Oberoi Realty Ltd to sell stake to Temasek arm

The Board of Directors of Oberoi Realty Ltd at its meeting held on June 19, 2015, has approved raising funds by way of issue of up to 1,10,00,000 equity shares of Rs. 10 each of the Company (the "Equity Shares") for cash to Aranda Investments (Mauritius) Pte Ltd, (the "investor"), (a non-promoter company and a deemed Foreign Portfolio Investor) having its office at c/o CIM Corporate Services Ltd, Les Cascades, Edith Cavell Street, Port Louis, Mauritius, holding SEBI Registration number 20120107, having PAN AAFCA0250J and a wholly owned indirect subsidiary of Temasek Holdings (Private) Limited, having its registered office at 60B, Orchard Road. #06-18 Tower 2, The Atrium@Orchard, Singapore 238891, on a preferential basis at a price of Rs. 295 per Equity Share aggregating to approximately Rs. 3,245 million, subject to requisite approvals of the shareholders of the Company (the "Shareholders") and any regulatory authorities, as may be required.

The Board has decided to convene an Extraordinary General Meeting of the Company on July 17, 2015 at Mumbai for obtaining the approval of the Shareholders for the preferential issue of Equity Shares to the Investor as stated above.

In terms of Regulation 71 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 (as amended), the relevant date for the pricing of the Equity Shares, to be allotted under the aforesaid preferential issue shall be June 17, 2015.

Shares of OBEROI REALTY LTD. was last trading in BSE at Rs.295 as compared to the previous close of Rs. 301.05. The total number of shares traded during the day was 3074 in over 96 trades.

The stock hit an intraday high of Rs. 303.15 and intraday low of 295. The net turnover during the day was Rs. 914886.

Source : Equity Bulls

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