Embassy Developments Limited (EDL) has appointed Jitendra Virwani as Chairman and Aditya Virwani as Managing Director, according to a press release issued today. The appointments were approved by the company’s board on February 25, 2025.
The shares of Equinox India Developments Limited were trading at ₹113.52 up by ₹2.96 or 2.68 per cent on the NSE today at 12.40 pm.
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The real estate developer also announced asset acquisitions from its promoter group worth ₹559 crores, including a property with 1.3 million square feet of luxury residential development potential in North Bengaluru for ₹455 crores and a 9.5-acre land parcel for ₹104 crores.
Sachin Shah will continue as CEO and Executive Director, while Rajesh Kaimal has been appointed CFO and Executive Director. Additional leadership appointments include Vikas Khandelwal as Company Secretary and Group Chief Compliance Officer.
The company’s board has approved an enabling resolution for a ₹2,000 crore Qualified Institutional Placement (QIP) and launched a ₹4.5 crore Employee Stock Option Plan.
EDL plans eight new project launches in FY 2026 spanning 7.7 million square feet with a gross development value of ₹15,000 crores.
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An extraordinary general meeting is scheduled for March 25, 2025, to seek shareholder approval for the asset acquisitions and other corporate actions.
Embassy Group became EDL’s new promoter with a 41.4 per cent controlling stake following a merger approved by the National Company Law Appellate Tribunal in January 2025.