Indiabulls actual property to be renamed as Embassy developments post-merger with Embassy group


Indiabulls Actual Property delivered a sturdy quarterly earnings print and in addition gave an replace on the approaching merger of the corporate with the Embassy Group.
Listed below are the important thing highlights
Q2 Evaluation
• Cons Revenues at Rs.349cr vs Rs.20cr YoY
• EBITDA at Rs.22.4cr vs working lack of Rs.41.7cr
• PAT at Rs.5.5cr vs Loss 76cr you
• New Reserving got here at Rs.514cr vs QoQ Rs.350cr Yoy 348cr
• Resignation of Mr Sameer Gehlaut non-executive director & Chairman wef thirty first December 2021

Merger with Embassy Estates on observe
• Utility for approval of a merger with NCLT is listed within the present quarter
• Nods acquired from SEBI, Inventory exchanges, CCI, MCA (Hyderabad)

Backgrounder of merger
• Property of Embassy Group to merge into Indiabulls Actual Property
• Merged entity could have a mixture of industrial and residential property
• New promoter is Mr Jitendra Virwani, chairman of the Embassy Group
• Mixed 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 each 10 shares of NAM Estates Pvt Ltd

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