Realty firm Embassy Group and its investor partner Blackstone Group LLP are looking to buy the remaining promoters’ stake in Indiabulls Real Estate Ltd (IBREL), reported LiveMint.
The Embassy Group had earlier bought 14 percent stake in IBREL from promoter Sameer Gehlaut for around Rs 950 crore in June, said the report. Now the firm, along with Blackstone, is keen on acquiring the remaining 14 percent stake, the report said citing three people familiar with the development.
One option is to buy the 14 percent promoters’ stake on its own and then go for a mandatory open offer. The second, on the other hand, involves Blackstone making the acquisition and then both firms jointly holding 28 percent stake, said the report.
An Embassy spokesperson told Mint that the firm is “evaluating options" to execute the deal while spokespersons for IBREL and Blackstone declined comment.