Oberoi Realty sells ₹1,250 crore stake in I-Ven Realty to Alpha Wave Ventures
Listed real estate developer Oberoi Realty has sold its stake in joint venture I-Ven Realty for ₹1,250 crore to Alpha Wave Ventures II, LP, the company announced in a regulatory filing.
"We refer to our letter dated March 20, 2025 whereby we have intimated, inter alia, the approval by the board of directors of Oberoi Realty Limited ('Company') for the execution of the securities subscription agreement dated March 20, 2025 entered into between the Company, Alpha Wave\ Ventures II, LP," the company said in a regulatory filing.
The regulator filing stated that Vikas Oberoi (CMD of Oberoi Realty), and I-Ven Realty Limited ('I-Ven') ('SSA'), pursuant to which I-Ven proposes to offer and issue securities to the Investor for a consideration of ₹1,250 crore constituting 21.74% of the share capital of I-Ven on a fully diluted basis, subject to certain conditions as contained in the SSA ('Proposed Transaction').
Also Read: Oberoi Realty sells 2.1 lakh sq. ft. of apartments worth ₹970 crore in Mumbai's Goregaon
According to the company, the transaction was finalised on May 9, 2025, and the transaction involves the issuance of 2,77,778 compulsorily convertible preference shares (CCPS) at ₹44,999.964 per share and 10 Class A equity shares at ₹10 per share to Alpha Wave Ventures. As a result, Alpha Wave now holds a 21.74% stake in I-Ven Realty on a fully diluted basis, while Oberoi Realty's stake stands at 39.13%.
"Consequent to the allotment of the aforementioned securities to the Investor by I-Ven, the company (Oberoi Realty) holds 39.13% of the equity share capital of I-Ven, on a fully diluted basis," the company said.
Meanwhile, the company last week announced the launch of Elysian Tower D at Oberoi Garden City in the Goregaon area of Mumbai. The project, which has a gross booking value of ₹970 crore for 2.1 lakh sq ft (RERA carpet area) and a total saleable area of 3.25 lakh sq ft, was announced by the company in a regulatory filing.
Also Read: 'Buying a house will never go out of fashion,' says Oberoi Realty's CMD Vikas Oberoi
The development, which spans 80 acres, offers a variety of 3—and 4-BHK residences, with carpet areas ranging from 2,009 to 3,430 sq. ft, the company said.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
4 hours ago
- Economic Times
UAE rule, wary I-T to deter dodgy crypto deals
Mumbai: In the lane to launder money, the skill to move cryptos to control companies and properties in Dubai has been honed over the past few years. But treading that alley would soon become tougher. Dual, albeit unrelated, developments in India and the UAE would force money movers to devise new tricks. First, Income tax (I-T) officials, hunting for illicit homes of Indians over the past six months, now strongly suspect that some property purchases were made with cryptocurrencies; second, a new regulatory regime in the Middle East country, would soon end payment in cryptos, other than stable coins, to freely buy goods and services. "When Indian residents use crypto to purchase real estate, they bypass Indian banking channels and FEMA scrutiny. But, under the new UAE regulations (expected from August), merchants would no longer accept crypto directly. Only entities licensed by the UAE Central Bank would be allowed to convert stablecoins to AED after collecting full KYC. While this framework ensures the buyer's identity is recorded, it remains unclear whether such data would be shared under the India-UAE tax treaty," said Purushottam Anand, founder of the law firm Crypto raiding a leading UAE developer having roots in Mumbai and clients across India, a northern office of the I-T department found that more than 460 buyers in the 650-odd property deals have no record of having remitted money through banks to acquire the properties. According to findings which were shared with other I-T centres two months ago, the arm of the UAE realtor which brokered the deals was aided by a network of 86 sub-brokers who later shared details with the tax office. According to tax circles, some of the clients had paid in cryptos, probably under the belief it would go untraced. Earlier this year, the department had found that hundreds of mule accounts were opened by a few persons in Kerala to deposit cash, use the money to buy cryptos -either on local platforms or through peer-to-peer transactions-and then move the coins to other wallets before encashing the them in UAE, or buying assets like properties, or transferring them to third parties. "When digital assets move from exchanges to P2P platforms or private wallets, monitoring becomes difficult, creating opportunities for illegal activities such as ransomware attacks, laundering, tax evasion, and potentially terrorist financing. Although the exchanges are required to report 'suspicious transactions', including withdrawals, with the Financial Intelligence Unit-India, such risks can be further addressed through stricter enforcement of TDS provisions, i.e. Sections 194S or 195, ensuring tax compliance for all crypto transactions, whether conducted on or off exchanges. Additionally, specifying the reporting entities and the format for disclosures under Section 285BAA will improve traceability," said Ashish Karundia, founder of the CA firm Ashish Karundia & Co. 