Oberoi Realty to raise Rs 650cr from Yes Bank, Axis Bank

Real estate player Oberoi Realty will raise Rs 650 crore from Yes Bank and Axis Bank to raise funds to develop Oasis Tower project in Worli, Mumbai.

As CNBC-TV18 exclusive, sources suggest that the fund raising process is now at advanced stages of completion, as banks have completed the course of due diligence. However, the realty firm will keep Oasis Tower as collateral against funds raised.

When contacted, Oberoi Realty, Yes Bank and Axis Bank declined to comment.