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Indiabulls Real Estate Ltd

BSE Code : 532832 | NSE Symbol : IBREALEST | ISIN:INE069I01010| SECTOR : Realty |

NSE BSE
 
SMC down arrow

166.65

-10.65 (-6.01%) Volume 280564

26-Nov-2021 EOD

Prev. Close

177.30

Open Price

173.00

Bid Price (QTY)

0.00(0)

Offer Price (QTY)

166.65(31321)

 

Today’s High/Low 175.90 - 165.50

52 wk High/Low 195.90 - 59.40

Key Stats

MARKET CAP (RS CR) 7561.06
P/E 0
BOOK VALUE (RS) 139.4091396
DIV (%) 0
MARKET LOT 1
EPS (TTM) 0
PRICE/BOOK 1.1928916603112
DIV YIELD.(%) 0
FACE VALUE (RS) 2
DELIVERABLES (%) 32.6
4

News & Announcements

24-Nov-2021

Indiabulls Real Estate allots NCDs aggregating Rs 75 cr

24-Nov-2021

Indiabulls Real Estate Ltd - Indiabulls Real Estate Limited - Allotment of Securities

12-Nov-2021

Indiabulls Real Estate Ltd - Indiabulls Real Estate Limited - Updates

10-Nov-2021

Indiabulls Real Estate Ltd - Indiabulls Real Estate Limited - Change in Director(s)

24-Nov-2021

Indiabulls Real Estate allots NCDs aggregating Rs 75 cr

09-Nov-2021

Indiabulls Real Estate appoints director

08-Oct-2021

Indiabulls Real Estate schedules board meeting

11-Sep-2021

Indiabulls Real Estate schedules AGM

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

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Tantia Constructions Ltd 532738 TANTIACONS
TARC Ltd 543249 TARC
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Tata Construction & Projects Ltd 505252
Tatia Global Venture Ltd 521228
TCI Developers Ltd 533393 TCIDEVELOP
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Techno Electric & Engineering Company Ltd (Merged) 533281 TECHNO
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Terraform Realstate Ltd 512157
Texmaco Infrastructure & Holdings Ltd 505400 TEXINFRA
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Tirupati Shelters Ltd 40357
Tivoli Construction Ltd 511096
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Tribhuvan Housing Ltd 531703
Trident Projects Ltd 526626
Trinethra Infra Ventures Ltd 590091
Tulive Developers Ltd 505285
Turnkey International Ltd (Wound-up) 507821
Unique Estates Development Co. Ltd 508800
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Unity Infraprojects Ltd 532746 UNITY
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UTL Industries Ltd 500426
Vaghani Techno-Build Ltd 531676
Valecha Engineering Ltd 532389 VALECHAENG
Variman Global Enterprises Ltd 540570
Vas Infrastructure Ltd 531574
Vascon Engineers Ltd 533156 VASCONEQ
Veer Energy & Infrastructure Ltd 503657
Veer Global Infraconstruction Ltd 543241
Venus Power Ventures (India) Ltd 531874
Vibrant Investment & Properties Ltd (Wound-up) 531222 VIBRANTINV
Victoria Enterprises Ltd 506103
Victoria Mills Ltd 503349
Vijay Shanthi Builders Ltd 523724 VIJSHAN
Vipul Ltd 511726 VIPULLTD
Vir Developers Ltd 531803
Vishvas Projects Ltd 511276
VKJ Infradevelopers Ltd 536128
VSD Confin Ltd 531696
VSF Projects Ltd 519331
W S Industries (India) Ltd 504220 WSI
Wall Street Construction Ltd 512143
Warden Construction & Finance Ltd 512269
Wardwizard Innovations & Mobility Ltd 538970
Wellesley Corporation Ltd 532016
Welspun Enterprises Ltd 532553 WELENT
Yogi Infra Projects Ltd 522209
Yuranus Infrastructure Ltd 536846
Zandu Realty Ltd(Merged) 506720 ZANDUREALT
ZR Infra Ltd 40633
Zuari Global Ltd 500780 ZUARIGLOB

Share Holding

Category No. of shares Percentage
Total Foreign 94290602 20.74
Total Institutions 16632732 3.66
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 116928038 25.72
Total Promoters 27934010 6.14
Total Public & others 198921081 43.75
Total 454663876 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Indiabulls Real Estate Ltd

