Oberoi Realty today said it had purchased 50% stake in I-Ven Realty 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 Bombay Stock Exchange (BSE), Oberoi Realty said it had purchased 5,00,000 equity shares and 3,62,500 non-convertible preference shares of I-Ven Realty from India Advantage Fund I, acting through its investment manager ICICI Venture Funds Management Company.
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," the filing said, adding that it also holds 50% of the optionally convertible debentures in I-Ven Realty.