Embassy Developments Limited has successfully completed the sale of its entire equity stake in wholly owned subsidiary Sepset Real Estate Limited to Pen India Private Limited for a cash consideration of INR 100 crore. The transaction, which was originally announced through a Share Purchase Agreement on April 11, 2026, reached completion on April 16, 2026, following the satisfactory fulfillment of all closing precedents and conditions.

Transaction Completion

The company informed stock exchanges that effective from April 16, 2026, Sepset Real Estate Limited has ceased to be a subsidiary of Embassy Developments Limited. The transfer of 100% equity share capital was completed after all stipulated conditions under the Share Purchase Agreement were met. This marks the successful conclusion of the divestiture process that began with the initial agreement announcement.

Financial Impact and Asset Details

The divested subsidiary owned the commercial project 'Mega Mall' located in Jodhpur, Rajasthan, along with all associated assets and liabilities including unsold inventory. During the financial year ended March 31, 2025, Sepset Real Estate Limited contributed INR 18.55 crore in turnover, representing 0.85% of Embassy Developments' consolidated turnover. However, the subsidiary carried a negative net worth of INR 114.07 crore, which represented 1.22% negative impact on the company's consolidated net worth.

Strategic Portfolio Management

Embassy Developments Limited positioned this divestiture as part of its active portfolio management strategy and disciplined capital allocation approach. The monetization of this asset is expected to unlock value and strengthen the company's balance sheet. The proceeds will enable redeployment of capital into core markets and high-growth opportunities, supporting long-term value creation for shareholders.

Regulatory Compliance

The transaction was structured as an arm's length deal with Pen India Private Limited, which is not affiliated with Embassy Developments' promoter, promoter group, or group companies. The company confirmed that the transaction does not fall under related party transaction provisions and was executed outside any Scheme of Arrangement. The disclosure was made in compliance with Regulation 30 of the SEBI LODR Regulations, with the company noting that Sepset did not meet threshold limits requiring additional regulatory approvals under Section 180(1)(a) of the Companies Act, 2013.

Embassy developments Limited has fulfilled its quarterly regulatory obligations by submitting the mandatory certificate under Regulation 74(5) of Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026. The submission was made to both major stock exchanges on April 14, 2026.

Regulatory Compliance Submission

The certificate was submitted to BSE Limited and National Stock Exchange of India Limited, confirming the company's adherence to SEBI's depository regulations. Company Secretary Vikas Khandelwal signed the submission documents, ensuring proper corporate governance protocols were followed.

Certificate Details and Verification

KFIN Technologies Limited, serving as the Registrar and Share Transfer Agent for Embassy Developments Limited, issued the compliance certificate. The certificate confirms that all details of securities dematerialized and rematerialized during the quarter ended March 31, 2026 have been properly furnished to stock exchanges where the company's shares are listed.

C Shobha Anand, Vice President at KFIN Technologies Limited, signed the certificates addressed to both Central Depository Services (India) Limited and National Securities Depository Limited. The certificates were dated April 1, 2026, and confirm compliance with SEBI's depositories and participants regulations.

Corporate Structure and Operations

Embassy Developments Limited, formerly known as Equinox India Developments Limited and earlier as Indiabulls Real Estate Limited, maintains its registered office in Gurugram, Haryana. The company operates from multiple locations including Bengaluru and Mumbai offices, with comprehensive investor relations and corporate communication infrastructure in place.

The submission represents part of the company's ongoing regulatory compliance framework, ensuring transparency in securities handling and maintaining good standing with market regulators and depositories.