Indiabulls Real Estate Limited is one of the largest real estate companies in India with a well-diversified presence in both commercial and residential real estate development and has projects across the price spectrum, from mid-income, premium to the super luxury space. Geographically, the company's strategic focus is in key markets of Mumbai Metropolitan Region (MMR), National Capital Region (NCR) in India. Indiabulls Real Estate is one of the largest real estate company with a Gross Development Value of Rs 30,130 crore, and net worth of Rs 7090 crore as of 31 March 2019 and with 17 on-going projects with total saleable area of 44.59 million sq. ft. under its wing. Further it has commercial development with a leasable area of 3.15 million sq.ft. under construction. Additionally the company has a land bank of 1,046 acres and also possesses 2,588 acres of SEZ land at Nasik, Maharashtra. Indiabulls Real Estate Ltd was incorporated on April 04, 2006. The company was established with the main objects of carrying on the business of real estate project advisory, project marketing, maintenance of completed projects, engineering, industrial and technical consultancy, construction and development of real estate projects and other related ancillary activities. The real estate undertaking of Indiabulls Financial Services Ltd was de-merged and transferred to the company as a going concern with effect from the appointed date May 01, 2006. During the year 2006-07, Indiabulls entered in a 50:50 joint venture with DLF, Kenneth Builders & Developers (KBD). KBD acquired 35.8 acres of land from Delhi Development Authority through a competitive bidding process for Rs 450 crore to develop residential apartments. Also, they received an 'in principle approval' from Government of India for development of multi product SEZ in the state of Maharashtra. During the year 2007-08, the company diversified significantly in the following business verticals within the real estate space, namely Real Estate Development, Project Advisory & Facilities Management: Residential, Commercial (Office and Malls) and SEZ Development; Power: Thermal and Hydro Power Generation and Retail Business: Department Stores, Hypermarket Stores, Daily Needs Neighbourhood Stores. In July 2007, the company raised USD 400 million through Global Depositary Receipts. During the year, the company received formal approval from the Ministry of Commerce (Government of India) for development of 3,000 acres of Multi Product SEZ in Nashik, Maharashtra, located on the Delhi-Mumbai industrial corridor, being developed as part of Indo-Japan Economic Partnership Agreement. Also, they received formal approval for 2 IT SEZs (25 acres each) located in the Panvel area of Mumbai Metropolitan Region. During the fourth quarter, the company launched Pre-sales at Castlewood Luxury Apartments in South Delhi During the year, Indiabulls Power Generation Ltd, a 100% subsidiary of the company was awarded the Letter of Intent for a 1320 MW Bhaiyathan Thermal Power Project (Bhaiyathan TPP) in Chhattisgarh by Chhattisgarh State Electricity Board. The project includes development of captive mines containing proven reserves of 349 million tonnes of coal. During the year, Indiabulls Wholesale Services Ltd, a 100% subsidiary of the company acquired 63.92% equity stake in Piramyd Retail Ltd through a Share Purchase Agreement. Indiabulls Infrastructure Ltd, a 100% subsidiary of the company acquired 100% shareholding in Catherine Builders fit Developers Pvt Ltd from DLF Home Developers Ltd. In December 27, 2007, Diana Buildwell Pvt Ltd, 100% subsidiary of the company sold their entire holding in Victor Hotels And Motels Ltd. During the year 2008-09, the company acquired the entire paid-up capital of Dev Property Development Ltd, a company incorporated and registered in the Isle of Man, pursuant to a scheme of arrangement. They disposed off investment in one of their wholly owned subsidiary, Shivalik Land Development Ltd. Also, Indiabulls Power Services Ltd, a wholly owned subsidiary company was merged with Sophia Power Company Ltd, a majority owned subsidiary of the company now known as Indiabulls Power Ltd. During the year, the company signed an MoU with Government of Madhya Pradesh for setting up a 2640 MW power plant in the State and another MoU with the Government of Jharkhand for a 1320 MW plant. In the Hydropower space, they signed an MoU with Government of Arunachal Pradesh for 167 MW of hydropower projects. During the year 2009-10, the company has approved to de-merger of the wholesale trading business of the company as a going concern to Indiabulls Wholesale Services Ltd. They disposed of one of their wholly owned subsidiary during the year. In June 2010, they disposed off seven wholly owned subsidiaries. The Board of Directors of Indiabulls Real Estate (IBREL) at its meeting held on 17 January 2011 approved the recommendations of the Restructuring Committee to restructure the power and infrastructure business of the company. The restructuring shall be implemented in terms of a composite scheme of arrangement between Indiabulls Real Estate, Indiabulls Infrastructure and Power Limited (IIPL), Indiabulls Builders Limited (IBL) - a wholly owned subsidiary of the company, Indiabulls Power Limited (IPL) - a 58.6% owned subsidiary of the company, Poena Power Supply Limited (PPSL) - a wholly owned subsidiary of IPL and their respective shareholders and creditors (Scheme). The Scheme provides for restructuring of the share capital of the company, the transfer by way of a demerger of the power business of IBREL as a going concern to IIPL and the amalgamation of IBL (a wholly owned subsidiary of IBREL) into IBREL and various other matters consequential or otherwise integrally connected with the foregoing. As per the Scheme, shareholders of IBREL will get 2.95 equity shares of IIPL for every one equity share held by them on the record date to be fixed by IBREL. On 13 January 2012, Indiabulls Real Estate announced that for the real estate project on 8.39 acres of land at Lower Parel Division, Mumbai, earlier known as Bharat Textile Mills, being developed by M/s Indiabulls Infraestate Limited, a 100% subsidiary of Indiabulls Real Estate (IBREL SPV), M/s IL&FS Trust Company Limited and its group of investors namely IIRF India Realty XXI Limited and Little Fairy Limited (the investors), have invested as aggregate of Rs 200 crore, through subscription to equity in IBREL SPV for an aggregate minority stake of 9.36% of its post issue equity share capital at a valuation of Rs 2136 crore which is at premium of Rs 555.70 crore to the price of Rs 1580.30 crore paid for acquiring Bharat mills (including stamp duty). On 17 August 2013, Indiabulls Real Estate announced that it has purchased the entire stake of FIM Ltd. and its affiliates (managed by Farallon Capital Management LLC and its affiliates, a leading US private equity fund), in its 7 project subsidiaries for a total consideration of Rs 1172.16 crore. FIM Ltd. held 49% equity stake in these JVs and had invested Rs 847.48 crore in 2006 to 2008. With the purchase of FIM's entire stake, these project subsidiaries will now be 100% owned by Indiabulls Real Estate Limited. On 9 July 2014, the promoters of Indiabulls Group mutually agreed to restructure its various business segments and their inter se responsibilities, among themselves so that each of these business segments, receive their focused and undivided attention. Mr. Sameer Gehlaut, shall continue to control, manage and supervise the businesses of Housing Finance, Real Estate, Securities and Wholesale Trading business segments of the Group, headed by its flagship companies namely Indiabulls Housing Finance Limited (IHFL), Indiabulls Real Estate Limited (IBREL), Indiabulls Securities Limited (ISL) and Indiabulls Wholesale Services Limited ( IWSL) with Mr. Rajiv Rattan and Mr. Saurabh Mittal having relinquished all their control, management & supervision rights, in the hands of Mr Sameer Gehlaut, in all these companies and segments and have resigned from the office as directors in IHFL & IBREL. Mr Rajiv Rattan and Mr Saurabh Mittal shall not have any rights &/or interests in 'Indiabulls' Brand. In July 2014, Indiabulls Real Estate acquired the prime property, 22 Hanover Square in Central London for Rs 1630 crore. On 22 July 2015, Indiabulls Real Estate allotted an aggregate of 3.67 crore equity shares of the company at the issue price of Rs 67 and an aggregate of 4.36 crore warrants, convertible into equivalent number of equity shares at an exercise price of Rs 67 per equity share to the Promoter Group entities namely, SG Infralands Private Limited and SG Devbuild Private Limited. On 21 October 2015, Indiabulls Real Estate announced that Westminster City Council has approved the planning permission for redevelopment of 22 Hanover Square, which is being developed by a wholly owned subsidiary of the company. The redevelopment scheme comprises of 41 apartments with 80,000 sqft, 51 hotel rooms with 30,000 sqft of leisure facilities and 4,500 sqft retail and restaurant space facing onto Hanover Square. As part of change of policy from September 2015, Westminster City Council will not allow change of use from office to residential unless in exceptional circumstances. On this basis, the planning permission at 22 Hanover Square is very valuable, being the last remaining major residential scheme approved in Mayfair and London's West End. On 4 May 2016, Indiabulls Real Estate announced that pursuant to the acquisition of 2.76 crore units in Indiabulls Properties Investment Trust (IPIT) on the Singapore Exchange Securities Trading Limited, by Grapene Limited (Grapene), which is an indirect wholly-owned subsidiary of Indiabulls Real Estate, the total number of units, owned and controlled by the company (directly or through its wholly owned subsidiaries) in IPIT has increased from 47.51% to 51.18% and accordingly IPIT has become a majority owned subsidiary of the company. On 3 June 2016, Tapir Realty Developers Ltd, a 100% subsidiary of Indiabulls Real Estate, entered into a Joint Development Agreement with Oricon Properties Pvt. Ltd, a subsidiary of Oricon Enterprises Limited, for development of 7810 sq. mtrs. plot situated at Dr. E. Moses Road, Worli, Mumbai. The Board of Directors of Indiabulls Real Estate Limited at its meeting held on 24 November 2016 approved the proposal of buy-back of up to 6 crore fully paid-up equity shares of the company, being 11.8% approximately of existing paid-up share capital of the company at prevailing market price on Stock Exchanges subject to a price not exceeding Rs 90 per equity share aggregating up to an amount not exceeding Rs 540 crore from the open market through the Stock Exchange mechanism. The proposed buy-back will make the balance sheet of the company leaner by reduction in the overall capital employed in its business, which in turn will lead to higher earnings per share and enhanced return on equity. On 14 March 2017, Indiabulls Real Estate announced that its wholly owned subsidiary Indiabulls Infrastructure Limited (IIL) has signed a definitive agreement to acquire 100% share capital of India Land and Properties Limited (ILPL) for an aggregate consideration of Rs 685 crore, from Indiabulls Distribution Services Limited (a 100% subsidiary of Indiabulls Ventures Limited), and the deal is expected to be completed in the current financial year. Post the completion of the deal ILPL will become 100% owned