Tag: axis bank ltd

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CBI Examines Ozone Projects, Bankers in Homebuyer Scam

CHENNAI: The Metrozone project in Koyambedu is now under investigation by the Central Bureau of Investigation (CBI) for alleged misconduct involving the subvention scheme and fraudulent actions toward homebuyers through a bank-developer collusion. The CBI’s economic offences wing in Delhi has filed a case against Ozone Projects Pvt Ltd, which is behind the Metrozone project, along with its promoters, directors, and unnamed officials from Axis Bank Ltd and Axis Finance Ltd, interpreting the situation as fraud and corruption as directed by the Supreme Court. The FIR indicates that Ozone Projects’ directors, currently undergoing the Corporate Insolvency Resolution Process (CIRP), allegedly…

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Bagmane REIT Aims for $3.9B Valuation in India IPO

Blackstone-backed Bagmane Prime Office REIT is gearing up for an initial public offering (IPO) as early as next month, aiming for a valuation of approximately $3.9 billion, sources indicate. The Bengaluru-based real estate firm has received regulatory approval and commenced investor roadshows. Sources requested anonymity due to the confidential nature of the information. The proposed IPO seeks to raise 40 billion rupees ($440 million), which includes up to 30 billion rupees in new units and a secondary sale of 10 billion rupees by Blackstone, as detailed in the IPO prospectus that was filed in December. Discussions are ongoing, and details…