'PAYMENT TOKEN REGULATIONS' The new 'Payment Token Services Regulation' lays down the rules and conditions established by the UAE Central Bank for granting a licence or registration for payment token services-which include payment token issuance, token conversion, and token custody and transfer. Under the rules no merchant or anyone in the UAE selling goods or services can accept a virtual asset unless it's a dirham payment token issued by a licensed issuer. Also, a bank cannot act as a payment token issuer. UAE is working on Dirham-linked stable coin (like USDT or Tether which is pegged to the dollar)."This would have implications for India which has close economic and financial ties with the UAE. By bringing digital assets such as payment tokens under a structured licensing and anti-money laundering framework, the regulation adds a layer of safety and transparency to cross-border digital financial flows. For Indian individuals and businesses engaging in the UAE's digital economy, on one hand this means greater clarity, reduced risk of fraud, and alignment with global best practices; on the other hand, the clear prohibition on anonymous crypto instruments like privacy tokens reinforces the global trend toward traceable and regulated digital transactions. This is something India is also actively pursuing through its own financial intelligence mechanisms. This would deter transactions in property, high value luxury products bought by Indians in UAE using crypto tokens," said Siddharth Banwat, partner at CA firm Banwat & Associates dealers said the UAE rules are not entirely fool-proof as coins can be routed through platforms in multiple jurisdictions whose cooperation would be vital to spot the trail. But the very presence of licensed intermediaries collecting and storing information would deter money movers.
Time of India
5 hours ago
- Time of India
UAE rule, wary I-T to deter dodgy crypto deals
Mumbai: In the lane to launder money, the skill to move cryptos to control companies and properties in Dubai has been honed over the past few years. But treading that alley would soon become tougher. Dual, albeit unrelated, developments in India and the UAE would force money movers to devise new tricks. First, Income tax (I-T) officials, hunting for illicit homes of Indians over the past six months, now strongly suspect that some property purchases were made with cryptocurrencies; second, a new regulatory regime in the Middle East country, would soon end payment in cryptos, other than stable coins, to freely buy goods and services. "When Indian residents use crypto to purchase real estate, they bypass Indian banking channels and FEMA scrutiny. But, under the new UAE regulations (expected from August), merchants would no longer accept crypto directly. Only entities licensed by the UAE Central Bank would be allowed to convert stablecoins to AED after collecting full KYC. While this framework ensures the buyer's identity is recorded, it remains unclear whether such data would be shared under the India-UAE tax treaty," said Purushottam Anand, founder of the law firm Crypto Legal. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Unlock full 2025 solar power in Bangladesh — install, maintain, upgrade Solar Panels | Search Ads Learn More Undo After raiding a leading UAE developer having roots in Mumbai and clients across India, a northern office of the I-T department found that more than 460 buyers in the 650-odd property deals have no record of having remitted money through banks to acquire the properties. According to findings which were shared with other I-T centres two months ago, the arm of the UAE realtor which brokered the deals was aided by a network of 86 sub-brokers who later shared details with the tax office. Live Events According to tax circles, some of the clients had paid in cryptos, probably under the belief it would go untraced. Earlier this year, the department had found that hundreds of mule accounts were opened by a few persons in Kerala to deposit cash, use the money to buy cryptos -either on local platforms or through peer-to-peer transactions-and then move the coins to other wallets before encashing the them in UAE, or buying assets like properties, or transferring them to third parties. "When digital assets move from exchanges to P2P platforms or private wallets, monitoring becomes difficult, creating opportunities for illegal activities such as ransomware attacks, laundering, tax evasion, and potentially terrorist financing. Although the exchanges are required to report 'suspicious transactions', including withdrawals, with the Financial Intelligence Unit-India, such risks can be further addressed through stricter enforcement of TDS provisions, i.e. Sections 194S or 195, ensuring tax compliance for all crypto transactions, whether conducted on or off exchanges. Additionally, specifying the reporting entities and the format for disclosures under Section 285BAA will improve traceability," said Ashish Karundia, founder of the CA firm Ashish Karundia & Co. 'PAYMENT TOKEN REGULATIONS' The new ' Payment Token Services Regulation ' lays down the rules and conditions established by the UAE Central Bank for granting a licence or registration for payment token services-which include payment token issuance, token conversion, and token custody and transfer. Under the rules no merchant or anyone in the UAE selling goods or services can accept a virtual asset unless it's a dirham payment token issued by a licensed issuer. Also, a bank cannot act as a payment token issuer. UAE is working on Dirham-linked stable coin (like USDT or Tether which is pegged to the dollar). "This would have implications for India which has close economic and financial ties with the UAE. By bringing digital assets such as payment tokens under a structured licensing and anti-money laundering framework, the regulation adds a layer of safety and transparency to cross-border digital financial flows. For Indian individuals and businesses engaging in the UAE's digital economy, on one hand this means greater clarity, reduced risk of fraud, and alignment with global best practices; on the other hand, the clear prohibition on anonymous crypto instruments like privacy tokens reinforces the global trend toward traceable and regulated digital transactions. This is something India is also actively pursuing through its own financial intelligence mechanisms. This would deter transactions in property, high value luxury products bought by Indians in UAE using crypto tokens," said Siddharth Banwat, partner at CA firm Banwat & Associates LLP. Crypto dealers said the UAE rules are not entirely fool-proof as coins can be routed through platforms in multiple jurisdictions whose cooperation would be vital to spot the trail. But the very presence of licensed intermediaries collecting and storing information would deter money movers.