subsidiary of the company. ILPL owns a commercial complex of 3 towers with a total constructed area of 2.67 million Sq. ft and leasable area of 1.94 million Sq.ft, spread over a total land area of over 8.84 acres situated at No. 14, 3rd Main Road, Ambattur Industrial Estate, Ambattur, Chennai. The said complex has designed in compliance to the National Building Codes by the internationally acclaimed Ms. ZAHA HADID, UK, 'Laureate Pritzker' Prize Winner (2004) and GOLD rated GREEN Building. IBREL IBL Scheme Trust, of which Indiabulls Real Estate Limited is the sole beneficiary, sold 3.3 crore shares of Indiabulls Real Estate on 22 June 2017 at the stock exchanges and realised approximately Rs 662.83 crore at an average price of about Rs 200.85 per share. The sale proceeds would be used for meeting company's funding requirements for ongoing businesses and general corporate purposes or any other purpose approved by Board. On 27 June 2017, Indiabulls Real Estate announced that it has acquired the entire minority stake of 10.08% in Indiabulls Infraestate Limited (IIL), a majority owned material subsidiary of the company, from ILFS Fund entities namely IIRF India Realty XXI Limited, Little Fairy Limited and Vistra ITCL (India) Limited, its minority investors. The aggregate cash consideration paid for the said acquisition is Rs 358.44 crore, including interest of Rs 94.85 crore against their aggregate total investment of Rs 250 crore. With this acquisition, IIL has become a wholly owned subsidiary of the company. IIL is developing a premium integrated marque residential project named Indiabulls Blu' in Worli, Mumbai comprising of 4 residential towers and additionally 2 office towers in the non residential area. IBREL IBL Scheme Trust, of which Indiabulls Real Estate Limited is the sole beneficiary, sold its holding of 95 lakh shares of Indiabulls Real Estate Limited on 27 July 2017 at the stock exchanges and realized approximately Rs 220.4 crore at an average price of about Rs 232 per share. The sale proceeds would be used for meeting the company's funding requirements for its ongoing businesses and general corporate purposes or any other purposes as may be approved by its Board. With this sale, the treasury holding of Indiabulls Real Estate Limited shares by IBREL IBL Scheme Trust is zero. On 11 September 2017, Indiabulls Real Estate announced that the company through its wholly-owned subsidiary, Ashkit Properties Limited, has acquired a prime commercial land admeasuring 13,519 sq. metres on National Highway 8 (Plot No 20, situated in Sector 18, Urban Estate, Gurugram). The said land is situated at a developed prime commercial location, where many leading multi-nationals are operating in nearby vicinity, and will be developed as a commercial complex with an expected leasable area of around 5 lacs sft. The construction of 5 lacs sft. of new office buildings is expected to finish by March 2019. This addition of new office space will further enhance the annuity revenue to Rs 1421 crore in FY 20-21 from the rental properties portfolio of Indiabulls Real Estate Ltd. On 7 December 2017, Indiabulls Real Estate announced the completion of acquisition of 100% units of Indiabulls Properties Investment Trust (IPIT), a SGX-ST listed business trust. IPIT will be delisted from the Official List of the SGX-ST with effect from 11 December 2017. The principal activities of IPIT are to achieve competitive long term returns by investing, either directly or indirectly, primarily in income-producing properties globally, with at least the majority comprising income-producing commercial/hospitality space; acquiring and/or developing properties globally (with at least the majority of IPIT's assets comprising commercial/ hospitality space) and either holding or selling all or a portion of developed properties upon completion and investing in real-estate related assets in connection with the foregoing. On 17 December 2017, Indiabulls Real Estate announced Mandarin Oriental Hotel Group as its hotel partner for their residential development, Hanover Bond (being developed locally under Clivedale brand). Located on Hanover Square, Hanover Bond will consist of 80 luxury Mandarin Oriental Residences for purchase as well as a fully integrated Mandarin Oriental hotel with 50 guest rooms and suites. This is not only the first Mandarin Oriental hotel and residences in Mayfair, but also the first truly integrated hotel and residences to be delivered in Central London. Due to complete in 2021, construction contracts have been let out and development works are fully underway. On 11 January 2018, Indiabulls Real Estate announced that the company through its wholly-owned subsidiary Yashita Buildcon Limited, has, entered into a binding and definitive agreement to acquire a prime and newly constructed commercial building, having leasable area of approx 2.5 lac sq ft in Gurugram. The deal is expected to get completed in 3 to 4 months when the Occupation Certificate of the building is expected to be received. The said building is situated at a developed prime commercial location, where many leading multinationals are operating in nearby vicinity. With this additional leasable area, the company expects to enhance its annuity revenue to Rs 1450 crore in FY 20-21 from the rental properties portfolio of Indiabulls Real Estate Limited. On 23 March 2018, Indiabulls Real Estate announced that the company's wholly owned subsidiaries, pursuant to their respective Board authorizations, have executed definitive transaction documents with the entities controlled by the Blackstone Group L.P., which is a globally renowned real estate private equity investor, to divest their entire holding in certain subsidiaries and thereby indirectly divesting 50% stake in Indiabulls Properties Private Limited (IPPL) and Indiabulls Real Estate Company Private Limited (IRECPL) at an aggregate enterprise value of approximately USD 1461.5 million equivalent to Rs 9500 crore. Post conclusion of Transaction, the company will cease its sole control over IPPL and IRECPL. Substantial portion of sale proceeds will be utilized towards repayment of existing debts of the company and its subsidiaries, for achieving sustainable long term growth, and for further strengthening of their on-going businesses. On 25 March 2018, Indiabulls Real Estate Limited announced that the company has entered into definitive transaction document(s) to sell its stake in its wholly owned subsidiaries, namely Selene Estate Limited and Airmid Infrastructure Limited (owning residential assets at Chennai) to a third party investor, for an aggregate consideration of Rs 285 crore. On 7 April 2018, Indiabulls Real Estate Limited announced that the company through its wholly-owned subsidiary Manjola Infrastructure Limited has entered into a binding and definitive agreement to acquire a prime and newly constructed commercial building at Udyog Vihar, Phase IV, Gurugram, having leasable area of approx 2.5 lac sq ft. The deal is expected to get completed in 3 to 4 months when the Occupation Certificate of this building is expected to be received. This building is situated at a developed prime commercial location, where many leading multi-nationals are operating in nearby vicinity. With this additional leasable area, the company expects to enhance its annuity revenue to Rs 1547 crore in FY 20-21 from the rental properties portfolio of Indiabulls Real Estate Ltd (including the rental portfolio of its 50:50 JV). On 10 April 2018, Indiabulls Real Estate's wholly owned subsidiary Indiabulls Infraestate Ltd (IIL) executed a non binding Term Sheet with Oricon Enterprises Limited (OEL) for execution of definitive agreements for joint development of a commercial building at OEL's land parcel admeasuring approx. 3512 sq. mtrs. plot situated at Dr. E. Moses Road, Worli, Mumbai. Upon execution of the definitive agreements, IIL will get an exclusive ownership right of approx. 2.55 lac sq ft. leasable area. On 3 May 2018, the company's Board constituted Committee authorized execution of non-binding documents with third party investor for sale of its commercial assets at Ambattur, Chennai, being a non-core real estate business operations for the company. The decision has been taken pursuant to and in terms of the company's shareholders authorization dated 23 March 2018 passed to facilitate re-organization of company's commercial leasing business in India for achieving sustainable growth and for further strengthening of its on-going businesses, in its core markets. The Board of Directors of Indiabulls Real Estate Limited at its meeting held on 18 May 2018 approved the proposal of Buy-back of up to 2.6 crore fully paid-up equity shares of Rs 2 each of the company, being approximately 5.45% of the paid-up share capital of the company, at prevailing market price on Stock Exchanges subject to a price not exceeding Rs 240 per equity share, aggregating up to an amount not exceeding Rs 624 crore. On 6 July 2018, Indiabulls Real Estate's Board constituted Committee authorized execution of definitive transaction document(s) with the entities controlled by the Blackstone Group L.P., which is a globally renowned real estate private equity investor, by which company will divest its 100% stake in the business of commercial assets at Ambattur, Chennai, being a non-core real estate business operations for the company, and will realise a gross value of approximately Rs 850 crore, subject to adjustments, if any, basis certain assets and liabilities on closing (transaction). The transaction is pursuant to and in terms of the company's shareholders authorization, dated 23 March 2018, to facilitate re-organization of company's commercial leasing business in India for achieving sustainable growth and for further strengthening of its on-going businesses, in its core markets. During FY 2019, the Board of the Company approved a composite Scheme of Arrangement amongst the Company, Indiabulls Infrastructure Limited, a direct subsidiary, and India Land and Properties Limited, a step down subsidiary company owning 'Chennai Assets'. The Scheme has been approved by the shareholders and creditors of the Company at their respective meetings held on 20th June 2019, convened under directions of National Company Law Tribunal, Principal Bench, New Delhi (NCLT), and is now to be considered by NCLT for granting its final approval. Upon effectiveness of the Scheme, there shall not be any change in the shareholding pattern of the Company, as the Company shall not issue any shares or pay any consideration, pursuant to said Scheme. The Company through its wholly owned subsidiary, Ashkit Properties Limited, acquired a prime commercial land admeasuring 13,519 sq. mt. on National Highway 8 (Plot No 20, situated in Sector 18, Urban Estate, Gurugram) for a development of a commercial complex with an expected leasable area of more than 5 lacs sqft. Another wholly- owned subsidiary of the Company, Yashita Buildcon Limited, acquired 100% stake in Concept International India Pvt Ltd, owning prime commercial property on National Highway 8 (Plot No 422B, situated in Sector 18, Urban Estate, Gurugram), which is a developed commercial complex with leasable area of approx 2.5 lac sqft. To expand the existing JV portfolio with Blackstone, the Company entered into definitive JV agreements with Blackstone and accordingly divested 50% stake in these two office assets at an aggregate enterprise value of approximately Rs 464 Crores.

