Embassy Developments Limited has confirmed that its promoters and promoter group did not create any encumbrance on their shareholdings during the financial year ended March 31, 2026. The disclosure, filed on April 10, 2026, assures stakeholders that no shares held by the promoters were pledged or otherwise encumbered directly or indirectly, other than those previously disclosed.

The declaration was submitted to BSE Limited and National Stock Exchange of India Limited in accordance with Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. This regulatory requirement mandates promoters to confirm the status of their holdings to ensure transparency and prevent undisclosed leveraging of shares.

Signatories to the Declaration

The filing was signed by key members of the promoter group, including Jitendra Mohandas Virwani, Aditya Virwani, Karan Virwani, and Neel Virwani. Additionally, representatives from corporate entities within the promoter group, such as JV Holding Pvt Ltd and Embassy Property Developments Pvt Ltd, also endorsed the document.

Compliance and Audit Committee Notification

In addition to the stock exchange filing, the promoters confirmed that the declaration was simultaneously submitted to the Audit Committee of the Board of Embassy Developments Limited. This step complies with Regulation 31(5)(b) of the SEBI SAST Regulations, which requires internal governance bodies to be informed of the encumbrance status of promoter holdings.

Embassy Developments has approved raising additional funds aggregating up to ₹1,170 crore through the issuance of non-convertible debentures (NCDs) on a private placement basis. This approval increases the overall issue size from up to ₹400 crore to up to ₹1,570 crore. The funds will be utilized for refinancing existing indebtedness, project construction, working capital requirements, and other general corporate purposes.

The board's committee, which met on July 6, 2026, sanctioned the issuance of senior, secured, redeemable, unrated, unlisted NCDs with a face value of ₹1,00,000 each. The issuance will be conducted in one or more tranches, and the actual allotment will be based on the company's requirements. The securities are not proposed to be listed on any stock exchange.

Key Details of the NCD Issuance

The specific terms of the debt securities were outlined in the regulatory filing:

The approval serves as an enabling authorization, and the company will make requisite disclosures regarding the specific amount, purpose, and material terms at the time of issuance. The disclosure was made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Embassy Developments was formerly known as Equinox India Developments Limited.