Oberoi Realty buys out ICICI Venture's stake in Mumbai project

MUMBAI: Oberoi Realty on Thursday said it has purchased 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 per cent stake in the equity share capital and preference share capital in I-Ven Realty Ltd," the filing said, adding that it also holds 50 per cent of the optionally convertible debentures in I-Ven Realty.