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 Limited has signed a non-binding Memorandum of Understanding (MoU) with the Government of Uttar Pradesh for a proposed commercial real estate development in Lucknow. The indicative proposal, signed under the Invest UP framework, envisages an investment of approximately ₹1,500 crore to develop 2.5 to 3.0 million square feet of premium office-led commercial space. This agreement marks the company's proposed entry into the commercial real estate market of Uttar Pradesh.

The MoU was signed on June 24, 2026, in Bengaluru. The ceremony was attended by key state officials, including Shri Yogi Adityanath, Honourable Chief Minister of Uttar Pradesh, and Shri Suresh Kumar Khanna, Honourable Minister of Finance and Parliamentary Affairs. Shri Deepak Kumar, Infrastructure & Industrial Development Commissioner, was also present. Senior executives from the company, including Shailendra Konanur Subbaraya, COO – South, and Amit Shetty, CEO of Embassy REIT, were also in attendance.

Jitendra Virwani, Chairman of Embassy Group, highlighted the strategic importance of the project. He stated that Uttar Pradesh is emerging as a compelling growth frontier due to its infrastructure momentum and policy focus. Virwani noted that Lucknow has the potential to become a strong commercial hub, and the company aims to bring its experience in building institutional-grade business ecosystems to the state.

Project Details

The proposed development is subject to definitive agreements and necessary approvals. The key parameters of the indicative proposal are outlined below:

Embassy Developments Limited is a listed real estate developer specialising in residential and commercial projects across key urban markets such as Bengaluru, the Mumbai Metropolitan Region, and the National Capital Region.