Shares of Equinox India Developments (formerly Indiabulls Real Estate) hit 20% upper circuit on January 7 as the National Company Law Appellate Tribunal (NCLAT) approved its merger with Embassy Group. The deal has been in the making for five years.
At 11:50 am on January 7, Equinox's shares were trading 20% higher at Rs 143.58 apiece.
Last year, Indiabulls Real Estate Limited (IBREL) changed its name to Equinox India Developments.
IBREL was renamed Equinox India when Bengaluru-based developer Embassy Group, global asset manager Blackstone Real Estate Fund, UK-based investment firm Baillie Gifford & Co. and other investors infused Rs 3,911 crore into the company through a preferential allotment of shares.
Mumbai-based Equinox's first Embassy-branded project—Embassy One—is a residential development in Thane, with 186 apartments, each priced at Rs 1 crore and above.
The deal between the two companies was first announced in August 2020, and the Competition Commission of India (CCI) had granted approval in February 2021.
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