Equinox India Developments Limited (Equinox India or the Company) (NSE: EMBDL / BSE: 532832) announced that the Board of Directors has approved the appointment of Jitendra Mohandas Virwani, Chairperson of Embassy Group & Promoter of the Company, as Non-Executive Non-Independent Director on the Board w.e.f. January 25, 2025. Further, the company has also completed allotment of 60,91,05,999 fully paid equity shares, to the shareholders of NAM Estates, in accordance with the merger scheme.
Speaking on this occasion, Mr. K. G. Krishnamurthy, Non-Executive Chairperson & Independent Director said, “On behalf of the entire Board, I would like to congratulate Mr. Virwani on becoming the Promoter & extend our warmth in welcoming him on the Board. He is the right leader to steer this merged company. His vast experience brings to the board his unique vision, deal-making and execution skills, deep operational knowledge, and extensive relationships in the real estate industry. Our vision is to create one of India’s largest and strongest real estate platforms with the highest standards of corporate governance.”
Jitendra Virwani said, “I am elated to be appointed as Non-Executive Non-Independent Director on the Board. The Company just successfully completed the merger, and one of my objectives is to bring stability to the management team during this transitional phase. We aim to drive growth, deliver outstanding value to all stakeholders, and generate sustainable, long-term returns for our shareholders.”
With this, Embassy Group has become the new promoter with 41.4% controlling stake.
Key Highlights
Merger successfully completed
New “Embassy” brand & proposed name change to “Embassy Developments Limited”
Co-headquartered at Mumbai and Bengaluru
700+ employees across regions
Presence across major markets of MMR, Bengaluru, Chennai, NCR & other tier-2 cities
Balanced mix of residential and commercial assets
Revised shareholding base of 118.25 Cr number of equity shares
Top public holders include Florence 7.0%, Blackstone 6.0%, Baillie Gifford 5.8%, Quant MF 2.7%
