Embassy developments Limited has announced the voluntary strike-off of its step-down subsidiary Apesh Real Estate Limited (AREL) from the Registrar of Companies (ROC) register. The development was communicated to stock exchanges on April 06, 2026, as part of regulatory compliance under SEBI LODR Regulations.

Corporate Structure Simplification Initiative

The strike-off forms part of Embassy Developments Limited's ongoing initiative to simplify its corporate structure and reduce administrative and compliance costs. The company filed a voluntary application with the ROC for the strike-off of the non-operational subsidiary.

Regulatory Compliance and Disclosure

The company has fulfilled its disclosure obligations under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Despite the transaction not qualifying as a sale of any unit, division, or substantially the whole undertaking, Embassy Developments Limited provided comprehensive disclosure in the interest of good corporate governance.

Key Disclosure Details

The regulatory filing revealed that AREL contributed nil amounts across all financial parameters during the last financial year:

• Turnover/Revenue Contribution: Nil
• Net Worth Contribution: Nil
• Consideration Received: Not applicable (strike-off process)
• Transaction Nature: Non-operational subsidiary dissolution

Company Background

Embassy Developments Limited, formerly known as Equinox India Developments Limited and earlier as Indiabulls Real Estate Limited, continues its corporate restructuring efforts. The company maintains offices in Bengaluru, Mumbai, and its registered office in Gurugram, Haryana.

The strike-off of AREL represents another step in the company's strategy to streamline operations and focus on core business activities while reducing compliance burden from non-operational entities.

Catalyst Trusteeship Limited has filed a regulatory disclosure regarding the pledge of equity shares in Embassy Development Limited under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The disclosure pertains to a pledge created between March 16, 2026 to March 27, 2026, to secure debenture issuances by Serenesummit Realty Private Limited.

Debenture Issuance Details

The share pledge secures two tranches of secured, unlisted, redeemable and non-convertible debentures issued by Serenesummit Realty Private Limited:

Share Pledge Transaction Details

The latest transaction involves the encumbrance of 4.35 crore equity shares, representing 3.13% of the total share capital and 3.08% of the diluted share capital. This pledge was created in favor of Catalyst Trusteeship Limited, acting as Debenture Trustee for the benefit of debenture holders.

Holdings Before and After Transaction

The disclosure shows Catalyst Trusteeship Limited's encumbered holdings have increased from the previous position:

Company Capital Structure

Embassy Development Limited's equity share capital remains at INR 278.13 crore, comprising 139.06 crore shares with a face value of Rs. 2.00 each. The total diluted share capital stands at INR 282.37 crore, representing 141.19 crore shares including potential conversions from outstanding stock options and Performance Stock Units.

Regulatory Compliance

The pledge creation triggered the disclosure requirement under Regulation 29(2) of the Takeover Code. Catalyst Trusteeship Limited does not belong to the promoter or promoter group of Embassy Development Limited. The company's shares are listed on both BSE Limited and National Stock Exchange of India Limited.

The disclosure was signed by Deesha Srikkanth, Senior Vice President at Catalyst Trusteeship Limited, and filed on April 01, 2026. The transaction documents include certain covenants which are in the nature of 'encumbrance' as defined in the Takeover Regulations.