NAM Estates Pvt Ltd and Embassy One Commercial Property Developments Pvt Ltd, both subsidiaries of Embassy Group, and Indiabulls Real Estate have applied to the National Company Law Tribunal (NCLT) for authorization to combine. All other regulatory clearances for the planned merger have already been granted.
"Following receipt of applicable 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 has today filed the requisite joint application with the jurisdictional bench of NCLT for its approval to the scheme of merger," Indiabulls Real Estate said in a regulatory filing.
Indiabulls Real Estate said in February that the proposed merger will establish one of India's largest listed real estate development platforms, with 80.8 million square feet of launched and planned development over 30 projects in all of India's major cities.
The merged entity's planned commercial projects would have a rent potential of Rs 4,241 crore. The merged entity's net surplus from launched and planned residential projects is projected to be Rs 18,592 crore, it claimed at the time.
Embassy Group would control 44.9% of the merged listed business, 26.2% of the current public and institutional shareholders, 9.8% of the existing IBREL promoter group, and 19.1% of the Blackstone group and other Embassy institutional investors.
Source: Economic Times Realty