The proposed scheme of amalgamation between Indiabulls Real Estate Ltd. (IBREL), NAM Estates, and Embassy One Commercial Property Developments, which was filed with CCI, BSE NSE and SEBI through the stock exchanges, has received all relevant regulatory approvals.
According to a press release, with all necessary corporate approvals on track, the merger process is now progressing to completion in a timely manner.
Embassy Group is one of the largest developers in Bengaluru and holds 14 pc of IBREL. The Embassy Group entered into definitive agreement with IBREL to merge its certain residential and commercial projects with IBREL through a cash-less scheme of amalgamation whereby Embassy Group shall become the promoters of the merged entity upon effectiveness of the merger.
The resulting combined entity, Embassy Developments Limited , will hold both Embassy Group’s and IBREL’s ongoing, completed but unsold and planned projects with 80.8 million sq ft of development potential, thus becoming one of the largest property development platforms in the country, said the release.
The merger will provide diversification to IBREL shareholders through a balanced mix of residential and commercial development with visibility on near-term liquidity through sold receivables in excess of Rs. 4,220 crore for the combined entity, added the release.
Jitendra Virwani, Chairman & Founder of the Embassy Group said, “With the Scheme having received necessary approvals from CCI, SEBI and the stock exchanges and definitive agreements entered with BREP and other institutional investors, the merger is now fully on track to fruition. We hope to complete the process by the third quarter of FY 22”.
Mehul Johnson, Joint Managing Director of IBREL, said, “Embassy Group completing the execution of definitive agreements with institutional investors, including BREP, to participate in the merger and the scheme receiving required approvals from CCI, SEBI and the stock exchanges in a timely manner are significant achievements and a significant step closer to the completion of the merger.”
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