ICICI and Triumph International Finance India, a Ketan Parekh-led company, yesterday entered into a deal whereby the term lending institution agreed to sell seven floors its main building at Backbay Reclamation, Mumbai, for Rs 73.10 crore.
The negotiated deal was closed on the best-offer basis. Several corporate entities. including the Securities and Exchange Borad of India (Sebi), were in the race to buy the realty. In fact, Sebi was pipped at the post after making a final offer of Rs 70 crore.
The total built-up area of the floors is about 48,445 sq ft. The effective price works out to be around Rs 15,100 per square foot.
The agreement was signed after the payment of Rs 7 crore as a token amount. The remaining sum will be paid on receipt of the 37-I clearance from the Income Tax department.
S H Bhojani, deputy managing director of ICICI, said: "There was no tender inviting bids. The deal was a negotiated one. However, the final price was the best among those received from several entities.The sale is applicable to seven floors only and ICICI will continue to retain the land and the ground floor."
Parekh said: "Since we plan to expand our business the new office will complement our existing set-up."
Ketan Parekh hails from the Narbheram Harakchand group which has been into the brokering business since 1925. Besides, he is also a proprietary trader and a private venture capitalist.
