Indiabulls | Business Upturn

Indiabulls Real Estate shares dive 18% after NCLT blocks NAM Estates & Embassy One Commercial Property merger

News Desk — Tue, 09 May 2023 10:36:24 +0000

On Tuesday, Indiabulls Real Estate Limited stated through stock market filing that the National Company Law Tribunal, Chandigarh Bench has blocked the merger between NAM Estates and Embassy One Commercial Property Developments Private Limited.

NAM Estates and Embassy One’s merger was first approved on April 22, 2022, by the Hon’ble NCLT, Bengaluru Bench. However, the Income Tax department’s objections to the merger prompted the Hon’ble NCLT, Chandigarh Bench, which has jurisdiction over IBREL, to express prior reservations.

IBREL said that the NCLT was wrong to dismiss its concerns since they were “unfounded, unjustified, and do not impact the merger in a significant manner.” “The Company shall explore all options, including filing an appeal against the order of the Hon’ble NCLT, Chandigarh Bench, before the Hon’ble National Company Law Appellate Tribunal at the earliest,” the company said in an exchange filing, adding that it would wait for the detailed order before making any further decisions.

There was unanimous support for the merger from shareholders present at the vote, or 99.9987 percent. A meeting of Indiabulls Real Estate’s board of directors is scheduled for tomorrow to review the company’s future plans and strategies.

Indiabulls Real Estate stock plummeted Tuesday as the merger was delayed. The share price dropped by almost 18 percent.

Indiabulls Housing allots equity shares worth Rs 682 crore through QIP

Chittesh Dalmia — Tue, 15 Sep 2020 13:38:07 +0000

Indiabulls Housing Finance today announced the allotment of Qualified institutions placement (QIP) of equity shares of face value Rs. 2 each to the tune of Rs 682 crores.

The Issue opened on September 9, 2020 and closed on September 14, 2020.

The Gurugram based lender announced on Tuesday through its BSE regulatory filing. Please note that the Securities Issuance Committee (the “Committee”) has, at its meeting held today i.e. September 15, 2020, approved the issue and allotment of 3,47,74,811 fully paid-up Equity Shares of face value Rs. 2 each (the “Equity Shares”) to eligible qualified institutional buyers at the issue price of ₹ 196.37 per Equity Share (including a premium of ₹ 194.37 per Equity Share, which includes a discount of 5.00% on the floor price of ₹ 206.70 per Equity Share), aggregating to ₹ 682,87,29,636.07 (Rupees Six Hundred Eighty Two Crores Eighty Seven Lacs Twenty Nine Thousand Six Hundred Thirty Six and Seven Paisa only), pursuant to the Issue.

“Pursuant to the allotment of Equity Shares in the Issue, the paid-up equity share capital of the Company stands increased to ₹ 92,46,97,804 comprising of 46,23,48,902 Equity Shares. The shareholding pattern of the Company, before and after the Issue, will be submitted along with the listing application in the format specified in Regulation 31 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“SEBI Listing Regulations”).”

Societe Generale – ODI and HSBC Pooled Asia Pacific Ex Japan Equity Fund were allotted 15.05% and 14.25% of the issue respectively.

The meeting of the Board Committee commenced at 3:30 P.M. and concluded at 4:00 P.M on September 15, 2020.

Indiabulls Housing Finance approves issue of equity shares through QIP

Chittesh Dalmia — Wed, 09 Sep 2020 10:53:19 +0000

Indiabulls Housing Finance Limited announced on Wednesday that the board has approved the issue of equity shares of face value Rs. 2 each through Qualified institutions placement (QIP). The Securities Issuance Committee held its meeting today which commenced at 2:30 P.M. and concluded at 3:15 P.M.

Indiabulls Housing Finance Limited is a mortgage lender headquartered in Gurugram, Haryana, India. It is India’s second largest housing finance company with an asset value of more than $11 billion.

The finance company in its BSE regulatory filing informed the shareholders. “The board of directors at its meeting held on July 3, 2020 and the special resolution passed by the shareholders of the Company on July 29, 2020, the Securities Issuance Committee has, at its meeting held today i.e. on September 9, 2020, inter alia, passed resolutions for the following:
a. Approved and adopted the preliminary placement document dated September 9, 2020 and the application form dated September 9, 2020 in connection with the Issue;
b. Authorised the opening of the Issue today i.e. on September 9, 2020; and
c. Approved the floor price for the Issue.”

We further wish to inform you that the ‘Relevant Date’ for the purpose of the Issue, in terms of the SEBI ICDR Regulations, is September 9, 2020 and accordingly the floor price in respect of the aforesaid Issue, based on the pricing formula as prescribed under Regulation 176(1) of the SEBI ICDR Regulations is Rs. 206.70 per Equity Share. Pursuant to the SEBI ICDR Regulations, the Company may offer a discount of not more than 5% on the floor price so calculated for the Issue.

On September 9th, the stock closed at Rs 199.45 on the NSE.

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.

At Blackstone, we’re proud of the positive impact we’ve had on our companies, our investors and our communities. $BX pic.twitter.com/Q3X1hK5IBs

— Blackstone (@blackstone) November 18, 2019

Stocks in news: HAL, Indiabulls, Apollo Tyres, Apollo Hospitals, Vedanta, Star Cements

Nishi Trivedi — Fri, 26 Jun 2020 05:46:02 +0000

On Friday, the indices opened on a positive note with Nifty above 10,300 level. At 11.00 IST, Sensex was up by 216 points or 0.6 percent at 35,058.21. Meanwhile, Nifty was trading positively at 10,360.15, up 0.6 percent.

Currently, Infosys, IOC, BPCL, and Wipro are among the Nifty gainers. On the other hand, Kotak Mahindra, Shree Cements, Bharti Infratel, and Bajaj Finance are trading on the losers list. Among the sectors, except Nifty Fin Service, FMCG, and Realty, all are trading on the green mark.

Here are some of the stocks in focus in the trading session as of June 26, 2020:

HAL:

The company posted a net profit at Rs. 1,250 crore in the fourth quarter ended in March. This was compared to net profit in the same quarter last year at Rs. 1,239 crore. The firm’s revenue for the quarter under review stands at Rs. 10,323 crore against Rs 10,513 crore, previous fiscal same quarter.

Indiabulls Ventures:

The firm posted a net loss for the fourth quarter at Rs. 333.63 crore. This was in comparison to the profit at Rs 109.81 crore in the same quarter last fiscal. The company’s revenue stood at Rs. 628.28 crore against Rs 599.58 crore in Q4FY19.

Apollo Tyres:

As reported by Money Control, the company has authorized the greenfield facility in Andhra Pradesh.

Apollo Hospitals:

The Company reported its consolidated net profit to stand at Rs 209.60 crore in the fourth quarter ended in March. Earlier, the company reported a net profit in the same quarter last year at Rs. 72.80 crore. Its consolidated revenue from operations was posted by the company at Rs 2,922.43 crore against Rs. 2,499.50 crore for the same quarter last fiscal.

Star Cement:

The firm posted its quarter-four results and said that it saw a 4.4 percent decline in its net profit at Rs. 85 crore. Moreover, it posted a profit in the same quarter last fiscal year at Rs 89.77 crore. However, the revenue for the quarter rose up by 2.8 percent to Rs 549 crore against Rs 534 crore, last year.

In addition, some of the other stocks in news comprise Vedanta, Ashok Leyland, Engineers India, TAJGVK, among others.