Embassy Group | Business Upturn

Embassy Group becomes new promoter of Equinox India developments with 41.4% controlling stake

Matrika Shukla — Mon, 27 Jan 2025 10:54:06 +0000

Embassy Group has become the new promoter of Equinox India Developments Limited (formerly known as Indiabulls Real Estate Limited), acquiring a 41.4% controlling stake in the company.

This change is expected to mark a new phase of growth for Equinox India, with Embassy Group now at the helm, guiding the company through a period of consolidation and growth. Mr. Virwani’s extensive experience and leadership within the real estate industry will be pivotal as Equinox India Developments aims to strengthen its position in the competitive Indian real estate market.

The announcement also follows the successful completion of the merger between Equinox India Developments and NAM Estates, which has resulted in the allotment of over 60.91 crore fully paid equity shares to the shareholders of NAM Estates. This strategic move aligns with Equinox India’s vision to create one of India’s largest and most resilient real estate platforms, focused on both residential and commercial assets.

Key Highlights:

Embassy Group now holds a 41.4% controlling stake in Equinox India Developments.
Successful completion of the NAM Estates merger.
The company will soon operate under a new Embassy brand and proposes to rename itself as Embassy Developments Limited.
Equinox India aims for strong corporate governance and sustainable growth.

Equinox India Developments secures NCLAT approval for merger with Embassy Group entities

Matrika Shukla — Tue, 07 Jan 2025 12:08:09 +0000

Equinox India Developments Limited (formerly Indiabulls Real Estate Limited) announced that the Hon’ble National Company Law Appellate Tribunal (NCLAT), New Delhi Bench, has approved the Scheme of Amalgamation of NAM Estates Private Limited and Embassy One Commercial Property Developments Private Limited, both entities under the Embassy Group, with Equinox India Developments Limited.

The approval, granted on January 7, 2025, allows the merger to proceed in accordance with Sections 230 to 232 of the Companies Act, 2013. The Scheme aims to consolidate the entities to enhance operational efficiency and streamline the real estate portfolio.

The amalgamation will come into effect upon completing all legal formalities, including filing a certified copy of the NCLAT order with the jurisdictional Registrar of Companies. Further updates on the formalities’ completion will be shared by the company in due course.

This merger aligns with Equinox India Developments Limited’s strategic vision to strengthen its presence in the real estate market.

Embassy Ltd. proposes merger with Indiabulls in real estate business

Chittesh Dalmia — Thu, 16 Jul 2020 08:22:18 +0000

Embassy Ltd. proposes merger with Indiabulls in real estate business. Embassy Group has offered to merge 61.9 million sq ft of its real estate assets into Indiabulls Real Estate Ltd (IBREL), the latter said in a regulatory filing on Wednesday.

Once the merger goes through, Embassy Group headed by chairman Jitu Virwani will take control of the combined entity. Indiabulls Group promoter Sameer Gehlaut will turn a passive shareholder in the real estate business and focus on its financial services business.

“This merger with Indiabulls will strengthen our presence across locations in the country. It will also create a platform for future development in partnership with Institutional investors,” said Virwani.

MOreover, the merger of the 11 projects, mostly premium residential. And a few office developments, of Bengaluru-based developer Embassy Property Developments Pvt Ltd. But into IBREL will be subject to a ‘scheme of amalgamation’ and will have to get statutory approvals.

Real Estate Deal

Also, earlier this year, Mumbai-based IBREL approved the merger of certain projects of Embassy Property Developments with itself, to form a new entity.

Blackstone Group is a key investor in many of Embassy’s projects and the duo operates the Embassy real estate investment Trust (REIT). The REIT portfolio has over 30 million sq ft of constructed and leased out assets and a few hotel properties. Embassy and the financial investor. Also, Blackstone will receive shares of IBREL. According to the share swap ratio approved by the two companies.

Image credits: timesofindia.indiatimes.com

In June, IBREL had said that with the lockdown relaxations. However, efforts are being made by Embassy and IBREL to execute transaction documents on or before 15 July.

In June, 2019, IBREL promoters had sold 14% stake through open market transactions to Embassy Group for ₹950 crore.

On July 16 12:12, Indiabulls Real Estate was trading at Rs 58.50 on the NSE.

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