Latest news with #I-VenRealty
Hindustan Times
10-05-2025
- Business
- Hindustan Times
Oberoi Realty sells ₹1,250 crore stake in I-Ven Realty to Alpha Wave Ventures
Listed real estate developer Oberoi Realty has sold its stake in joint venture I-Ven Realty for ₹1,250 crore to Alpha Wave Ventures II, LP, the company announced in a regulatory filing. "We refer to our letter dated March 20, 2025 whereby we have intimated, inter alia, the approval by the board of directors of Oberoi Realty Limited ('Company') for the execution of the securities subscription agreement dated March 20, 2025 entered into between the Company, Alpha Wave\ Ventures II, LP," the company said in a regulatory filing. The regulator filing stated that Vikas Oberoi (CMD of Oberoi Realty), and I-Ven Realty Limited ('I-Ven') ('SSA'), pursuant to which I-Ven proposes to offer and issue securities to the Investor for a consideration of ₹1,250 crore constituting 21.74% of the share capital of I-Ven on a fully diluted basis, subject to certain conditions as contained in the SSA ('Proposed Transaction'). Also Read: Oberoi Realty sells 2.1 lakh sq. ft. of apartments worth ₹970 crore in Mumbai's Goregaon According to the company, the transaction was finalised on May 9, 2025, and the transaction involves the issuance of 2,77,778 compulsorily convertible preference shares (CCPS) at ₹44,999.964 per share and 10 Class A equity shares at ₹10 per share to Alpha Wave Ventures. As a result, Alpha Wave now holds a 21.74% stake in I-Ven Realty on a fully diluted basis, while Oberoi Realty's stake stands at 39.13%. "Consequent to the allotment of the aforementioned securities to the Investor by I-Ven, the company (Oberoi Realty) holds 39.13% of the equity share capital of I-Ven, on a fully diluted basis," the company said. Meanwhile, the company last week announced the launch of Elysian Tower D at Oberoi Garden City in the Goregaon area of Mumbai. The project, which has a gross booking value of ₹970 crore for 2.1 lakh sq ft (RERA carpet area) and a total saleable area of 3.25 lakh sq ft, was announced by the company in a regulatory filing. Also Read: 'Buying a house will never go out of fashion,' says Oberoi Realty's CMD Vikas Oberoi The development, which spans 80 acres, offers a variety of 3—and 4-BHK residences, with carpet areas ranging from 2,009 to 3,430 sq. ft, the company said.
Economic Times
10-05-2025
- Business
- Economic Times
Oberoi Realty sells 21.74% in JV I-Ven Realty to Alpha Wave for Rs 1,250 cr
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Realty developer Oberoi Realty has sold 21.74% stake in its joint venture company I-Ven Realty to global investment firm Alpha Wave Ventures II for Rs 1,250 crore, making it one of the largest private equity investments in India's real estate sector so far this per the agreement between the developer, promoter Vikas Oberoi, I-Ven Realty, and Alpha Wave Ventures II, the company has allotted a combination of 277,778 Series A convertible preference shares (CCPS) and 10 Class A equity shares, the listed company said in a regulatory the company announced Vikas Oberoi has pledged nearly 24.62 crore shares of Oberoi Realty amounting to over 75% of his nearly 68% stake in the company.I-Ven Realty, which has been focused on real estate development, has no recorded revenue in the last three financial years but is expected to ramp up operations following this capital deal highlights the growing interest of global investors in India's real estate sector, particularly in Mumbai's high-value commercial and residential March, Oberoi Realty had announced, I-Ven will be undertaking a rights issue of redeemable preference shares at an issue price of Rs 400 each to the company and Vikas Oberoi in equal proportion, raising Rs 165 crore. The proceeds from the rights issue will be used for repayment of loans and redeeming existing preference shares held by Oberoi Realty and Vikas agreement in March had outlined governance rights for Alpha Wave Ventures, including the ability to nominate a board director and have veto powers on key operational and managerial there will be a five-year lock-in period during which none of the stakeholders can sell their shares. Post-lock-in, Alpha Wave Ventures has multiple exit options, including a sale to a third party or a merger with Oberoi the regulatory filing then, Oberoi Realty had said the transaction will not affect its management or control, with Vikas Oberoi continuing to hold at least 51% stake in the company. Ends
Time of India
10-05-2025
- Business
- Time of India
Oberoi Realty sells 21.74% in JV I-Ven Realty to Alpha Wave for Rs 1,250 cr
Realty developer Oberoi Realty has sold 21.74% stake in its joint venture company I-Ven Realty to global investment firm Alpha Wave Ventures II for Rs 1,250 crore, making it one of the largest private equity investments in India's real estate sector so far this year. #Operation Sindoor India-Pakistan Clash Live Updates| Missiles, shelling, and attacks — here's all that's happening Pakistani Air Force jet shot down in Pathankot by Indian Air Defence: Sources India on high alert: What's shut, who's on leave, and state-wise emergency measures As per the agreement between the developer, promoter Vikas Oberoi, I-Ven Realty, and Alpha Wave Ventures II, the company has allotted a combination of 277,778 Series A convertible preference shares (CCPS) and 10 Class A equity shares, the listed company said in a regulatory filing. Separately, the company announced Vikas Oberoi has pledged nearly 24.62 crore shares of Oberoi Realty amounting to over 75% of his nearly 68% stake in the company. I-Ven Realty, which has been focused on real estate development, has no recorded revenue in the last three financial years but is expected to ramp up operations following this capital infusion. The deal highlights the growing interest of global investors in India's real estate sector, particularly in Mumbai's high-value commercial and residential projects. In March, Oberoi Realty had announced, I-Ven will be undertaking a rights issue of redeemable preference shares at an issue price of Rs 400 each to the company and Vikas Oberoi in equal proportion, raising Rs 165 crore. The proceeds from the rights issue will be used for repayment of loans and redeeming existing preference shares held by Oberoi Realty and Vikas Oberoi. The agreement in March had outlined governance rights for Alpha Wave Ventures, including the ability to nominate a board director and have veto powers on key operational and managerial matters. Additionally, there will be a five-year lock-in period during which none of the stakeholders can sell their shares. Post-lock-in, Alpha Wave Ventures has multiple exit options, including a sale to a third party or a merger with Oberoi Realty. In the regulatory filing then, Oberoi Realty had said the transaction will not affect its management or control, with Vikas Oberoi continuing to hold at least 51% stake in the company. Ends
