Embassy Developments Ltd

Key transaction details

• Target Company: Embassy Developments Limited.
• Acquirers: Bellanza Developers Private Limited; Jitendra Mohandas Virwani; Embassy Property Developments Private Limited; promoter PACs.
• All acquirers belong to promoter/promoter group.
• Transaction type: Acquisition of equity shares and warrants; warrants convertible; JV open-market purchase.
• Bellanza pre-hold: 9,05,49,979 equity shares; 6.7111% non-diluted; 6.2962% diluted.
• JV pre-hold: 10,34,470 equity shares; 0.0767% non-diluted; 0.0719% diluted.
• EPDPL pre-hold: 19,37,92,592 equity shares; 14.3629% non-diluted; 13.4750% diluted.
• PACs pre-hold: 29,42,75,515 equity shares; 21.8102% non-diluted; 20.4619% diluted.
• Bellanza acquired 1,34,76,567 equity shares via warrant conversion.
• JV purchased 3,48,500 equity shares in open market.
• EPDPL allotted 3,25,18,900 unlisted warrants convertible into equity.
• Date range of transactions: Aug 20, 2025 to Oct 12, 2026.
• Post-hold: Bellanza 10,40,26,546; JV 13,82,970; EPDPL 19,37,92,592; PACs 29,42,75,515 equity shares.
• Total post-hold: 59,34,77,623 equity shares and 3,25,18,900 warrants; 42.6768% non-diluted; 43.3919% diluted.
• Pre-/post share capital: before INR 269,85,16,044; after INR 278,12,66,866; diluted INR 288,53,11,950.

Transaction summary

• Target: Embassy Developments Limited, listed on BSE and NSE.
• Acquirers: Bellanza Developers Pvt Ltd; Jitendra Mohandas Virwani; EP Development Private Ltd.
• PACs: Aditya Virwani, Karan Virwani, Neel Virwani.
• Promoter group status: All acquirers belong to promoter/promoter group.
• Pre-holdings voting rights: Bellanza 9,05,49,979; JV 10,34,470; EPDPL 19,37,92,592; PACs 29,42,75,515.
• Pre-diluted voting rights: Bellanza 6.7111%; JV 0.0767%; EPDPL 14.3629%; PACs 21.8102%.
• Acquisition details: Bellanza equity 1,34,76,567; JV 3,48,500; EPDPL warrants 3,25,18,900.
• Total equity shares and warrants acquired: 1,38,25,067 shares and 3,25,18,900 warrants.
• Post-holdings voting rights: Bellanza 10,40,26,546; JV 13,82,970; EPDPL 19,37,92,592; PACs 29,42,75,515.
• Post-diluted voting rights: Bellanza 7.2108%; JV 0.0959%; EPDPL 13.4330%; PACs 20.3982%.
• Share capital context: before INR 269,85,16,044; after INR 278,12,66,866.
• Total diluted capital after: INR 288,53,11,950.
• Date range: Aug 20, 2025 to Oct 12, 2026.
• Mode: Bellanza warrants allotment; JV open-market; EPDPL warrants conversion.

Embassy Developments Limited trading window closed from October 1, 2026 till 48 hours after the declaration of the unaudited financial results of the Company for the quarter and half year ending September 30, 2026

Meeting Details

• Date and time: 28 September 2026, 02:00 PM onwards
• Type and mode: Group investor meetings; virtual
• Organisers: Arihant Capital Conference and Bharat Connect Rising Stars group meeting
• Place: Virtual meeting

Participants

• Company officials to meet analysts and institutional investors

Purpose

• Discussions based on publicly available information; no UPSI will be discussed

Additional Notes

• Schedule may change due to exigencies of participants or company

NCD issuance details

• Board approved allotment of 10,500 NCDs aggregating INR 105 crore.
• Each NCD has face value INR 1,00,000.
• Issuance on private placement basis under the Companies Act.
• Not listed on any stock exchange; not proposed to be listed.
• Maturity date: September 22, 2028; prepayment possible.
• Coupon rate: 12.50% per annum, semi-annual.
• Security: secured by charge on identified assets under Debenture Trust Deed.
• Issuer: Embassy Developments Limited (formerly Equinox India Developments Limited).

Deal details

• MoU signed with Dinesh Thakkar for sale of the entire Embassy Terazza tower at Juhu for ₹711 crore.
• The deal is described as India's largest single residential unit transaction.
• Tower has a RERA carpet area of 63,000 sq ft and GDV in excess of ₹3,000 crore.
• Project is developed under a development management model, adding to Embassy Developments' Mumbai footprint.

Meeting Details

• Date and time: 24 September 2026, 02:00 PM onwards
• Nature/Mode: Group meeting in Mumbai
• Place: Mumbai
• Organizer: Embassy Developments Limited

Participants

• Company officials to meet analysts/institutional investors

Purpose

• Discussions based on publicly available information; no UPSI discussed

Funding authorization

• Board's committee approved raising up to INR 160 crores via private placement of up to 16,000 NCDs.
• Face value of each NCD is INR 1,00,000; total issue size up to INR 160 crores.
• Issuance to be in one or more tranches, not listed, secured by charge on assets.
• Tenure, coupon, and other terms to be decided by the board's committee and disclosed at issuance.
• Not proposed to be listed on any stock exchange.
• Details to be disclosed at the time of issuance as per SEBI LODR.