Equinox India Developments hit an upper limit of 20% at Rs 143.70 after the National Company Law Appellate Tribunal (NCLAT) approved the merger with Embassy Group.
This long-awaited merger, which has been under consideration for five years, faced several hurdles, including concerns raised by the income tax department. However, the NCLAT ultimately dismissed these concerns and greenlit the deal.
Last year, Indiabulls Real Estate rebranded as Equinox India Developments after receiving a substantial investment of Rs 3,911 crore from a consortium led by Embassy Group, Blackstone Real Estate Fund, and Baillie Gifford & Co. This capital infusion was facilitated through a preferential allotment of shares.
Embassy One, the first residential project launched by Equinox under the Embassy brand, is a testament to this new chapter. Located in Thane, Mumbai, this development comprises 186 luxury apartments, each priced at R s1 crore and above.
The merger will see Embassy Group, a leading real estate developer with a strong presence in the IT/ITES sector, expand its operations into key markets like Mumbai and Delhi-NCR. This move is expected to unlock significant value for both companies and position them for further growth in the competitive Indian real estate market.
Embassy Group, known for its high-quality developments and innovative approach, will now lead the merged entity.
