INDIABULLS REAL ESTATE LTD. - 532832 - Announcement under Regulation 30 (LODR)-Restructuring
The Board has discussed & considered the proposal of reorganisation of Company's business and in-principally approved the proposal of merger of certain ongoing, completed & planned residential & commercial projects of Embassy Property Developments P Ltd (Embassy) with IBREL. Embassy is in discussions with financial investors such as Blackstone and others to raise upto $200 million before the Merger. This equity investment of $200 million will bring significant cash in the Merged IBREL for expanding its business operations. The Merged IBREL will be the development arm for both commercial and residential assets. Under the proposed Merger, certain ongoing, completed & planned residential & commercial projects of Embassy shall stand transferred to IBREL. Post effectiveness of Merger, IBREL will have following segment of shareholder (1) IBREL's existing shareholders, (2) Embassy shareholders i.e. Embassy promoters, Blackstone/financial investors etc. For details refer the attachment.31-01-2020