Indiabulls Real Estate Limited announces change of name to Equinox India Developments Limited

Listed real estate developer Indiabulls Real Estate Limited has changed its name to Equinox India Developments Limited with effect from June 20, the company said in a regulatory filing.

"We wish to inform that pursuant to the shareholders the name of the company stands changed from ‘Indiabulls Real Estate Limited’ to ‘Equinox India Developments Limited’ with effect from today i.e. June 20, 2024," the company said in a regulatory filing with Stock Exchanges.

The company said it has received approval by way of special resolution at the extra-ordinary general meeting of the company held on April 30, 2024 and upon receipt of fresh Certificate of Incorporation dated June 20, 2024, issued by the Registrar of Companies, Central Registration Centre, Manesar.

Also read: Indiabulls Real Estate to raise ₹3,911 crore through issuance of shares, warrants to investors

The company said it shall be submitting requisite applications with the BSE Limited (BSE) and National Stock Exchange of India Limited (NSE), in terms of SEBI LODR Regulations, for effecting change of name and trading in the shares of the company in its new name with its new symbol.

Also read: Mumbai real estate: 10 things homeowners of societies looking to get their buildings redeveloped should keep in mind

Indiabulls Real Estate on April 5 had said that its board has approved raising ₹3,911 crore through the issuance of shares and warrants to investors, including the Blackstone Group and the Embassy Group.

In the announcement, it had said that Global investment firm Blackstone would be investing ₹1,235 crore, while the Bengaluru-based Embassy Group will invest ₹1,160 crore.

The investment was planned keeping in mind recapitalizing the company balance sheet and positioning the company for organic and inorganic growth purposes. These include capital expenditure for the completion of existing projects and new launches as well as proposed acquisitions, other working capital requirements and general corporate purposes, the company had said.

In May, Indiabulls Real Estate and Fama Real Estate, a wholly-owned subsidiary, acquired Embassy Property Developments (EPDPL)'s residential development projects in Bengaluru and Chennai.

Also read: New housing supply expected to witness 13% drop; sales down 2% y-o-y across top cities

The company in April 2024, had posted widening of consolidated net loss at ₹1,038.65 crore for FY24- up from ₹608.38 crore in 2022-23. The total income of the company fell to ₹468 crore in FY24 down from ₹648 crore in FY23.

Indiabulls Real Estate said in April that it had acquired 100% stake in Sky Forest Projects Pvt Ltd from Blackstone at an enterprise value of ₹647 crore.