Indiabulls Real Estate Ltd Chairman Speech

Dear Shareholders,

Over the last several years, Real Estate sector has gone through transformational changes like RERA, GST, and the recent credit slowdown by the Non Banking Financial Company (NBFC) and Housing Finance Companies (HFC) has put a lot of stress in the sector. Despite the adverse environment, your company had robust collections exceeding Rs 2,600 crores for the year. We also delivered 9.7 million sqft across various projects in Mumbai and NCR. Just as One Indiabulls Centre created the benchmark for Office development in Mumbai, Blu Estate & Club has created a new benchmark for uber-luxury living in the heart of the city - Worli.

Commercial Real Estate is quite robust, and your projects have 98% occupancy. Even on the Residential side, all indicators are pointing towards end of the down-cycle. The transformational changes in the sector (RERA, GST) coupled with the recent credit slowdown has constrained the available supply. At the same time, affordability is at multi-year high, and home mortgage rates are at a multi-year low leading to higher demand. These changes have polarized the industry, and the organized/established players stand to benefit with higher market share.

Government has embarked on an audacious mission to grow India into a $5 trillion economy by 2024, and Real Estate is expected to contribute 13% to the GDP. At the same time, Institutional investments in Real Estate has seen a quantum jump from Rs 46,500 crores in 2009-2013 to Rs 140,000 crores in 2014-2018. The Government initiatives coupled with huge Institutional capital inflows will provide a further impetus to the sector.

Company Business Overview

Your Company is one of the largest real estate companies in India, with a well-diversified presence in both commercial and residential real estate development and has projects across the price spectrum, from mid-income, premium to the super luxury space.

Zero Net Debt in FY20

Your Company has embarked on a clear and simple path to achieve Zero Net Debt in FY 20 through the following steps -

• Unlock the value of 'Commercial and Leasing' business by divesting these assets with Third Party Investors/ internationally renowned Private Equity players. The expected Equity Value would be ~ Rs 4,400 Cr - Rs 4,800 Cr.

• In light of continuing Brexit related issues and uncertainty around it, the London property market remains sluggish. Your company will divest the Hanover Square property, London, and the sale would release an Enterprise Value of 200 million.

The above steps will generate over Rs 6,000 Cr, thereby reducing the Net Debt of your Company to Zero in FY 20, and leaving surplus cash for further growth of the Company.

Growth Strategy

Your Company will focus on its core markets - Mumbai Metropolitan Region & National Capital Region for sustainable growth, and strengthening of its on-going businesses.

• It will routinely sell the under construction office properties to Investors, and deploy those funds to acquire additional land parcels/unfinished projects for further development.

• Your company will focus on asset light model through JV development with land owners/other developers without incurring significant upfront land acquisition cost.

• Your company has an unexploited fully paid Land Bank of 1,929 acres, and is spread across Mumbai, NCR, Chennai, and additional 1,424 acres of Nashik SEZ. The land bank has the growth potential for Development & Rental portfolio worth atleast Rs 5,000 Cr on replacement value basis.

• Execution of ongoing & planned projects would generate a Net Surplus of Rs 12,907 Cr. This excludes all the projects and assets that will be sold in FY 20.

Performance highlights: Sustaining growth momentum

In the year gone by, your Company has continued a commendable financial and operational performance. It gives me immense pleasure to convey the performance highlights for 2018-19 as follows:

• Total Revenues Rs 5,223 Crores

• Profit after Tax (PAT) Rs 504 Crores

Best Practices

Your company employs best-in-class practices in Construction Technology (Aluform, Jumpform) to provide superior quality and strength to the buildings. Our project management teams apply the standard practices across projects, and in FY 19 we delivered 9.7 million sqft across various projects - Blu Estate & Club (Worli), Indiabulls Greens (Panvel), Indiabulls Golf City (Savrolli), Centrum Park (Gurgaon), Enigma (Gurgaon), and Mega Mall (Jodhpur).

Each of our projects enjoy a distinct infrastructure advantage in the micro-market. They are benefitting from the Government push on the various infrastructure projects like Mumbai Metro, Dwarka Expressway, Trans-Harbour sea link, Navi Mumbai International Airport, etc.

Our commitment and trust

We always pursue and attempt to do better for your Company. Despite the adverse market conditions, your company aims to get to Zero Net Debt in FY 20. Your Company also has clear path of growth through its huge pipeline of Existing Projects, Planned Projects, and Land bank. It also aims to harness the lucrative development opportunities, which are now available for larger organized developers, through the asset light JV development model.

