Indiabulls Real Estate has cut its net debt by 54 per cent to Rs 464 crore during the three months ended June, compared to the March quarter. Besides, the merger with the Embassy Group is in the final stage of National Company Law Tribunal (NCLT) review, according to an investor presentation by Indiabulls Real Estate Ltd (IBREL).
In the investor presentation IBREL said its net debt stood at Rs 464 crore at the end of June quarter, as against Rs 1,005 crore as on March 31, 2022. Its gross debt fell to Rs 739 crore from Rs 1,310 crore. In April, IBREL had raised Rs 865 crore by issuing shares to institutional investors mainly for land acquisition and debt reduction.
On the operational front, the company’s sales bookings fell to Rs 297 crore in the first quarter of this fiscal year, from Rs 350 crore in the corresponding period of the previous year. In August 2020, Embassy Group entered into a definitive agreement to merge its certain residential and commercial projects with IBREL through a cashless scheme of amalgamation. Embassy Group will become the promoters of the merged entity.
Also read| Indiabulls Real Estate guilty of profiteering Rs 6.46 crore, to refund homebuyers: NAA
“Merger with Embassy in the final stages of NCLT review – next hearing in Chandigarh is scheduled on 8th September, 2022,” IBREL said in the presentation. The proposed scheme for amalgamation of NAM Estates and Embassy One Commercial Property Developments into the IBREL is underway, it added. In February 2021, the Competition Commission of India (CCI) had approved the proposed merger of Embassy Group firms — NAM Estates Pvt Ltd and Embassy One Commercial Property Developments Pvt Ltd — with IBREL.
Embassy Group has around 14 per cent stake in IBREL and the same will increase to 45 per cent after the merger of assets of these two companies. Post-merger, the combined entity will have 80.8 million square feet of launched and planned development potential. The merged entity will have about 30 projects.
Also read| India @75: Industry then and now
Under the terms of the agreement, IBREL’s shares are valued at Rs 92.5 per share. Mumbai-based IBREL has a land bank of 3,280 acres, near major metropolitan cities. It has presence in six cities — Delhi-NCR, Mumbai Metropolitan Region (MMR), Jodhpur, Vadodara, Vizag and Indore.
“Provides an option to monetise certain land banks in non-core areas with limited potential and enhance our presence in strategic locations. This allows us to develop projects to take advantage of potential opportunities, without the need to spend time locating and acquiring the land first,” it added.
The company expects a net surplus of Rs 8,566 crore from its completed, ongoing and upcoming projects. It has unsold inventory of Rs 12,736 crore and receivables from customers against units already sold at Rs 3,030 crore, while the estimated cost to develop these projects stands at Rs 7,201 crore.Last week, the company reported consolidated net loss of Rs 51.95 crore for the quarter ended June on lower income. Its net profit stood at Rs 4.76 crore in the year-ago period.
Total income fell to Rs 164.18 crore in the April-June quarter from Rs 532.03 crore in the corresponding period of the previous year, according to a regulatory filing.
Bengaluru-based Embassy Group is one of the leading players in commercial real estate. The group, along with Blackstone, launched India’s first Real Estate Investment Trust (REIT) in 2019, to raise Rs 4,750 crore through public issue. It also owns WeWork India.
Indiabulls Real Estate cuts net debt by 54% to Rs 464 cr; merger process with Embassy Group underway & Latest News Update
Indiabulls Real Estate cuts net debt by 54% to Rs 464 cr; merger process with Embassy Group underway & More Live News
All this news that I have made and shared for you people, you will like it very much and in it we keep bringing topics for you people like every time so that you keep getting news information like trending topics and you It is our goal to be able to get
all kinds of news without going through us so that we can reach you the latest and best news for free so that you can move ahead further by getting the information of that news together with you. Later on, we will continue
to give information about more today world news update types of latest news through posts on our website so that you always keep moving forward in that news and whatever kind of information will be there, it will definitely be conveyed to you people.
Indiabulls Real Estate cuts net debt by 54% to Rs 464 cr; merger process with Embassy Group underway & More News Today
All this news that I have brought up to you or will be the most different and best news that you people are not going to get anywhere, along with the information Trending News, Breaking News, Health News, Science News, Sports News, Entertainment News, Technology News, Business News, World News of this made available to all of you so that you are always connected with the news, stay ahead in the matter and keep getting today news all types of news for free till today so that you can get the news by getting it. Always take two steps forward
Credit Goes To News Website – This Original Content Owner News Website . This Is Not My Content So If You Want To Read Original Content You Can Follow Below Links