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IndustryLatest Stories

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…

Housing FinanceLatest Stories

Areion Group Secures ₹936-Crore Bid for Aviom India Housing

MUMBAI: Areion Group has successfully secured the bid for Aviom India Housing Finance, a mortgage lender embroiled in fraud issues, after secured lenders unanimously favored its resolution proposal over a higher but conditional offer from Unity Small Finance Bank, according to sources familiar with the situation. Areion’s ₹936-crore bid is projected to enable a recovery of around 65% for Aviom’s lenders. Despite Unity Small Finance Bank initially offering the highest bid of ₹977.5 crore during the competitive auction, secured lenders supported Areion Group’s unconditional proposal. The preference was influenced by Unity’s conditional offer, which raised concerns about execution, as confirmed…

Housing FinanceLatest Stories

Unity Small Finance Bank Wins Auction for Aviom India Housing

MUMBAI: Unity Small Finance Bank has successfully bid for the bankrupt Aviom India Housing Finance, offering an upfront payment of ₹977.5 crore, according to sources familiar with the matter. Initially, six companies expressed interest in acquiring Aviom India Housing Finance under the National Company Law Tribunal (NCLT) process, with three ultimately participating in the auction held last week. Areion, a fund backed by Omkara Asset Reconstruction Company, and Authum Investment and Infrastructure were the other two bidders in the auction conducted by Ram Kumar, the RBI-appointed administrator and former general manager of Punjab National Bank. “The bidding involved 13 rounds,…