Embassy Group Invests INR 1,160 Cr in Indiabulls Real Estate Limited (IBREL) via Preferential Allotment

Also contributes residential assets worth INR 703 Cr in the key markets of Bengaluru & Chennai to IBREL

Mumbai, India – April 6, 2024

Key Transaction Highlights:

Preferential Allotment:

· Invests INR 10 Cr in equity shares & INR 1,150 Cr in warrants; 25% upfront & balance over 18 months

· Floor price of INR 111.51 per share as per SEBI guidelines including valuation by one of the Big 4 firms

· Embassy to remain as the largest shareholder with 18.7% ownership (on a fully diluted basis)

Asset / Project Contributions:

· 31-acre / 93-villa proposed project in North Bengaluru

· 0.5 msf highrise residential project in Whitefield, Bengaluru with all approvals

· 1.4 msf proposed high-rise project in Chennai which is part of an existing township

· Acquisitions basis valuations at an ~8-16% discount to average of two independent valuations

Other Corporate Actions:

· Future Asset Contributions: Embassy to provide IBREL a right of first opportunity to acquire identified existing assets of Embassy and potential future assets subject to mutually agreed terms and conditions.

· Board Nomination: Mr. Jitendra Virwani to be appointed as Embassy’s nominee director to the Board of Directors of IBREL

Jitendra Virwani, Chairman & Founder of the Embassy Group said, “Being the largest shareholder, our commitment to the IBREL platform remains intact. This investment is to provide a pipeline of assets to IBREL for future growth while bringing prestigious investors to the shareholder roster. The transaction also offers growth to the listed entity by penetrating the key south Indian markets of Bengaluru and Chennai.”

Above transactions are subject to IBREL shareholders, regulatory, and other approvals.

Khaitan & Co. acted as the legal advisors to Embassy.

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