Ajay Piramal Group promoted real estate fund Indiareit has picked up 24% stake in Paranjape Schemes' Flagship Infrastructure that is developing a township project, Blue Ridge, and special economic zone (SEZ) project in Hinjewadi near Pune, a person familiar with the development said.Blue Ridge Hinjewadi Pune 411 057:
Indiareit Offshore Fund had subscribed to 4,000 warrants of the entity and is now converting it into equity that will give it a 24% stake. “The warrants are being converted at Rs 55,110 per share translating into a deal worth Rs. 22 crore as per an application made to foreign investment promotion board (FIPB),” said the person on condition of anonymity. FIPB is the nodal body that clears foreign investment proposals in the country.
The Economic Times
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