 "Embassy")
Embassy Property Development is merging some of its residential and commercial properties with Indiabulls Real Estate to set up a new entity, the latter said on Friday.
The companies did not share details of the properties they are merging. Under the proposed merger, Indiabulls will issue equity shares of Rs 2 each to the shareholders of Embassy, in accordance with the swap ratio approved by the boards of both the companies, Indiabulls said.
The merged platform will be controlled by Embassy Chairman Jitu Virwani. Sameer Gehlaut, the current promoter of Indiabulls will become a passive shareholder in the new company, sources in
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