Equinox India and Embassy group announce successful completion of merger

Mumbai, India : Equinox India Developments Limited (Equinox India or the Company) (NSE: EMBDL / BSE: 532832) has announced the successful completion of merger of NAM Estates (Embassy Group entity) with and into Equinox India. The companies had announced a decision to merge on August 18, 2020, subject to obtaining the requisite consent and approvals. Hon`ble National Company Law Appellate Tribunal, New Delhi Bench, (NCLAT) has approved the merger scheme. The Boards of both the companies at their respective meetings held recently noted that the merger has been made effective from January 24, 2025, following receipt of all requisite shareholder and regulatory approvals, including filing of certified order copy with the Registrar of Companies. There will be a name change to Embassy Developments Limited for the merged platform.

The merged entity inter-alia brings together strengths of both the entities and will create meaningful value for various stakeholders, including customers, employees, and shareholders, which includes increased scale, balanced mix of commercial & residential, larger balance sheet and ability to drive synergies across revenue opportunities & operating efficiencies.

We are immensely excited to complete this transformational merger and step into a new era of growth and opportunity. This merger represents the culmination of nearly 30 years of unwavering commitment to building a world-class real estate enterprise and taking it public. Today marks a significant milestone in the rich legacies of both companies, as we unite to create a flagship development platform spanning residential, office, and future asset classes, said Jitendra Virwani, Founder & Chairperson of Embassy Group and Promoter of Equinox India, While the collective heritage and strengths of both organizations are remarkable, the true potential of this merger lies in the creation of a dynamic industry leader. Together, we aim to drive growth, deliver outstanding value to all stakeholders, and generate sustainable, long-term returns for our shareholders.

For shareholders, customers and employees, successfully closing this merger is a definitive step towards unlocking higher value by bringing in a promoter whose deal-making and execution skills are unparalleled. said Sachin Shah, Executive Director of Equinox India. With a clear focus, market visibility and synergies, our combined company will be well-equipped to compete successfully as an industry leader. We are happy to be part of one Embassy family. With the merger now complete, our focus is to finalize and integrate the organizational structures into one combined company. We have been planning for some time and shall soon reveal what a combined Company would look like.

 

• In accordance with the exchange ratio specified in the merger scheme, the Company shall issue and allot 6,619 fully paid-up new equity shares of face value Re. 2/- each, for every 10,000 fully paid-up equity shares of face value Re. 10/- each, held by such shareholders in NAM
• Accordingly, Equinox India shall issue and allot 609,105,999 fully paid-up new equity shares to the shareholders of NAM Estates
• Further, 63,095,240 existing fully paid-up equity shares held by NAM Estates representing 9.91% paid-up share capital, stands cancelled in entirety
• Revised paid-up equity share capital of Equinox India stands at Rs. 236,49,63,392/- divided into 118,24,81,696 equity shares

 

Mr. Jitendra Virwani, Founder & Chairperson of Embassy Group, along with certain other individual(s) / entity(ies), promoter of NAM Estates, are now the new Promoters and Promoter Group Entities of Equinox India w.e.f. January 24, 2025, with the proposed shareholding as below: