Embassy Developments Ltd to Sell Stake in Sepset Real Estate for INR 100 Crore
Embassy Developments Ltd, along with its wholly owned subsidiary Ceres Estate Limited, has entered into a Share Purchase Agreement for the sale of 100% of the equity share capital of Sepset Real Estate Limited. The buyer in this transaction is Pen India Limited.Sepset owns the commercial project known as 'Mega Mall' located in Jodhpur, Rajasthan, encompassing all its assets and liabilities, including unsold inventory. Upon the completion of the transaction, Sepset will cease to function as a subsidiary of Embassy Developments Ltd.
The company stated that this transaction aligns with its ongoing focus on active portfolio management and disciplined capital allocation. The monetization of this asset is expected to enhance the Company's balance sheet by unlocking value, thereby enabling the redeployment of capital into core markets and high-growth opportunities, which is anticipated to support long-term value creation and boost shareholder returns.
The agreement for the sale was entered into on April 11, 2026. The sale is expected to conclude within 60 days, contingent upon the fulfillment of conditions precedent specified in the transaction documents or any extension mutually agreed upon by the parties.
The consideration for this disposal is an aggregate cash consideration of INR 100 Crore (Indian Rupees One Hundred Crore only), which will be received in one or more tranches, subject to applicable withholding as per the transaction documents.
The purchaser, Pen India Limited, does not belong to the promoter or promoter group or group companies of Embassy Developments Ltd. Furthermore, the transaction is not classified as a related party transaction.
For context regarding Sepset's contribution during the financial year ended March 31, 2025, the following figures were noted:
| Particulars | Contribution During FY Ended March 31, 2025 | Percentage of Consolidated Figures |
|---|---|---|
| Turnover/Income | INR 18.55 crore | 0.85% |
| Net Worth | INR (-) 114.07 crore | (-) 1.22% |
The transaction is being executed outside the purview of a Scheme of Arrangement.
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