Finally, I express my gratitude to our employees for their consistent, committed and dedicated efforts in achieving the objectives of the Company and for their engagement in our challenging journey. Also, I am thankful to our valued shareholders, bankers and all business associates for their continuous faith and support for accompanying us in our exciting journey.

Thank you!

Sameer Gehlaut

Founder & Chairman

   

Indiabulls Real Estate Ltd Company History

Indiabulls Real Estate Limited is one of the largest real estate companies in India with a well-diversified presence in both commercial and residential real estate development and has projects across the price spectrum, from mid-income, premium to the super luxury space. Geographically, the company's strategic focus is in key markets of Mumbai Metropolitan Region (MMR), National Capital Region (NCR) in India. Indiabulls Real Estate is one of the largest real estate company with a Gross Development Value of Rs 30,130 crore, and net worth of Rs 7090 crore as of 31 March 2019 and with 17 on-going projects with total saleable area of 44.59 million sq. ft. under its wing. Further it has commercial development with a leasable area of 3.15 million sq.ft. under construction. Additionally the company has a land bank of 1,046 acres and also possesses 2,588 acres of SEZ land at Nasik, Maharashtra. Indiabulls Real Estate Ltd was incorporated on April 04, 2006. The company was established with the main objects of carrying on the business of real estate project advisory, project marketing, maintenance of completed projects, engineering, industrial and technical consultancy, construction and development of real estate projects and other related ancillary activities. The real estate undertaking of Indiabulls Financial Services Ltd was de-merged and transferred to the company as a going concern with effect from the appointed date May 01, 2006. During the year 2006-07, Indiabulls entered in a 50:50 joint venture with DLF, Kenneth Builders & Developers (KBD). KBD acquired 35.8 acres of land from Delhi Development Authority through a competitive bidding process for Rs 450 crore to develop residential apartments. Also, they received an 'in principle approval' from Government of India for development of multi product SEZ in the state of Maharashtra. During the year 2007-08, the company diversified significantly in the following business verticals within the real estate space, namely Real Estate Development, Project Advisory & Facilities Management: Residential, Commercial (Office and Malls) and SEZ Development; Power: Thermal and Hydro Power Generation and Retail Business: Department Stores, Hypermarket Stores, Daily Needs Neighbourhood Stores. In July 2007, the company raised USD 400 million through Global Depositary Receipts. During the year, the company received formal approval from the Ministry of Commerce (Government of India) for development of 3,000 acres of Multi Product SEZ in Nashik, Maharashtra, located on the Delhi-Mumbai industrial corridor, being developed as part of Indo-Japan Economic Partnership Agreement. Also, they received formal approval for 2 IT SEZs (25 acres each) located in the Panvel area of Mumbai Metropolitan Region. During the fourth quarter, the company launched Pre-sales at Castlewood Luxury Apartments in South Delhi During the year, Indiabulls Power Generation Ltd, a 100% subsidiary of the company was awarded the Letter of Intent for a 1320 MW Bhaiyathan Thermal Power Project (Bhaiyathan TPP) in Chhattisgarh by Chhattisgarh State Electricity Board. The project includes development of captive mines containing proven reserves of 349 million tonnes of coal. During the year, Indiabulls Wholesale Services Ltd, a 100% subsidiary of the company acquired 63.92% equity stake in Piramyd Retail Ltd through a Share Purchase Agreement. Indiabulls Infrastructure Ltd, a 100% subsidiary of the company acquired 100% shareholding in Catherine Builders fit Developers Pvt Ltd from DLF Home Developers Ltd. In December 27, 2007, Diana Buildwell Pvt Ltd, 100% subsidiary of the company sold their entire holding in Victor Hotels And Motels Ltd. During the year 2008-09, the company acquired the entire paid-up capital of Dev Property Development Ltd, a company incorporated and registered in the Isle of Man, pursuant to a scheme of arrangement. They disposed off investment in one of their wholly owned subsidiary, Shivalik Land Development Ltd. Also, Indiabulls Power Services Ltd, a wholly owned subsidiary company was merged with Sophia Power Company Ltd, a majority owned subsidiary of the company now known as Indiabulls Power Ltd. During the year, the company signed an MoU with Government of Madhya Pradesh for setting up a 2640 MW power plant in the State and another MoU with the Government of Jharkhand for a 1320 MW plant. In the Hydropower space, they signed an MoU with Government of Arunachal Pradesh for 167 MW of hydropower projects. During the year 2009-10, the company has approved to de-merger of the wholesale trading business of the company as a going concern to Indiabulls Wholesale Services Ltd. They disposed of one of their wholly owned subsidiary during the year. In June 2010, they disposed off seven wholly owned subsidiaries. The Board of Directors of Indiabulls Real Estate (IBREL) at its meeting held on 17 January 2011 approved the recommendations of the Restructuring Committee to restructure the power and infrastructure business of the company. The restructuring shall be implemented in terms of a composite scheme of arrangement between Indiabulls Real Estate, Indiabulls Infrastructure and Power Limited (IIPL), Indiabulls Builders Limited (IBL) - a wholly owned subsidiary of the company, Indiabulls Power Limited (IPL) - a 58.6% owned subsidiary of the company, Poena Power Supply Limited (PPSL) - a wholly owned subsidiary of IPL and their respective shareholders and creditors (Scheme). The Scheme provides for restructuring of the share capital of the company, the transfer by way of a demerger of the power business of IBREL as a going concern to IIPL and the amalgamation of IBL (a wholly owned subsidiary of IBREL) into IBREL and various other matters consequential or otherwise integrally connected with the foregoing. As per the Scheme, shareholders of IBREL will get 2.95 equity shares of IIPL for every one equity share held by them on the record date to be fixed by IBREL. On 13 January 2012, Indiabulls Real Estate announced that for the real estate project on 8.39 acres of land at Lower Parel Division, Mumbai, earlier known as Bharat Textile Mills, being developed by M/s Indiabulls Infraestate Limited, a 100% subsidiary of Indiabulls Real Estate (IBREL SPV), M/s IL&FS Trust Company Limited and its group of investors namely IIRF India Realty XXI Limited and Little Fairy Limited (the investors), have invested as aggregate of Rs 200 crore, through subscription to equity in IBREL SPV for an aggregate minority stake of 9.36% of its post issue equity share capital at a valuation of Rs 2136 crore which is at premium of Rs 555.70 crore to the price of Rs 1580.30 crore paid for acquiring Bharat mills (including stamp duty). On 17 August 2013, Indiabulls Real Estate announced that it has purchased the entire stake of FIM Ltd. and its affiliates (managed by Farallon Capital Management LLC and its affiliates, a leading US private equity fund), in its 7 project subsidiaries for a total consideration of Rs 1172.16 crore. FIM Ltd. held 49% equity stake in these JVs and had invested Rs 847.48 crore in 2006 to 2008. With the purchase of FIM's entire stake, these project subsidiaries will now be 100% owned by Indiabulls Real Estate Limited. On 9 July 2014, the promoters of Indiabulls Group mutually agreed to restructure its various business segments and their inter se