Panchshil Realty has bought back stakes held by PE firms IREO and Merrill Lynch in three of its projects in Pune providing the investors returns of over Rs.800 crore. It has acquired IREO's 50% stake in two projects - EON SEZ at Kharadi and a high-end residential project at Hadapsar - for Rs. 480 crore. These transactions have been executed through its subsidiaries Eon Kharadi Infrastructure and Eon Hadapsar Infrastructure.
Panchshil has also paid Bank of America-Merrill Lynch Rs. 300 crore as exit price and Rs. 60 crore as dividend to exit from its IT park project at Yerwada in Pune. The 1.5 million sq ft IT park, in which the then Merrill Lynch had picked up a 50% stake for Rs. 205 crore, is operational.
Apart from IREO and Merrill Lynch's investments, Xander Group has invested around Rs. 500 crore in Panchshil's hospitality business, while Morgan Stanley has invested over Rs. 700 crore in the group at the entity level.
Recently, in a landmark judgment by the Supreme Court in the case of Bank of Baroda v. Kotak Mahindra Bank, the Apex Court has determined over the limitation period applicable for executing a forei More
Helplinelaw can set up your session with quality and experienced lawyers to discuss and resolve your legal matters. You can avail consultation in form of sending questions, phone call or webchat discussion More