Oberoi Realty to receive $165m investment in joint venture

Oberoi Realty Limited (BSE:OBEROIRLTY) announced today that its joint venture company, I-Ven Realty Limited, will receive an investment of INR 1250,00,00,100 from Alpha Wave Ventures II, LP, for a 21.74% stake. To facilitate this transaction, I-Ven will undertake a restructuring involving a rights issue of redeemable preference shares priced at INR 400 each to Oberoi Realty and Mr. Vikas Oberoi in equal proportion. The proceeds will primarily repay outstanding loans from Oberoi Realty and Mr. Oberoi. Oberoi Realty plans to subscribe to up to 41,25,000 Series B RPS in I-Ven, for an aggregate amount of INR 165,00,00,000. The subscription is expected to close by April 30, 2025. The move is designed to bolster I-Ven's financial position and support ongoing real estate projects.