Equinox India jumps after board OKs key growth initiative proposals

Equinox India Developments (Embassy Developments Limited) rallied 4.46% to Rs 115.90 after the company's board approved a series of growth initiatives and fundraising plans.

The companys board approved the appointment of Jitendra Virwani as chairman of the board, and Aditya Virwani as managing director of the company.

Aditya Virwani spearheads a dynamic and experienced leadership team at one of Indias fastest growing real estate companies, including Sachin Shah, who continues as chief executive officer and executive director, alongside Rajesh Kaimal appointed as chief financial officer and executive director.

Aditya Virwani, managing director, said, I am delighted to take on this role at such a pivotal moment for EDL. Embassy has always been a pioneer in Indian real estate launching Indias first listed REIT, institutionalising the co-working sector, and setting the benchmark for luxury residential projects across gateway markets. EDL represents our flagship development platform with 45 million square feet of residential and commercial saleable and leasable area, and over a 3,000-acre landbank.

Meanwhile, the board approved to raise Rs 2,000 crore through qualified institutional placement (QIP) to fund growth initiatives and optimize capital structure prudently. It will also launch around Rs 4.5 crore Employee stock option plan (Esop) to attract and retain top-tier talent critical to the companys success

Further, the companys board approved the acquisition of assets worth Rs 599 crore, which includes a 100% equity acquisition of entity holding around 1.3 million square feet (msf) luxury residential development potential in North Bengaluru for Rs 455 crores in cash. Additionally, the acquisition includes a 9.5-acre land parcel with 0.2 msf of plotted residential development potential in North Bengaluru (extension to its marquee Embassy Springs development) for Rs 104 crore in cash.

Furthermore, the companys board appointed Vikas Khandelwal as company secretary and group chief compliance officer, Shailendra Subbaraya as chief operating officer South and Maria Rajesh as chief human resources officer.

Sachin Shah, CEO & executive director, said, With the merger now complete, the company is fortunate to have Jitendra as its chairman and promoter and Aditya as its managing director. Jitendras exceptional execution capabilities in Indias real estate business remain unmatched. EDL is primed for significant growth, with eight new project launches in FY 2026 spanning 7.7 msf and a gross development value of Rs 15,000 crore. We are assembling a best-in-class team and optimizing our capital structure to capitalize on market opportunities.

Following recent approval of the merger scheme between Equinox India Developments and Nam Estates Pvt, by the Honble National Company Law Appellate Tribunal (NCLAT) on January 7, 2025, Embassy Group has become the new promoter with a 41.4% controlling stake. The merger was successfully implemented with effect from January 24, 2025, and the company has been officially renamed as Embassy Developments Limited (EDL) as of February 13, 2025.

Embassy Developments Limited (EDL) is one of Indias leading real estate developers, specializing in the construction and development of residential, commercial, and Special Economic Zone (SEZ) projects across Indian cities. With a strategic focus on Bengaluru, the Mumbai Metropolitan Region (MMR), and the National Capital Region (NCR), the company also has a presence in Chennai, Jodhpur, Vadodara, Vizag, and Indore

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