Indiabulls Real Estate approves proposal of merger

Indiabulls Real Estate (IBREL) has approved proposal of merging several ongoing residential and commercial projects of Embassy Property Developments with itself.

Under the proposed merger, certain projects of Embassy will be transferred to IBREL.

Embassy is in discussions with financial investors, such as the Blackstone Group and others, to raise up to $200 million before the merger.

In 2019, Embassy Group was in talks to buy a majority stake in Indiabulls Real Estate. Embassy later stated that it was reconsidering the plan, but will continue to remain an investor in Indiabulls Real Estate. Embassy owns 14 percent of the Mumbai-based property developer.