Oberoi Realty Sells ₹1,250 Cr Stake in I-Ven to Alpha Wave Ventures

Oberoi Realty has sold a ₹1,250 crore stake in its joint venture, I-Ven Realty, to Alpha Wave Ventures II, LP, marking a significant development in the company’s investment strategy. The deal, finalized on May 9, 2025, includes the issuance of 2,77,778 compulsorily convertible preference shares (CCPS) at ₹44,999.964 per share and 10 Class A equity shares at ₹10 per share to the investor. Following the allotment, Alpha Wave now holds a 21.74% stake in I-Ven Realty on a fully diluted basis, while Oberoi Realty’s holding has come down to 39.13%.

The transaction follows the approval granted by the board of directors of Oberoi Realty on March 20, 2025. A securities subscription agreement (SSA) was signed between Oberoi Realty, Alpha Wave Ventures, and I-Ven Realty, which laid out the terms of the proposed investment. This move is seen as part of a broader realignment of capital and partnerships in the real estate sector.

I-Ven Realty, the joint venture in question, is a significant part of Oberoi Realty’s broader portfolio. By enabling a fresh capital infusion from Alpha Wave Ventures, the developer may be aiming to de-risk its financial exposure while ensuring that the joint venture continues to have access to funds for its ongoing or upcoming projects. Alpha Wave’s entry could also provide strategic direction and operational independence to I-Ven as it continues its development journey.

The investment structure indicates a well-thought-out financial approach. Instead of an outright sale, the use of CCPS allows for a structured entry for the investor, possibly with conversion triggers tied to performance or future valuation events. This can align the interests of the existing and incoming shareholders. The ₹1,250 crore consideration also suggests that Alpha Wave sees potential in I-Ven’s future pipeline or land bank, reinforcing market confidence in large-scale urban developments.

Oberoi Realty’s decision to reduce its stake, however, also means relinquishing a degree of control. At 39.13%, the company remains the single largest shareholder, but it no longer has an absolute majority. This could affect strategic decisions within the joint venture, especially if Alpha Wave seeks a more active role in governance or operations.

The deal comes close on the heels of Oberoi Realty launching Elysian Tower D in Goregaon, Mumbai. With 2.1 lakh sq ft of RERA carpet area sold for ₹970 crore, the company continues to see strong sales traction in premium residential projects. The broader development at Oberoi Garden City spans 80 acres and offers a mix of 3- and 4-BHK residences, reflecting the company’s continued focus on high-value urban housing.