Embassy to merge assets with IBREL, create one of India's largest realtors

The proposed merger will be achieved through a cashless scheme of amalgamation

In a rare merger between a publicly listed developer and a private developer, Bengaluru-based Embassy group and Indiabulls Real Estate (IBREL) on Tuesday said that the assets of Embassy are being merged with IBREL to create one of the largest real estate companies in the country.
 

Under the agreement, 44.9 per cent of the new entity will be owned by Embassy, 26.2 per cent by the existing public and institutional shareholders, 9.8 per cent by existing IBREL promoter group and 19.1 per cent by entities controlled by the Blackstone group and other Embassy institutional investors.
 

Under the agreement, IBREL’s shares