Today the Competition Commission of India ("CCI") has approved the Merger of NAM Estates and Embassy One with Indiabulls Real Estate Limited. Further, the Company has also received other requisite regulatory approvals, from National Stock Exchange of India ("NSE"), BSE Limited ("BSE"), the Securities and Exchange Board of India ("SEBI"), and shall proceed with filing of requisite application with NCLT for its approval to the Scheme of Merger.
The proposed Merger will create one of India's leading listed real estate development platforms, with launched and planned development area of 80.8 million Sq ft across 30 projects in all leading cities in India. The planned commercial projects in combined entity will have a rent potential of Rs 4241 crores. The net surplus from residential launched and planned projects in combined entity is expected at Rs 18,592 crores. Combined listed entity shall be owned ~44.9% by Embassy Group, 26.2% by the existing public & institutional shareholders, 9.8% by existing IBREL Promoter Group and ~19.1% by Blackstone group & other Embassy institutional investors.
Shares of INDIABULLS REAL ESTATE LTD. was last trading in BSE at Rs.83.1 as compared to the previous close of Rs. 82.75. The total number of shares traded during the day was 497626 in over 2276 trades.
The stock hit an intraday high of Rs. 84.5 and intraday low of 81.85. The net turnover during the day was Rs. 41299066.