Board of Indiabulls Real Estate approves merger with Embassy Group

At meeting held on 18 August 2020

The Board of Indiabulls Real Estate at its meeting held on 18 August 2020 has inter alia considered and approved the proposal of merger of NAM Estates and Embassy One Commercial Property Developments, both Embassy group entities with the Company (amalgamation).

The proposed merger will create one of India's leading listed real estate development platforms with launched/planned area totaling to 80.8 Mn Sq. Ft, having 53% commercial and 47% residential assets, and 30 projects with key geographical focus in Mumbai (MMR), NCR, and Bengaluru.

Jitendra Virwani, Chairman of Embassy Group, along with certain other promoter entities of Embassy, to be classified as the new promoter of IBREL. Existing IBREL promoters will seek to declassify themselves as Promoters, subject to applicable law.

For the proposed Amalgamation and arriving to share swap ratio, IBREL is valued at Rs 92.5 per share. Upon Amalgamation coming into effect, IBREL shareholding-pattern, postmerger, will be as follows:

Existing IBREL Promoter Group - 9.8%
Embassy Group - 44.9%
Blackstone & Embassy Institutional Investors - 19.1%
Public & Institutional Investors - 26.2%

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