Equinox India Developments Shares Surge 20% After NCLAT Approves Merger

Shares of Equinox India Developments (formerly Indiabulls Real Estate) surged by 20% on January 7, 2025, reaching ₹143.58 per share, following the National Company Law Appellate Tribunal's (NCLAT) approval of its long-pending merger with Embassy Group. 

The merger, initially announced in August 2020, faced multiple hurdles, including objections from the income tax department, which led to a March 2023 halt by NCLT Chandigarh.

After challenging this ruling, NCLAT dismissed the concerns and gave the green light for the merger. The deal, which includes an infusion of ₹3,911 crore, will result in Embassy Group holding a majority stake in the combined entity.