Time of India
6 hours ago
- Time of India
ISL new proposal: No relegation for 10 years, strict criteria for promotion
This season's Indian Super League was expected to kick off on Sept 14 Panaji: The marketing partners of the All India Football Federation (AIFF) has proposed a new ownership structure for the Indian Super League (ISL) from next season and at least a 10-year moratorium on relegation from the top tier to the lower leagues for its success. Football Sports Development Limited (FSDL), a joint venture between Reliance and Star which runs the league, are commercial partners of AIFF, with whom they signed a 15-year Master Rights Agreement (MRA) in 2010. According to the agreement, which ends in December this year, FSDL guarantees an annual payment of Rs 50 crore. Several meetings have been held between FSDL and AIFF over renewal of the agreement. Rather than an all-cash deal that gave the marketing partners rights to all federation properties, they have now suggested formation of a new holding company that governs, operates, commercialises and funds ISL, with clubs (60%, equal across all clubs), FSDL (26%) and AIFF (14%) as the shareholders. According to sources, a key condition in the proposal, officially submitted to AIFF, is to exclude relegation from ISL to the lower tiers. Promotion to the top-tier ISL will be only for clubs who strictly meet the financial/licensing criteria and has been in existence for at least five years under the same ownership. Since its launch in 2014, ISL has remained a closed league with no club getting relegated. According to the roadmap agreed in 2019 to facilitate growth of domestic club football, promotion was started from the 2022-23 season with the I-League winners -- Punjab FC first and Mohammedan Sporting Club later – qualifying for the top tier on sporting merit. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Free P2,000 GCash eGift UnionBank Credit Card Apply Now Undo 'The roadmap was agreed in front of senior AFC (Asian Football Confederation) officials at its headquarters in Malaysia. In its recommendation for 2024-25, it was agreed to fully implement promotion and relegation into the top league. It will be difficult now to go back to the AFC and seek special approval for more years without relegation or conditional promotion,' a senior official told TOI . In April, the AIFF had formed an eight-member task force to look into the MRA negotiations with its commercial partner, a move that did not find favour with some members. Former India captain Bhaichung Bhutia even told the executive committee to wait till the Supreme Court finalises the new constitution, the draft of which stated that the 'seniormost league should be owned, operated and directly managed by AIFF.' Senior East Bengal official Debabrata Sarkar said every league should be operating on a promotion-and-relegation principle. 'This is what makes the competition fair, challenging and unpredictable,' said Sarkar. 'This is vital for any league to survive and flourish. Yes, the ISL should ideally have adopted this system from the first year, but such situation was not viable when the tournament came into being (in 2014).' This season's ISL was expected to kick off on Sept 14, as per the calendar approved by the AIFF League Committee last month. However, there is now growing suspense over the future of the league after several club owners were told by FSDL that the league will not kick off, unless there's clarity on the MRA. "The recent air of uncertainty over the ISL is unfortunate, but I firmly believe that it will be cleared soon and the league will continue to get the strongest possible support from its investor,' said Sarkar. FSDL has told AIFF that they will discontinue with the current MRA structure which includes commercial rights for all competitions to FSDL for a fixed minimum guarantee. The new proposal includes rights, through a joint venture, for only the ISL and national team competitions, while the federation retains 100% of the revenue from non-ISL competitions and non-national team competitions.
