NEW DELHI: The board of directors of Oberoi Realty have considered and 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.
