Embassy Developments promoters infuse ₹1,160 crore to strengthen balance sheet and fuel expansion

In what could bolster the company’s capital structure and growth plans, realty company Embassy Developments Limited (EDL) has completed a ₹1,160 crore fund infusion by its promoters through the full subscription of share warrants.

The promoters, led by the Embassy Group, have invested the final tranche of ₹67.7 crore through the conversion of warrants into equity shares at ₹111.51 per share. With this, a total of about 10.4 crore fully paid-up equity shares of face value ₹2 each have been allotted to the promoter group and associated entities. The transaction increases promoter and promoter group shareholding in EDL to approximately 41.4%.

The company said the funds will be utilised to strengthen its balance sheet, support the completion of ongoing projects, and drive future expansion in its key markets of Bengaluru, the Mumbai Metropolitan Region (MMR), and Delhi-NCR.

"The completion of promoter investment reflects their strong confidence in EDL’s strategy and long-term vision," said Rajesh Kaimal, Chief Financial Officer, Embassy Developments Limited. "With a strengthened equity base, we are well positioned to accelerate project delivery, pursue strategic growth opportunities, and expand our presence across Bengaluru, Delhi NCR, and the Mumbai Metropolitan Region."

The latest infusion follows a major structural shift in the company earlier this year. In January 2025, the National Company Law Appellate Tribunal (NCLAT) approved the merger of Nam Estates Private Limited with the company, resulting in Embassy Group — led by Jitendra Virwani and Aditya Virwani — becoming the new promoter with a controlling stake of 41.4%. The merger was implemented on January 24, and the company was renamed Embassy Developments Limited on February 13, 2025.

Formerly known as Indiabulls Real Estate Limited and later as Equinox India Developments Limited, EDL has a diversified portfolio across residential, commercial, and Special Economic Zone (SEZ) projects in major Indian cities. The company’s residential portfolio spans mid-income to ultra-luxury segments, including integrated townships, branded residences, and senior living communities.

EDL is listed on the BSE and NSE and holds a long-term debt rating of IVR A– (Stable) from Infomerics. The company said the latest capital infusion reinforces its financial resilience and positions it to capture growth opportunities in India’s buoyant real estate market.Read about our editorial guidelines and ethics policy