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Lavasa has issued convertible preference shares and convertible debentures to Axis bank in the transaction. At present, HCC holds 29 per cent stake in the project, while 16 per cent stake is held by Avantha Group (LM Thapar Group) and Venkateshwara Hatcheries holds 13 per cent.
After the conversion of shares and debentures over the next five years, the equity stake of current investors will go down accordingly. “This investment by Axis Bank is an endorsement of our vision for Lavasa and the solid foundation we have already built. We are delighted to have Axis Bank as our investment partner,” said Ajit Gulabchand, chairman and managing director of HCC. The township is spread over 100 square kilometers and being developed in four phases. The first phase is expected to be completed in 2009-10. |
Source: Business Standard