In furtherance to our earlier intimation dated February 25, 2025 and pursuant to the approvalby the shareholders of the Company, vide resolution dated March 25, 2025, please be informedthat Embassy Developments Limited (formerly Equinox India Developments Limited andearlier Indiabulls Real Estate Limited) (the Company ) has today i.e. on June 26, 2025,acquired 100% equity shares of Squadron Developers Private Limited ( SDPL ) for INR456.61 crore arrived basis closing adjustments to the agreed enterprise value of INR 455 crore.For more details, please refer attachment.
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Embassy Developments Limited has completed the acquisition of 100% equity shares of Squadron Developers Private Limited (SDPL) for INR 456.61 crore, based on closing adjustments to the agreed enterprise value of INR 455 crore. SDPL is a proposed premium and luxury residential project of about 1.27 million square feet in north Bengaluru, situated on a 10.59-acre land parcel at Embassy Hub, Yelhanka. The deal was paid entirely in cash and makes SDPL a wholly owned subsidiary. This is a related party transaction, as SDPL's ultimate holding company is Embassy Property Developments Private Limited, a promoter group entity. Shareholders had already approved the acquisition on March 25, 2025.
The acquisition strengthens Embassy Developments' residential pipeline and footprint in Bengaluru's growing luxury market. However, as a related party transaction involving the promoter group, minority shareholders should note that the deal pricing and strategic rationale carry some conflict-of-interest risk, though it was approved by shareholders.