Indiabulls Real Estate: Up on approval for merger with NAM Estates, Embassy One

Embassy Developments

25/02/2021 06:40

** Shares of real estate firm  INRL.NS  rise as much as 9.9%
to 91.4 rupees, their highest level since Jan 8
    ** INRL says its merger with NAM Estates and Embassy One has
received regulatory approval from India's main stock exchanges
as well as competition and market regulators (https://bit.ly/3r5Pskt)
    ** Planned commercial projects of the combined entity will
have a rent potential of 42.41 bln rupees ($585.27 mln)- INRL 
    ** INRL says net surplus from residential launched and
planned projects in combined entity is expected at 185.92 bln
rupees
    ** Co says it will file applications with the National
Company Law Tribunal for its approval of the merger
    ** Shares have risen 1.2% this year, as of last close


($1 = 72.4625 Indian rupees)

 (Reporting by Philip George in Bengaluru)
 ((P.George@thomsonreuters.com; +91 8061822657; Reuters
Messaging: p.george@thomsonreuters.net))