In a regulatory filing, IBREL said that the fund raising committee of the board of directors, at its meeting held on April 12, approved the issue and allotment of 8,55,59,435 equity shares to qualified institutional buyers at an issue price of Rs 101.10 per share, aggregating to a little over Rs 865 crore.
Total income fell to Rs 355.59 crore in the third quarter of this fiscal, from Rs 756.81 crore in the corresponding period of the previous year.
In a regulatory filing, IBREL said the board has approved the divestment of 100 per cent stake in its four subsidiaries which own the land parcel at Sector 106, Gurugram.
Krishnamurthy, who is former managing director & CEO of HDFC Property Ventures, will be designated as non-executive chairman of the company with effect from February 1, 2022.
"Consolidated debt of the company net of cash and liquid investments is Rs 967 crore as on September 30, 2021 vs Rs 2,025 crore as on March 31, 2020 wherein total sold receivables and completed inventory in hand is Rs 3,369 crore as on date," the presentation said.
In a regulatory filing, IBREL reported a consolidated net profit of Rs 5.64 crore for the quarter ended September. The company had posted a net loss of Rs 76 crore in the year-ago period.
Embassy Industrial Parks comprises 10.6 million square feet of modern Grade A logistics and warehousing assets located across major industrial hubs in India including Bengaluru, Delhi NCR, Hyderabad, and Pune, and are leased to leading e-commerce and retail players.
Total income rose to Rs 759.50 crore in the fourth quarter of the last fiscal year from Rs 151.69 crore in the corresponding period of the previous year.
Embassy Group already has around 14 per cent stake in Mumbai-based IBREL and the same will increase to 45 per cent after the merger of assets of these two companies.
The gross collection stood at Rs 1,003 crore during October-December period and Rs 1,288 crore in the first nine months of the current 2020-21 financial year.
After merger it has proposed to take controlling stake and become promoter of the merged entity. IBREL said a panel will be constituted to value the projects proposed to be merged and arrive at a swap ratio.
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