The Indiabulls Real Estate and Embassy Group entities, NAM Estates Pvt Ltd and Embassy One Commercial Property Developments Pvt Ltd have requested the approval of the National Company Law Tribunal’s (NCLT)for their merger. The proposed merger has already received all other regulatory approvals.
“After receiving relevant regulatory approvals from the Competition Commission of India (CCI), the National Stock Exchange of India (NSE), BSE Limited (BSE) and the Securities and Exchange Board of India (SEBI), the company filed one today, “Indiabulls Real Estate said in a regulatory filing. The joint request required the Judicial Branch of the NCLT, to obtain their approval of the merger plan. ”
In February, Indiabulls Real Estate said the proposed merger would create one of India’s leading listed real estate development platforms, with a launched and planned development area of 80.8 million square feet across 30 projects in all of India’s leading cities in India.
The planned commercial projects in the joint entity will have a rental potential of up to Rs 4,241 crore. The net surplus of residential projects launched and planned in the joint entity is expected to be Rs 18,592 crore, the company said at the time. Embassy Group will own 44.9 percent of the combined listed entity, 26.2 percent of the existing general and institutional shareholders, 9.8 percent of the current IBREL, and 19.1 percent of the Blackstone Group.
Credit- Et Realty