Indiabulls real estate. (PC-Shutterstock)
Indiabulls Real Estate Ltd. (IBREL) on October 14 said Sameer Gehlaut would be leaving the office of non-executive director and Chairman of the firm by the year-end and accordingly submitted his resignation effective from December 31, 2021.
The company informed that Gehlaut resigned from the post as he would focus on business of providing technology enabled transaction finance and primary healthcare services by Dhani Services Limited. Gehlaut is the founder Promoter, Chairman & CEO of Dhani Services. The resignation of Gehlaut comes amid the proposed merger of IBREL projects with the Bengaluru-based Embassy Group.
The firm reported a consolidated net profit of Rs 5.64 crore for the quarter ended September, it said in a regulatory filing. The company had posted a net loss of Rs 76 crore in the year-ago period.
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Total income in the second quarter of this fiscal rose to Rs 381.24 crore from Rs 50.70 crore in the corresponding period of the previous year.
On the proposed merger of its assets with the Bengaluru-based realty firm Embassy Group, IBREL said it has got regulatory approvals from Competition Commission of India (CCI), National Stock Exchange of India (NSE), BSE Limited (BSE) and the Securities and Exchange Board of India (SEBI).
The company has filed the requisite joint application with jurisdictional bench of NCLT, for its approval to the scheme of merger. "The application for approval of merger with NCLT is listed in the current quarter," it said.
Earlier in 2022, Embassy Group entered into a definitive agreement to merge its certain residential and commercial projects with IBREL through a cash-less scheme of amalgamation. Embassy Group will become the promoter of the merged entity.
Embassy Group has around 14 per cent stake in IBREL and the same will increase to 45 per cent after the merger of assets of these two companies. Post-merger, the combined entity will have 80.8 million square feet of launched and planned development potential. The merged entity will have about 30 projects. Under the terms of the agreement, the IBREL's shares are being valued at Rs 92.5 per share.
On October 14, the share price of Indiabulls Real Estate Ltd. rose by 8.64 percent or 13.05 to reach Rs 164.10. During the intraday trading, its stock price reached to Rs 166.60.With inputs from PTI.