Indiabulls real estate - Latest News Update, Information, Photos & Videos on Indiabulls real estate at Lokmat Times

Indiabulls Real Estate and two subsidiaries of Embassy Group have entered into a definitive agreement to merge their residential and commercial projects across markets to create one of the largest property development platforms in the country.The combined entity will hold both the developers' ongoing, completed but unsold and planned projects with 80.8 million square feet of development potential."The combination will create one of India's leading real estate development platforms," said Indiabulls Real Estate in a statement."The merged entity will have a balanced mix of commercial and residential assets which should provide a natural hedge against cyclicality and will benefit from the new promoter," said Jitendra Virw, Chairman of the Embassy Group.The proposed merger will be achieved through a cashless structure as Embassy subsidiaries -- NAM Estates (NAM) and Embassy One Commercial Property Developments (NAM Opco) -- will swap shares with Indiabulls Real Estate.Under the terms of the agreement, which has been unmously approved by both boards of directors, Indiabulls Real Estate shares are being valued at Rs 92.5 per share, a 25.7 per cent premium to Tuesday's closing price.NAM shareholders will get 6.619 shares of Indiabulls Real Estate for every 10 shares of NAM while NAM Opco shareholders will get 5.406 shares of Indiabulls Real Estate for every 10 shares in NAM Opco."This integration provides scale to our two orgsations and allows the stakeholders to capitalise on the opportunity created by the market consolidation and dislocations," said Virw."The transaction also offers growth to the listed entity by combining a portfolio of well-located commercial projects across Mumbai, NCR and Bengaluru which has seen the largest absorption in office space over the past five years."Sameer Gehlaut, Non-Executive Chairman and Founder of Indiabulls Real Estate, said the merger marks the culmination of a journey he began almost 15 years ago to build a world-class real estate company."I am excited to be handing over this platform to Embassy which has a proven track record, excellent execution capabilities and which has created a very strong brand and sponsored a successful listed real estate investment trust," he said.The combined listed entity will be owned 44.9 per cent by Embassy Group, 26.2 per cent by the existing public and institutional shareholders, 9.8 per cent by existing Indiabulls Real Estate promoter group and 19.1 per cent by certain entities controlled by the Blackstone Group Inc, and other Embassy institutional investors.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Pahalgam Terror Attack

Tahawwur Rana

IPL 2025

CM Devendra Fadnavis

Mumbai Local

Weather Update

Indiabulls Real EstateFOLLOW

Indiabulls real estate, Latest News

International :Indiabulls Real Estate shares up 10% after clarification on ED searches

New Delhi, Feb 22 Shares of Indiabulls Real Estate jumped over 10 per cent on Tuesday after the ... ...

Business :Indiabulls Real Estate clocks net profit of Rs 94 crore in Q4

Indiabulls Real Estate's consolidated profit after tax for the March quarter totalled Rs 94 crore as compared to a net loss of Rs 110 crore in the year-ago period. ...

Maharashtra :Realty stocks rise as Maharashtra halves premium on realty projects

Mumbai, Jan 7 Real estate stocks traded on a positive note on Thursday after the Maharashtra government slashed ... ...

Business :Indiabulls Real Estate, Embassy Group sign merger terms

Indiabulls Real Estate and two subsidiaries of Embassy Group have entered into a definitive agreement to merge their residential and commercial projects across markets to create one of the largest property development platforms in the country. ...