Embassy Developments Limited (EDL) has announced the appointment of Jitendra Virwani as Chairman and Aditya Virwani as Managing Director, as per a press release issued today. These appointments were officially approved by the company’s board on February 25, 2025.
Equinox India Developments Limited’s shares were trading at ₹113.52, showing an increase of ₹2.96 or 2.68 per cent on the NSE at 12.40 pm today.
In addition, the real estate developer revealed asset acquisitions from its promoter group totaling ₹559 crores. This includes a property that has the potential for 1.3 million square feet of luxury residential development in North Bengaluru acquired for ₹455 crores, as well as a 9.5-acre land parcel purchased for ₹104 crores.
Sachin Shah will continue to serve as CEO and Executive Director of the company, while Rajesh Kaimal has been appointed CFO and Executive Director. Moreover, Vikas Khandelwal has been named as the Company Secretary and Group Chief Compliance Officer.
The board of directors of EDL has approved a resolution for a ₹2,000 crore Qualified Institutional Placement (QIP) and has also launched a ₹4.5 crore Employee Stock Option Plan.
Embassy Developments Limited has plans to launch eight new projects in FY 2026, covering a total of 7.7 million square feet with a gross development value of ₹15,000 crores.
An extraordinary general meeting is scheduled for March 25, 2025, to seek shareholder approval for the asset acquisitions and other corporate actions. Following a merger approved by the National Company Law Appellate Tribunal in January 2025, Embassy Group has become the new promoter of EDL, holding a 41.4 per cent controlling stake.
Lastly, the article shares a link to further news about Paytm launching UPI trading blocks for a seamless stock trading experience and JSW Energy expanding its green portfolio with a 159 MW wind power addition.
This news article was published on March 4, 2025.
