domestic Investors Dominate Institutional Investments in Jan-Mar’24
-
News3 weeks ago
India to become the fastest-growing silver economy, housing up to 17% of the world’s elderly population by 2050: CBRE Report
-
News4 weeks ago
HRERA Gurugram Rejects Godrej Properties’ Project Extension Application, Account Frozen For Prolonged Non-compliances
-
News2 weeks ago
SKA Forays In Luxury Housing: Launches SKA Destiny One in Greater Noida, To Invest Rs 592 Crores