Indiabulls Real Estate-Embassy Group merger in final lap; co seeks NCLT nod

The proposed merger between Embassy Group and Indiabulls Real Estate has entered the final lap as both the companies have now filed the requisite joint application with the jurisdictional bench of the National Company Law Tribunal (NCLT), for its approval to the scheme of merger. It has received nods from the Competition Commission of India (CCI), the stock exchanges, and the Securities & Exchange Board of India (SEBI). Post deal, the combined listed entity will be 44.9% owned by Embassy Group, 26.2% by the existing public and institutional shareholders, 9.8% by existing IBREL promoter group and around 19.1% by the Blackstone Group and other Embassy institutional investors.