Merger of Embassy Group companies with Indiabulls Real Estate Limited

JSA is pleased to announce that Indiabulls Real Estate Limited (IBREL) and Embassy Group have received approval from the Competition Commission of India (CCI) for the proposed merger of NAM Estates Private Limited and Embassy One Commercial Property Developments Private Limited, both Embassy Group entities with IBREL. JSA, led by Partner Lalit Kumar and Senior Associate Amandeep Singh Virk, is acting for IBREL. IBREL will issue its equity shares as per approved share swap ratios, each share being valued at INR 92.5. The merger will create one of India’s leading listed real estate development platforms with projects with key geographical focus in Mumbai (MMR), National Capital Region, and Bengaluru. Upon completion of merger, the Chairman of Embassy Group, along with certain other promoter entities of Embassy, will be classified as the new promoter of IBREL. The existing IBREL promoters will seek to de-classify themselves as promoters.