Shardul Amarchand Mangaldas advises Embassy Group on the merger of its assets into Indiabulls Real Estate Limited
August 24, 2020
Shardul Amarchand Mangaldas & Co (SAM & Co) advised Embassy Group (NAM Estates Private Limited and Embassy One Commercial Property Developments Private Limited) on the proposed merger of its assets into Indiabulls Real Estate Limited through a cashless composite scheme of amalgamation, and all related regulatory aspects and approvals required to consummate the proposed merger (including approvals from CCI, the relevant Stock Exchanges, SEBI and NCLT).
The proposed merger will create one of India’s leading real estate development platforms and result in the merged entity being one of the leading market players among listed companies in the real estate sector in India. The resultant merged entity will have 30 projects spread across major Tier I and a few Tier II cities of India.
After completion of the merger, the Embassy Group will hold 44.9% shares of the combined listed entity (i.e., Indiabulls Real Estate Limited) and will become the promoters of the merged entity. The resultant merged entity is expected to have an equity value of approximately INR 9,400 crores.
The Transaction team led by Mithun V. Thanks, Partner; included Anjali Menon, Principal Associate; Akansha Singh, Senior Associate; Tanya Singh, Associate; and Shraddha Suryavashi, Associate.
Anirudh Das, Partner; and Alind Chopra, Associate were involved in advising on the composite scheme of amalgamation and provided strategic inputs on aspects relating to the proposed merger.
Akshay Chudasama, Managing Partner – Mumbai Region, General Corporate provided strategic inputs on specific aspects of the transaction.
The competition law team led by Gauri Chhabra, Partner; included Tripti Malhotra, Senior Associate; Nicky Collins, Associate; Sagarika Parab, Associate; and Eesha Sheth, Associate are involved in advising on all anti-trust/competition law aspects.
Nikhil Naredi, Partner; and Devesh Khara, Senior Associate; were involved in advising the client from a capital markets perspective.
Yogesh Chande, Partner, was involved in providing strategic inputs from the perspective of compliance with certain specific SEBI regulations.
J. Sagar Associates was the legal advisor of Indiabulls Real Estate Limited.
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