Embassy Developments, along with its wholly owned subsidiary Ceres Estate, has entered into a Share Purchase Agreement (SPA) with Pen India (Purchaser) for the sale of 100% of the equity share capital of Sepset Real Estate (Sepset), a wholly owned subsidiary of the company. Sepset owns the commercial project ‘Mega Mall’ located in Jodhpur, Rajasthan, together with all its assets and liabilities, including, inter alia, the unsold inventory. Upon completion of the transaction, Sepset will cease to be a subsidiary of the company.

The transaction reflects the company’s continued focus on active portfolio management and disciplined capital allocation. The monetisation of this asset will unlock value and strengthen the company’s balance sheet, while enabling redeployment of capital into core markets and high-growth opportunities. This strategic step is expected to support long-term value creation and enhance returns for shareholders.

The aggregate cash consideration for the said sale is Rs 100 crore, to be received in one or more tranches, subject to levy of applicable withholding in accordance with the transaction documents.

Embassy Developments (formerly known as Equinox India Developments and earlier as Indiabulls Real Estate) is one of India’s leading real estate developers, specializing in the construction and development of residential, commercial, and Special Economic Zone (SEZ) projects across Indian cities.