J. Sagar Associates advised Indiabulls Real Estate Limited (IBREL) in the proposed merger of NAM Estates Private Limited and Embassy One Commercial Property Developments Private Limited, both Embassy Group entities with IBREL.
The proposed merger will be achieved through a cashless composite scheme of amalgamation. The merger will create one of India’s leading listed real estate development platforms with launched/planned area totalling 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.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. The post-merger shareholding will be – existing IBREL Promoter Group 9.8%, Embassy Group 44.9%, Blackstone & Embassy Institutional Investors 19.1% and public & institutional investors 26.2%.
The merger and re-classification of promoter will be subject to approval of creditors and shareholders and regulatory authorities, including CCI, stock exchanges, SEBI and NCLT.
The JSA Team comprised Partner – Lalit Kumar and Senior Associate – Amandeep Singh Virk.
Amandeep’s practice areas are general corporate commercial, mergers and acquisitions and private equity.