 "The merger is expected to be completed by the second quarter of 2021-22, the company said in its regulatory filing")
Indiabulls Real Estate shares soared as much as 7.2 per cent to quote at Rs 79 apiece on the BSE on Wednesday after Bengaluru-based realty firm Embassy Group on Tuesday signed an agreement to merge its various housing and commercial projects with the Indiabulls Group company and take control of the merged entity.
Jitendra Virwani along with other promoter entities of NAM Estates (Embassy Promoters) will become the new promoters of IBREL upon completion of merger and Sameer Gehlaut, along with existing IBREL promoter group entities, shall initiate the process of reclassification as required. Embassy Group already has around 14 per
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