Indiabulls real estate to be renamed as Embassy developments post-merger with Embassy group


Vivek Iyer

Indiabulls Real Estate delivered a robust quarterly earnings print and also gave an update on the impending merger of the company with the Embassy Group. Here are the key highlights Q2 Review • Cons Revenues at Rs.349cr vs Rs.20cr YoY • EBITDA at Rs.22.4cr vs operating loss of Rs.41.7cr • PAT at Rs.5.5cr vs Loss 76cr you • New Booking came at Rs.514cr vs QoQ Rs.350cr Yoy 348cr • Resignation of Mr Sameer Gehlaut non-executive director & Chairman wef 31st December 2021 Merger with Embassy Estates on track • Application for approval of a merger with NCLT is listed in the current quarter • Nods received from SEBI, Stock exchanges, CCI, MCA (Hyderabad) Backgrounder of merger • Assets of Embassy Group to merge into Indiabulls Real Estate • Merged entity will have a mix of commercial and residential assets • New promoter is Mr Jitendra Virwani, chairman of the Embassy Group • Combined entity to be renamed Embassy Developments Ltd • IBREL to be valued at ₹ 92.50 per share • Swap ratio to be 6.619 shares of IBREL for every 10 shares of NAM Estates Pvt Ltd

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