+917292009966 +917292006699 Whatsapp
Tasha Realty
 
 

News: Embassy Group's subsidiaries finalise merger with Indiabulls Real Estate-19-08-2020

https://realty.economictimes.indiatimes.com/news/industry/embassy-groups-subsidiaries-finalise-merger-with-indiabulls-real-estate/77627360

The resultant listed entity shall be owned about 44.9% by Embassy Group, 26.2% by the existing public & institutional shareholders, 9.8% by existing IBREL promoter group and about 19.1% by BREP & other Embassy institutional investors.

NEW DELHI: NAM Estates and Embassy One Commercial Property Developments (NAM Opco), subsidiaries of the Embassy Group, have entered into definitive merger agreement to amalgamate their ongoing, completed & planned residential and commercial projects with Indiabulls Real Estate, the company said in a media release.

Jitendra Virwani, chairman & founder of the Embassy Group along with other promoter entities will become the new promoters of IBREL upon completion of merger and Sameer Gehlaut, non-executive chairman & founder of IBREL along with existing promoter group entities shall initiate the process of reclassification.

The resultant listed entity shall be owned about 44.9% by Embassy Group, 26.2% by the existing public & institutional shareholders, 9.8% by existing IBREL promoter group and about 19.1% by BREP & other Embassy institutional investors.

The merger and reclassification of promoter is subject to approval of CCI, stock exchanges, SEBI, NCLT(s) which is expected to be complete by Q2 FY 2022.

The combined IBREL entity will be renamed Embassy Developments and will be co-headquartered in Mumbai and Bengaluru. It has 80.8 million sq ft of launched and planned development potential.

Both boards of directors unanimously approved that certain private equity shareholders of Indiabulls Properties, which owns the Sky/Sky Forest residential assets, shall swap their shares to NAM Opco and will eventually merge into IBREL by virtue of a National Company Law Tribunal (NCLT) approved Scheme of Arrangement.

Certain entities controlled by Blackstone Group have submitted a non-binding letter of intent (LOI) for participation in the proposed merger

The proposed merger will be achieved through a cashless scheme of amalgamation. As part of the combination, NAM shareholders will get 6.619 shares of IBREL for every 10 shares of NAM whilst NAM Opco shareholders will get 5.406 shares of IBREL for every 10 shares in NAM Opco.

Shardul Amarchand Mangaldas & Co. acted as legal advisor to Embassy Group while J. Sagar Associates was legal advisor to IBREL. Allegro Capital and IDFC Securities acted as financial advisor to Embassy Group.

Ernst & Young LLP and PricewaterhouseCoopers acted as transaction financial & tax advisors to Embassy Group.

IDFC Securities will facilitate investor engagement and communication on the proposed merger and on any potential future fundraise.

Back

Tasha Realty Solutions

Properties and Plots

Projects and Floors

Connect With us

 

DISCLAIMER: This website and the Information contained is in the process of being updated and the contents are under review/revision in terms of the Real Estate Regulation Act, 2016 and Rules there under (RERA), and will be reviewed from time to time. Till the time that the contents are fully updated, the same shall neither be construed to be any kind of advertisement, solicitation, marketing, Booking, offer for sale, invitation to offer within the purview of RERA and shall have no binding effect on the Company and nor constitute any offer and/or acceptance and/or contract and/or agreement and/or transaction and/or any intention thereof and/or a disclosure under any statute of any nature whatsoever. Please call to check the updated pricing, status etc. The photographs contained herein may be actual/stock/standard photography or rendered images used for the purpose and have been taken at a location other than the project site and are used to indicate a conceptual lifestyle. Actual product may vary/differ from what is indicated herein. The location info shown are indicative and selective representation of certain elements present/that may be present in and around the city/project site. No representations are made regarding existence/continuity of existence of any landmarks/locations shown. The landmarks/locations may be subject to change from time to time and such changes are completely outside our control. No representation or warranty is made or intended as to the accuracy or completeness of information under this website or as to its suitability or adequacy for any purpose. Before making a decision to purchase, you are requested to independently, either directly or through your legal/financial consultants, thoroughly verify all details/documents pertaining to the respective project as available on the respective RERA sites.The Company is not liable for any consequence of any action taken by the viewer relying only on such material/ information that is presently displayed on this website.