responsibilities, among themselves so that each of these business segments, receive their focused and undivided attention. Mr. Sameer Gehlaut, shall continue to control, manage and supervise the businesses of Housing Finance, Real Estate, Securities and Wholesale Trading business segments of the Group, headed by its flagship companies namely Indiabulls Housing Finance Limited (IHFL), Indiabulls Real Estate Limited (IBREL), Indiabulls Securities Limited (ISL) and Indiabulls Wholesale Services Limited ( IWSL) with Mr. Rajiv Rattan and Mr. Saurabh Mittal having relinquished all their control, management & supervision rights, in the hands of Mr Sameer Gehlaut, in all these companies and segments and have resigned from the office as directors in IHFL & IBREL. Mr Rajiv Rattan and Mr Saurabh Mittal shall not have any rights &/or interests in 'Indiabulls' Brand. In July 2014, Indiabulls Real Estate acquired the prime property, 22 Hanover Square in Central London for Rs 1630 crore. On 22 July 2015, Indiabulls Real Estate allotted an aggregate of 3.67 crore equity shares of the company at the issue price of Rs 67 and an aggregate of 4.36 crore warrants, convertible into equivalent number of equity shares at an exercise price of Rs 67 per equity share to the Promoter Group entities namely, SG Infralands Private Limited and SG Devbuild Private Limited. On 21 October 2015, Indiabulls Real Estate announced that Westminster City Council has approved the planning permission for redevelopment of 22 Hanover Square, which is being developed by a wholly owned subsidiary of the company. The redevelopment scheme comprises of 41 apartments with 80,000 sqft, 51 hotel rooms with 30,000 sqft of leisure facilities and 4,500 sqft retail and restaurant space facing onto Hanover Square. As part of change of policy from September 2015, Westminster City Council will not allow change of use from office to residential unless in exceptional circumstances. On this basis, the planning permission at 22 Hanover Square is very valuable, being the last remaining major residential scheme approved in Mayfair and London's West End. On 4 May 2016, Indiabulls Real Estate announced that pursuant to the acquisition of 2.76 crore units in Indiabulls Properties Investment Trust (IPIT) on the Singapore Exchange Securities Trading Limited, by Grapene Limited (Grapene), which is an indirect wholly-owned subsidiary of Indiabulls Real Estate, the total number of units, owned and controlled by the company (directly or through its wholly owned subsidiaries) in IPIT has increased from 47.51% to 51.18% and accordingly IPIT has become a majority owned subsidiary of the company. On 3 June 2016, Tapir Realty Developers Ltd, a 100% subsidiary of Indiabulls Real Estate, entered into a Joint Development Agreement with Oricon Properties Pvt. Ltd, a subsidiary of Oricon Enterprises Limited, for development of 7810 sq. mtrs. plot situated at Dr. E. Moses Road, Worli, Mumbai. The Board of Directors of Indiabulls Real Estate Limited at its meeting held on 24 November 2016 approved the proposal of buy-back of up to 6 crore fully paid-up equity shares of the company, being 11.8% approximately of existing paid-up share capital of the company at prevailing market price on Stock Exchanges subject to a price not exceeding Rs 90 per equity share aggregating up to an amount not exceeding Rs 540 crore from the open market through the Stock Exchange mechanism. The proposed buy-back will make the balance sheet of the company leaner by reduction in the overall capital employed in its business, which in turn will lead to higher earnings per share and enhanced return on equity. On 14 March 2017, Indiabulls Real Estate announced that its wholly owned subsidiary Indiabulls Infrastructure Limited (IIL) has signed a definitive agreement to acquire 100% share capital of India Land and Properties Limited (ILPL) for an aggregate consideration of Rs 685 crore, from Indiabulls Distribution Services Limited (a 100% subsidiary of Indiabulls Ventures Limited), and the deal is expected to be completed in the current financial year. Post the completion of the deal ILPL will become 100% owned subsidiary of the company. ILPL owns a commercial complex of 3 towers with a total constructed area of 2.67 million Sq. ft and leasable area of 1.94 million Sq.ft, spread over a total land area of over 8.84 acres situated at No. 14, 3rd Main Road, Ambattur Industrial Estate, Ambattur, Chennai. The said complex has designed in compliance to the National Building Codes by the internationally acclaimed Ms. ZAHA HADID, UK, 'Laureate Pritzker' Prize Winner (2004) and GOLD rated GREEN Building. IBREL IBL Scheme Trust, of which Indiabulls Real Estate Limited is the sole beneficiary, sold 3.3 crore shares of Indiabulls Real Estate on 22 June 2017 at the stock exchanges and realised approximately Rs 662.83 crore at an average price of about Rs 200.85 per share. The sale proceeds would be used for meeting company's funding requirements for ongoing businesses and general corporate purposes or any other purpose approved by Board. On 27 June 2017, Indiabulls Real Estate announced that it has acquired the entire minority stake of 10.08% in Indiabulls Infraestate Limited (IIL), a majority owned material subsidiary of the company, from ILFS Fund entities namely IIRF India Realty XXI Limited, Little Fairy Limited and Vistra ITCL (India) Limited, its minority investors. The aggregate cash consideration paid for the said acquisition is Rs 358.44 crore, including interest of Rs 94.85 crore against their aggregate total investment of Rs 250 crore. With this acquisition, IIL has become a wholly owned subsidiary of the company. IIL is developing a premium integrated marque residential project named Indiabulls Blu' in Worli, Mumbai comprising of 4 residential towers and additionally 2 office towers in the non residential area. IBREL IBL Scheme Trust, of which Indiabulls Real Estate Limited is the sole beneficiary, sold its holding of 95 lakh shares of Indiabulls Real Estate Limited on 27 July 2017 at the stock exchanges and realized approximately Rs 220.4 crore at an average price of about Rs 232 per share. The sale proceeds would be used for meeting the company's funding requirements for its ongoing businesses and general corporate purposes or any other purposes as may be approved by its Board. With this sale, the treasury holding of Indiabulls Real Estate Limited shares by IBREL IBL Scheme Trust is zero. On 11 September 2017, Indiabulls Real Estate announced that the company through its wholly-owned subsidiary, Ashkit Properties Limited, has acquired a prime commercial land admeasuring 13,519 sq. metres on National Highway 8 (Plot No 20, situated in Sector 18, Urban Estate, Gurugram). The said land is situated at a developed prime commercial location, where many leading multi-nationals are operating in nearby vicinity, and will be developed as a commercial complex with an expected leasable area of around 5 lacs sft. The construction of 5 lacs sft. of new office buildings is expected to finish by March 2019. This addition of new office space will further enhance the annuity revenue to Rs 1421 crore in FY 20-21 from the rental properties portfolio of Indiabulls Real Estate Ltd. On 7 December 2017, Indiabulls Real Estate announced the completion of acquisition of 100% units of Indiabulls Properties Investment Trust (IPIT), a SGX-ST listed business trust. IPIT will be delisted from the Official List of the SGX-ST with effect from 11 December 2017. The principal activities of IPIT are to achieve competitive long term returns by investing, either directly or indirectly, primarily in income-producing properties globally, with at least the majority comprising income-producing commercial/hospitality space; acquiring and/or developing properties globally (with