Embassy Developments Limited — Updates, 27-01-2025: Press Release

Equinox India Developments Limited has made significant strides by appointing Mr. Jitendra Mohandas Virwani, Chairperson of Embassy Group, as a Non-Executive Non-Independent Director. This change follows the successful merger with NAM Estates, which culminated in the allotment of approximately 60.91 crore fully paid equity shares. The merger opens the door for the emergence of a new "Embassy" brand, with plans for a name change to "Embassy Developments Limited." The company will operate co-headquartered in Mumbai and Bengaluru, boasting a workforce of over 700 employees. With a revised shareholding base now totaling 118.25 crore equity shares, it includes prominent public shareholders such as Florence (7.0%), Blackstone (6.0%), and Baillie Gifford (5.8%). The company aims to leverage this merger to enhance its market presence across key regions in India, delivering sustainable long-term value. Investors should watch closely as this strategic transition unfolds, presenting potential growth opportunities in the real estate sector.