Indiabulls Real Estate, Embassy Group merger seeks NCLT nod
18 Aug 2021
2 Min Read
CW Team
Indiabulls Real Estate Limited (IBREL) and Embassy Group entities, NAM Estates Private Limited, and Embassy One Commercial Property Developments Private Limited (EOCPDPL) have sought approval for their merger from the National Company Law Tribunal (NCLT).
The proposed merger has already got all other regulatory approvals.
After obtaining regulatory approvals from the competition commission of India (CCI), BSE Limited (BSE), national stock exchange of India (NSE), and the securities and exchange board of India (SEBI), the group has filed for approval, said the Indiabulls real estate.
Indiabulls Real Estate said that the group has filed the requisite joint application today for its approval to the merger scheme with the jurisdictional bench of NCLT.
In February, Indiabulls Real Estate had said that the proposed merger would build one of India's leading listed real estate development platforms, with a proposed development area of 80.8 million sq ft across 30 projects in all India's leading cities.
Earlier, Indiabulls Real Estate had said that the proposed commercial projects in the merged entity would have a rent potential of Rs 4,241 crore. The net surplus from residential launched and planned projects in the merged entity is anticipated at Rs 18,592 crore.
The combined listed entity shall be held 44.9% by Embassy Group, 9.8% by existing IBREL promoter group, 26.2% by the current public and institutional shareholders, and 19.1% by Blackstone group and other Embassy institutional investors.
Also read: Yes Bank, Indiabulls Housing enter co-lending pact to offer home loans
Indiabulls Real Estate Limited (IBREL) and Embassy Group entities, NAM Estates Private Limited, and Embassy One Commercial Property Developments Private Limited (EOCPDPL) have sought approval for their merger from the National Company Law Tribunal (NCLT).
The proposed merger has already got all other regulatory approvals.
After obtaining regulatory approvals from the competition commission of India (CCI), BSE Limited (BSE), national stock exchange of India (NSE), and the securities and exchange board of India (SEBI), the group has filed for approval, said the Indiabulls real estate.
Indiabulls Real Estate said that the group has filed the requisite joint application today for its approval to the merger scheme with the jurisdictional bench of NCLT.
In February, Indiabulls Real Estate had said that the proposed merger would build one of India's leading listed real estate development platforms, with a proposed development area of 80.8 million sq ft across 30 projects in all India's leading cities.
Earlier, Indiabulls Real Estate had said that the proposed commercial projects in the merged entity would have a rent potential of Rs 4,241 crore. The net surplus from residential launched and planned projects in the merged entity is anticipated at Rs 18,592 crore.
The combined listed entity shall be held 44.9% by Embassy Group, 9.8% by existing IBREL promoter group, 26.2% by the current public and institutional shareholders, and 19.1% by Blackstone group and other Embassy institutional investors.
Image Source
Also read: Yes Bank, Indiabulls Housing enter co-lending pact to offer home loans
Next Story
UP Signs Rail Deal to Boost Logistics Infrastructure
To bolster Uttar Pradesh鈥檚 industrial and logistics ecosystem, Invest UP and the Lucknow Division of Northern Railway signed a memorandum of understanding (MoU) at Lok Bhawan on Wednesday.The MoU, signed by Invest UP CEO Vijay Kiran Anand and Rajneesh Kumar Srivastava, Senior Divisional Operations Manager of Northern Railway, aims to provide railway land to investors at a concessional lease rate of 1.5 per cent of the prevailing industrial or circle rate for a 35-year period.According to the official statement, the move will support the development of warehousing and logistics infrastructure..
Next Story
RVNL Wins Rs 1.16 Bn Railway Electrification Contract
Rail Vikas Nigam Ltd (RVNL) has received a letter of intent from Central Railway for an electrification system upgrade contract valued at Rs 1.16 billion. The project, according to the company鈥檚 stock exchange filing, will be completed within 24 months.The scope of the work involves modification of the current 1x25 kV electric traction system to a 2x25 kV configuration at the feeding system in the Itarsi-Amla section, located in the Nagpur Division. This upgrade is part of broader efforts to modernise and strengthen the efficiency of India鈥檚 railway electrification infrastructure.RVNL cont..
Next Story
Mumbai Rail Network to Expand with New Airport, Port Links
The Maharashtra government鈥檚 infrastructure drive in the Mumbai Metropolitan Region (MMR) will see a major expansion of suburban railway corridors on both Central and Western Railways, with new lines planned to improve airport and port connectivity.The Union Railway Ministry has instructed both zones to conduct feasibility surveys for new lines connecting Navi Mumbai International Airport (NMIA), segregating suburban and long-distance services, and building a new rail link from Dahanu to the upcoming Vadhavan Port in Palghar鈥攖outed as India鈥檚 largest port.On the Central Railway, surveys ..