at least the majority of IPIT's assets comprising commercial/ hospitality space) and either holding or selling all or a portion of developed properties upon completion and investing in real-estate related assets in connection with the foregoing. On 17 December 2017, Indiabulls Real Estate announced Mandarin Oriental Hotel Group as its hotel partner for their residential development, Hanover Bond (being developed locally under Clivedale brand). Located on Hanover Square, Hanover Bond will consist of 80 luxury Mandarin Oriental Residences for purchase as well as a fully integrated Mandarin Oriental hotel with 50 guest rooms and suites. This is not only the first Mandarin Oriental hotel and residences in Mayfair, but also the first truly integrated hotel and residences to be delivered in Central London. Due to complete in 2021, construction contracts have been let out and development works are fully underway. On 11 January 2018, Indiabulls Real Estate announced that the company through its wholly-owned subsidiary Yashita Buildcon Limited, has, entered into a binding and definitive agreement to acquire a prime and newly constructed commercial building, having leasable area of approx 2.5 lac sq ft in Gurugram. The deal is expected to get completed in 3 to 4 months when the Occupation Certificate of the building is expected to be received. The said building is situated at a developed prime commercial location, where many leading multinationals are operating in nearby vicinity. With this additional leasable area, the company expects to enhance its annuity revenue to Rs 1450 crore in FY 20-21 from the rental properties portfolio of Indiabulls Real Estate Limited. On 23 March 2018, Indiabulls Real Estate announced that the company's wholly owned subsidiaries, pursuant to their respective Board authorizations, have executed definitive transaction documents with the entities controlled by the Blackstone Group L.P., which is a globally renowned real estate private equity investor, to divest their entire holding in certain subsidiaries and thereby indirectly divesting 50% stake in Indiabulls Properties Private Limited (IPPL) and Indiabulls Real Estate Company Private Limited (IRECPL) at an aggregate enterprise value of approximately USD 1461.5 million equivalent to Rs 9500 crore. Post conclusion of Transaction, the company will cease its sole control over IPPL and IRECPL. Substantial portion of sale proceeds will be utilized towards repayment of existing debts of the company and its subsidiaries, for achieving sustainable long term growth, and for further strengthening of their on-going businesses. On 25 March 2018, Indiabulls Real Estate Limited announced that the company has entered into definitive transaction document(s) to sell its stake in its wholly owned subsidiaries, namely Selene Estate Limited and Airmid Infrastructure Limited (owning residential assets at Chennai) to a third party investor, for an aggregate consideration of Rs 285 crore. On 7 April 2018, Indiabulls Real Estate Limited announced that the company through its wholly-owned subsidiary Manjola Infrastructure Limited has entered into a binding and definitive agreement to acquire a prime and newly constructed commercial building at Udyog Vihar, Phase IV, Gurugram, having leasable area of approx 2.5 lac sq ft. The deal is expected to get completed in 3 to 4 months when the Occupation Certificate of this building is expected to be received. This building is situated at a developed prime commercial location, where many leading multi-nationals are operating in nearby vicinity. With this additional leasable area, the company expects to enhance its annuity revenue to Rs 1547 crore in FY 20-21 from the rental properties portfolio of Indiabulls Real Estate Ltd (including the rental portfolio of its 50:50 JV). On 10 April 2018, Indiabulls Real Estate's wholly owned subsidiary Indiabulls Infraestate Ltd (IIL) executed a non binding Term Sheet with Oricon Enterprises Limited (OEL) for execution of definitive agreements for joint development of a commercial building at OEL's land parcel admeasuring approx. 3512 sq. mtrs. plot situated at Dr. E. Moses Road, Worli, Mumbai. Upon execution of the definitive agreements, IIL will get an exclusive ownership right of approx. 2.55 lac sq ft. leasable area. On 3 May 2018, the company's Board constituted Committee authorized execution of non-binding documents with third party investor for sale of its commercial assets at Ambattur, Chennai, being a non-core real estate business operations for the company. The decision has been taken pursuant to and in terms of the company's shareholders authorization dated 23 March 2018 passed to facilitate re-organization of company's commercial leasing business in India for achieving sustainable growth and for further strengthening of its on-going businesses, in its core markets. The Board of Directors of Indiabulls Real Estate Limited at its meeting held on 18 May 2018 approved the proposal of Buy-back of up to 2.6 crore fully paid-up equity shares of Rs 2 each of the company, being approximately 5.45% of the paid-up share capital of the company, at prevailing market price on Stock Exchanges subject to a price not exceeding Rs 240 per equity share, aggregating up to an amount not exceeding Rs 624 crore. On 6 July 2018, Indiabulls Real Estate's Board constituted Committee authorized execution of definitive transaction document(s) with the entities controlled by the Blackstone Group L.P., which is a globally renowned real estate private equity investor, by which company will divest its 100% stake in the business of commercial assets at Ambattur, Chennai, being a non-core real estate business operations for the company, and will realise a gross value of approximately Rs 850 crore, subject to adjustments, if any, basis certain assets and liabilities on closing (transaction). The transaction is pursuant to and in terms of the company's shareholders authorization, dated 23 March 2018, to facilitate re-organization of company's commercial leasing business in India for achieving sustainable growth and for further strengthening of its on-going businesses, in its core markets. During FY 2019, the Board of the Company approved a composite Scheme of Arrangement amongst the Company, Indiabulls Infrastructure Limited, a direct subsidiary, and India Land and Properties Limited, a step down subsidiary company owning 'Chennai Assets'. The Scheme has been approved by the shareholders and creditors of the Company at their respective meetings held on 20th June 2019, convened under directions of National Company Law Tribunal, Principal Bench, New Delhi (NCLT), and is now to be considered by NCLT for granting its final approval. Upon effectiveness of the Scheme, there shall not be any change in the shareholding pattern of the Company, as the Company shall not issue any shares or pay any consideration, pursuant to said Scheme. The Company through its wholly owned subsidiary, Ashkit Properties Limited, acquired a prime commercial land admeasuring 13,519 sq. mt. on National Highway 8 (Plot No 20, situated in Sector 18, Urban Estate, Gurugram) for a development of a commercial complex with an expected leasable area of more than 5 lacs sqft. Another wholly- owned subsidiary of the Company, Yashita Buildcon Limited, acquired 100% stake in Concept International India Pvt Ltd, owning prime commercial property on National Highway 8 (Plot No 422B, situated in Sector 18, Urban Estate, Gurugram), which is a developed commercial complex with leasable area of approx 2.5 lac sqft. To expand the existing JV portfolio with Blackstone, the Company entered into definitive JV agreements with Blackstone and accordingly divested 50% stake in these two office assets at an aggregate enterprise value of approximately Rs 464 Crores.

