Indiabulls Real Estate shares jump over 12 pc

Shares of Indiabulls Real Estate Ltd (IBREL) zoomed over 12 per cent on Thursday after the Competition Commission of India approved the proposed merger of NAM Estates Pvt Ltd and Embassy One Commercial Property Developments Pvt Ltd into IBREL.

On BSE, the stock closed at Rs 92.55, increasing 11.37 per cent over previous close. Intra-day, it touched 52-week high of Rs 95.1.

Following similar trend on NSE, the scrip surged 12.09 per cent to close the counter at Rs 93.2. During the trading session, it touched 52-week high of Rs 95.35.

''Commission approves proposed merger of NAM Estates and Embassy One Commercial Property Developments into Indiabulls Real Estate,'' CCI said in a tweet on Wednesday.

IBREL as well as Embassy Group's arm NAM Estates and Embassy One Commercial Property Developments (NAM Opco) had entered into a definitive merger documentation to amalgamate ongoing, completed and planned residential and commercial projects of these two subsidiaries, a regulatory filing had said in August 2020.

''The combined IBREL entity shall become one of India's leading real estate development platforms, with 80.8 million square feet of launched and planned development potential,'' the filing had said.

The merged entity will have about 30 projects.