Oberoi Realty buys out stake in I-Ven Realty


india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, india news, property news, real estate news, India PropertyOberoi Realty has announced to purchase 50 per cent stake in I-Ven Realty Ltd from private equity firm ICICI Venture.

ICICI Venture and promoters of Oberoi Realty had equal stake in I-Ven Realty, which was formed to purchased a prime 4 acre plot at Worli in Mumbai from Glaxo SmithKline in 2004.

In a filing to the BSE, Oberoi Realty said it has purchased 5 lakh equity shares and 3,62,500 non-convertible preference shares of I-Ven Realty Ltd from India Advantage Fund I, acting through its investment manager ICICI Venture Funds Management Company Ltd.

Mumbai-based developer Oberoi has also invested in convertible debentures issued by I-Ven Realty.

“Oberoi Realty holds 50% stake in the equity share capital and preference share capital in I-Ven Realty Ltd,” the filing said, adding that it also holds 50% of the optionally convertible debentures in I-Ven Realty.


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