Private Equity

PE-RE Fund Investments

Oberoi Realty to sell 21.74% in JV I-Ven Realty to Alpha Wave for Rs.1,250-Cr

Economic Times  

Publicly listed Oberoi Realty is selling a 21.74% stake in I-Ven Realty to Alpha Wave Ventures (via Alpha Wave Ventures II, LP) for INR 1,250 crore. The deal involves the issuance of preference shares and outlines governance rights for Alpha Wave Ventures.Alpha Wave Ventures will acquire the stake in I-Ven Realty through a combination of 2,77,778 Series A convertible preference shares (CCPS) and 10 Class A equity shares. I-Ven will also be undertaking a rights issue of redeemable preference shares at INR 400 each, to the company and Vikas Oberoi in equal proportion, raising INR 165 crore.Additionally, there will be a five-year lock-in period during which none of the stakeholders can sell their shares.I-Ven Realty, focused on real estate development, has no recorded revenue in the last three financial years.