Embassy Developments Ltd

History of Embassy Developments Ltd

Embassy Developments Limited (formerly known as Equinox India Developments Limited and earlier Indiabulls Real Estate Limited) ('EDL') is one of India's leading real estate developers, specializing in the construction and development of residential, commercial, and Special Economic Zone (SEZ) projects across Indian cities, with a strategic focus on Bengaluru, the Mumbai Metropolitan Region (MMR), and the National Capital Region (NCR). As part of a strategic rebranding initiative in early FY 2025 and to clearly distinguish its identity from the Indiabulls Group and the erstwhile management, the Company changed its name from 'Indiabulls Real Estate Limited' to 'Equinox India Developments Limited', pursuant to the issuance of a fresh Certificate of Incorporation by the Registrar of Companies, with effect from June 20, 2024. Subsequently, the equity shares of the Company began trading on the stock exchanges under the new symbol 'EMBDL', effective July 08, 2024, replacing the earliersymbol 'IBREALEST.' The Company is primarily engaged in the business of real estate development, including the purchase, sale, construction, and management of residential, commercial, industrial, and other properties, both movable and immovable. Its operations cover acquisition and development of land and buildings in India and abroad, participation in joint ventures and foreign collaborations (as permitted under government regulations), and construction of townships, markets, offices, apartments ..., houses, shops, warehouses, factories, and other infrastructure. The Company also undertakes leasing, renting, property management, and acts as real estate agent and property dealer. In addition, it engages in related civil, structural, and infrastructure works such as roads, bridges, drainage, water supply, power plants, and other allied facilities, includingpreparation of plans, designs, and estimates for such projects EDL also forms part of the Embassy Group, a diversified business conglomerate led by Mr. Jitendra Virwani, Chairman and Promoter, and Mr. Aditya Virwani, Managing Director and Promoter, among others, with a proven track record of execution and leadership in the real estate sector. During 2024-2025, after a prolonged wait and inordinate delay, the Hon'ble National Company Law Appellate Tribunal, New Delhi Bench, by its order dated January 7, 2025, approved the Scheme of Amalgamation ('Scheme'), providing for the merger of NAM Estates Private Limited ('NAM Estates') (an Embassy Group entity) into the Company under Sections 230-232 of the Companies Act, 2013, and the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 ('Merger'). The Merger became effective on January 24, 2025, upon which NAM Estates stood transferred and merged with the Company, resulting in an enhanced scale of operations, a stronger balance sheet, and the ability to leverage synergies across revenue generation and operational efficiencies. As consideration of Merger, the Company issued and allotted 60,91,05,999 fully paid equity shares of face value H2/- each of the Company to the shareholders of NAM Estates, as on the record date, in the manner as mentioned in the Scheme.