Oberio Realty Receives Green Light for Rs 6000 Crore Fund Raising

                The Board of Oberoi Realty at its meeting held 
on 10 October 2024 has approved the proposal 
for enabling raising of funds for an aggregate 
amount not exceeding Rs. 6,000 crore by 
way of issuance of equity shares, eligible 
securities, other securities or instruments or 
any combination of securities, in one or more 
tranche or tranches, by way of private 
placement 
including a qualified institutions placement.
In August 2024, National Company Law 
Tribunal-Mumbai bench approved the 
resolution plan submitted by the company in 
relation to the corporate insolvency resolution 
process (CIRP) 
of Nirmal Lifestyle Realty (NLRPL).
NLRPL holds development rights in respect of 
land admeasuring approximately 20,262.40 sq 
metres situated at L.B.S. Road, Mulund West, 
Mumbai, which land is contiguous to the 
lands owned by the company where the 
residential project ‘Eternia’ has been developed 
by the company.
The resolution plan provides for payment on 
the effective date of an amount of Rs 273 
crore to various creditors in full and final 
settlement. It will also subscribe to 100% 
equity share 
capital of NLRPL for Rs one lakh, making it a 
wholly owned subsidiary of the company.

Source : Economic Times