Embassy Developments Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
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Embassy Developments Limited's promoter and promoter group, led by Jitendra Mohandas Virwani, filed a declaration under SEBI SAST Regulation 31(4) for FY 2024-25. The promoter group was classified as 'Promoter and Promoter Group' w.e.f. January 24, 2025, following the merger of NAM Estates Private Limited into the company (formerly Equinox India Developments / Indiabulls Real Estate). Together, they hold 53,00,55,556 equity shares representing 43.36% of the paid-up share capital. The declaration confirms that no encumbrance (pledge, lien, or charge) has been created, directly or indirectly, on any of these shares since the promoter classification date. The largest individual holders are JV Holding Pvt Ltd (19.89%) and Embassy Property Developments Pvt Ltd (15.85%), with the Virwani family members holding smaller direct stakes.
With promoter holding at 43.36%, the company does not have a majority controlling shareholder, which means any significant corporate decision could be vulnerable to opposing minority shareholders. The clean declaration (no encumbrances on promoter shares) is a positive signal, as it rules out near-term risks of forced stake sales from pledged shares being invoked.