Khaitan & Co Advised Embassy Group In ₹1,160 Cr Investment In Indiabulls Real Estate

Khaitan & Co Advised Embassy Group In ₹1,160 Cr Investment In Indiabulls Real Estate

Khaitan & Co has advised Embassy Group in a pivotal role in facilitating a significant investment by the Embassy Group into Indiabulls Real Estate, amounting to a substantial INR 1,160 crores.

Embassy Group, the largest shareholder in Indiabulls Real Estate, has executed this investment through a preferential allotment of shares and warrants. The investment comprises INR 10 crores in equity shares and INR 1,150 crores in warrants. Notably, 25% of the investment has been paid up front, with the remainder scheduled to be disbursed over an 18-month period.

The floor price for the shares has been established at INR 111.51 per share, adhering to SEBI guidelines and inclusive of valuations conducted by a prominent Big 4 firm. Following this transaction, Embassy Group will maintain its position as the largest shareholder in Indiabulls Real Estate, boasting an 18.7% ownership stake on a fully diluted basis.

Furthermore, as part of the investment deal, Embassy Group has enriched Indiabulls Real Estate's asset portfolio by contributing residential assets valued at a significant INR 703 crores in Bangalore and Chennai. These contributions include a proposed 31-acre, 93-villa project in North Bangalore, a 0.5-million square foot (msf) high-rise residential project in Whitefield, Bangalore, and a proposed 1.4-msf high-rise project in Chennai.

Khaitan & Co acted as the legal advisors to Embassy Group throughout this intricate transaction. The legal team, spearheaded by Abhishek Dadoo and Anvita Mishra, with key contributions from Gaurang Mansinghka and Anisha Chand in Antitrust, provided comprehensive legal counsel, ensuring a smooth and successful execution of the investment deal.

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