Indiabulls Real Estate Ltd Directors Reports

Dear Members,

Your Directors have pleasure in presenting the Fourteenth Annual Report together with the audited financial statements of accounts of the Company for the financial year ended March 31, 2020.

The financial year 2019-20 saw the COVID-19 pandemic further add to the economic headwinds that the Indian economy has been facing. The pandemic is expected to substantially impact domestic and global growth, and worsen geopolitical uncertainties.

Financial Highlights

The highlights/summary of the consolidated financial results of the Company for the financial year ended March 31, 2020, are as under:

REVIEW OF BUSINESS OPERATIONS:

Your Company, India bulls Real Estate Ltd, is a large publicly listed real estate company, with a well-diversified presence in residential real estate development across the price spectrum, from mid-income to premium to the super luxury space. Geographically, the Company's strategic focus is in key markets of Mumbai Metropolitan Region and the National Capital Region. The Company has a track record of one of the fastest and largest delivery in value terms, and enjoys high confidence of the investors and customers in view of its execution and quality delivery.

Business Achievements & Operational Highlights

• Total Collections (Net of refunds) for FY 19-20 is R 3,547 Cr.

• Rating agency has assigned Long-term rating of "AA-" and Short-term rating of "A1+".

• Company has Completed/near completion Inventory of Rs 2,930 Cr., and changing buyer preference towards completed inventory with OC provides a distinct advantage to the Company.

• All Residential projects (Ongoing, Completed and Planned) to generate a cumulative net surplus of Rs 10,700 Cr.

Amount (Rs. in Lakhs)

Particulars Year ended March 31, 2020 Year ended March 31, 2019
Profit before Depreciation / Amortisation 48,932.75 85,722.88
Less: Depreciation / Amortisation 3,076.20 1,744.56
Profit before exceptional items and tax 45,856.55 83,978.32
Less : Exceptional items - interest on income tax 7,931.19 -
Profit before tax 37,925.36 83,978.32
Less: Provision for Tax 25,656.70 33,945.91
Profit after Tax before share of Profit / (Loss) from associates and Non controlling interest 12,268.66 50,032.41
Share of Profit / (Loss) from associates (158.14) 399.11
Non controlling interest (41.29) (16.95)
Net Profit for the year 12,069.23 50,414.57

Amount (Rs. in Lakhs)

Particulars Year ended March 31, 2020 Year ended March 31, 2019
Profit before Depreciation / Amortisation (4,092.47) 15,086.41
Less: Depreciation / Amortisation 960.76 83.78
Profit before Tax (5,053.23) 15,002.63
Less: Provision for Tax 3,482.39 4,401.44
Profit after Tax (8,535.62) 10,601.19

The highlights/summary of the standalone financial results of the Company for the financial year ended March 31, 2020, are as

PROPOSED MERGER OF CERTAIN ONGOING, COMPLETED AND PLANNED RESIDENTIAL AND COMMERCIAL PROJECTS OF EMBASSY GROUP ENTITY WITH INDIA BULLS REAL ESTATE LIMITED

During the FY 2019-20, the Board of Directors of the Company had discussed and considered the proposal of reorganisation of the business of the Company, and in-principally approved the proposal of the merger of certain ongoing, completed and planned residential and commercial projects of Embassy Group with the Company and constituted a Reorganization Committee to examine and evaluate the options to implement the aforementioned merger proposal, under consultation with lawyers, values, merchant bankers, and other intermediaries and to prepare and present a final proposal and related documents for consideration & final approval by the Board.

The Board, basis the recommendation of the Reorganization Committee and Audit Committee, at their meeting held on August 18, 2020, have approved the proposal of merger of certain identified ongoing, completed and planned residential and commercial projects of Embassy Group ("Embassy Assets") by way of amalgamation of NAM Estates Private Limited ("NAM Estates") and Embassy One Commercial Property Developments Private Limited ("NAM Opco"), both Embassy group entities with the Company ("Amalgamation"). The proposed Amalgamation will be achieved through a cashless composite scheme of amalgamation of NAM Estates and NAM Opco into the Company, in accordance with Section 230-232 of the Companies Act, 2013 read with the rules framed thereunder, as amended, and the Securities and Exchange Board of India circular no. CFD/DIL3/CIR/2017/21 dated 10 March 2017, as amended and other applicable regulations and provisions, and is subject to necessary statutory and other approvals ("Scheme").

The proposed amalgamation will create one of India's leading listed real estate development platforms with launched/planned area totaling to 80.8 Mn Sq. Ft, having 53% commercial and 47% residential assets, and 30 projects with key geographical focus in Mumbai (MMR), NCR and Bengaluru. The Amalgamated Company will have a strong market leadership potential, post Amalgamation, with:

* Net surplus from Residential projects (including launched and planned projects) of Rs 18,592 Cr

* Potential Annual rent on completion of planned commercial projects of Rs 4,241 Cr

* Land Bank (with future development potential) of 3,353 acres

The Amalgamated Company will have a balanced mix of commercial and residential assets, which provides a natural hedge against cyclicality and will be benefited from new promoters, who are also promoter of listed REIT, and their relationship with institutional investors.

Mr. Jitendra Virwani, Chairman of Embassy Group, along with certain other promoter entities of Embassy, to be classified as the new promoter of IBREL. Existing IBREL promoters will seek to declassify themselves as Promoters, subject to applicable law. Mr. Virwani brings 35 years of specialized experience in focused real estate business. Mr. Virwani pioneered the commercial IT office park concept in India with Embassy Golf Links and developed two of the largest 100+ acre IT parks in India. The Embassy Group have co-sponsored India's first REIT with Blackstone, the largest in Asia in terms of square feet, with market capitalization of Rs 29,000 Cr. Further, the Amalgamated Company will be the development arm to seed office assets into Embassy REIT.

Upon effectiveness of the Scheme, IBREL will issue its equity shares, in accordance with the approved share swap ratios, to the shareholders of NAM Estates and NAM Opco, which will include Embassy promoter and promoter entities, Embassy institutional investors and other shareholders.

The share exchange ratio for the amalgamation of the Amalgamating Companies with the Amalgamated Company shall be:

(a) For every 10,000 equity shares of the Amalgamating Company 1 of face value of INR 10 each held in the Amalgamating Company 1, every equity shareholder of the Amalgamating Company 1, as on record date, shall be entitled to receive 6,619 equity shares of face value of INR 2 each of the Amalgamated Company.

(b) For every 10,000 equity shares of the Amalgamating Company 2 of face value of INR 10 each held in the Amalgamating Company 2, every equity shareholder of the Amalgamating Company 2, as on record date, shall be entitled to receive 5,406 equity shares of face value of INR 2 each of the Amalgamated Company.

The share exchange ratio has been arrived at on the basis of valuation reports for the fair share exchange ratio, dated August 18, 2020, by N S Kumar & Co (independent Chartered Accountant), Mr Niranjan Kumar (Registered Valuer) (affiliate of Transaction Square LLP) and BDO Valuation Advisory LLP (Registered Valuer), supported by fairness opinion, dated August 18, 2020, by O3 Capital Global Advisory Private Limited, as Independent SEBI registered Category I Merchant Banker.

For the proposed Amalgamation and arriving to share swap ratio, IBREL is valued at Rs 92.5 per share and basis approved share exchange ratio, upon Amalgamation coming into effect, IBREL shareholding-pattern, post-merger, will be as follows:

Post-Merger Shareholding
Existing IBREL Promoter Group 9.8%
Embassy Group 44.9%
Blackstone & Embassy Institutional Investors 19.1%
Public & Institutional Investors 26.2%

Further, in view of the proposed Amalgamation and to ensure that no change happens in the capital structure of the Company, the buyback offer of the equity shares of the Company, which was earlier approved by the Board of Directors of the Company, subject to the approval of the shareholders and other necessary approvals and which could not be formalized for want of certain mandatory approvals, has been withdrawn by the Board. To give effect to the Amalgamation, the Board has also approved execution of implementation agreement and all other agreements, required for Amalgamation of NAM Estates, NAM Opco with the Company, setting out the manner of effecting the Amalgamation and authorized Reorganization Committee for effecting the submission of Scheme and related documents to various regulatory authorities.

Strategic divestment of its stake(s) in certain commercial and leasing business asset(s) and London Property:

To red