Embassy Group invests ₹1,160 crore in Indiabulls Real Estate

Embassy Group, the largest shareholder in Indiabulls Real Estate, has invested ₹1,160 crore through a preferential allotment of shares and warrants. Of this, 25 per cent is upfront, and the balance will be invested over 18 months. The floor price of the issuance was Rs 111.51 per share. It has also contributed several assets in Bengaluru and Chennai to Indiabulls at an 8-16 per cent discount to the average of two valuations. The assets include a 31-acre land in North Bengaluru where a project with 93 villas is proposed, a 5 lakh square feet residential project in Whitefield, and a 1.4 msf proposed high rise in Chennai.