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Indiabulls Real Estate and two subsidiaries of Embassy Group have entered into a definitive agreement to merge their residential and commercial projects across markets to create one of the largest property development platforms in the country.
J. Sagar Associates was the legal advisor of Indiabulls Real Estate Limited and the team was led by Partner Lalit Kumar along with Associate Amandeep Singh Virk.
Shardul Amarchand Mangaldas & Co advised Embassy Group and the team led was led by Partner Mithun V. Thanks, Principal Associate Anjali Menon, Senior Associate Akansha Singh and Associates Tanya Singh and Shraddha Suryavashi.
Partner Anirudh Das and Associate Alind Chopra were involved in advising on the composite scheme of amalgamation and provided strategic inputs on aspects relating to the proposed merger.
Managing Partner Akshay Chudasama provided strategic inputs on specific aspects of the transaction.
The competition law team led by Partner Gauri Chhabra with Senior Associate Tripti Malhotra, Associates Nicky Collins, Sagarika Parab, and Eesha Sheth advised on all anti-trust/competition law aspects.
Partner Nikhil Naredi and Senior Associate Devesh Khara were involved in advising the client from a capital markets perspective.
Partner Yogesh Chande was involved in providing strategic inputs from the perspective of compliance with certain specific SEBI regulations.
The proposed merger will be achieved through a cashless composite scheme of amalgamation.
The merger will create one of India’s leading listed real estate development platforms with launched/planned area totalling to 80.8 Mn sq. ft, having 53% commercial and 47% residential assets, and 30 projects with key geographical focus in Mumbai (MMR), NCR, and Bengaluru, reported ET.