Indiabulls Real Estate Ltd and Embassy Group Scheme of Amalgamation

I see three scenarios – one of which will play out

1. merger takes place at exisitng ratios. the price assigned to india bulls in the merger was Rs. 92. This means it greatly undervalued as per the current market price.
2. merger taking place at at higher value. This will mean india bulls real estate has an intrinsic value of more than 92.
3. merger not taking place- prob of this happening seems very low. This would still mean india bulls has a lot of value- otherwise it would make no sense that Embassy group buys a stake of roughly 1000 cr in the company at Rs.150 per share
   if the merger takes as it is- the market cap of combined entity will be Rs. 55*115= Rs.6300 cr, adding debt gives an EV of around 10,000cr – I feel this is a big undervaluation to the intrinsic value they have.
   the combined entity will have potential to develop commercial assets with 4200 cr in annuity income- this itself should translate to 50,000 cr value.
   Disc- Invested