LIVE NOW:Watch the Definedge Conference on Market Analysis (DECMA). Join Now
you are here: HomeNewsBusiness

Kotak Special Situations Fund acquires Prius Commercial Projects for Rs 450 crore

Following the acquisition of Prius, Kotak Special Situations Fund has now closed its first investment under the IBC platform.

March 10, 2021 / 01:42 PM IST
Rank 7 | Uday Kotak | Net worth: $15 billion | Company: Kotak Mahindra Bank (Image: Reuters)

Rank 7 | Uday Kotak | Net worth: $15 billion | Company: Kotak Mahindra Bank (Image: Reuters)


Kotak Special Situations Fund (KSSF), on March 10, said it had acquired Prius Commercial Projects Private Limited (Prius) under the insolvency and bankruptcy code (IBC) for Rs 450 crore.

In an all-cash deal, KSSF-led consortium emerged as the successful resolution applicant, with the Honourable NCLT, Delhi duly approving its resolution plan, the company said in a press release.

Following the acquisition of Prius, KSSF has now closed its first investment under the IBC platform. KSSF has been investing from its $1 billion fund in a variety of structured investment situations, the company said.

Prius is engaged in leasing out commercial space and predominantly owns the building named ‘Prius Platinum’ at a premium location in Saket, Delhi, with a leasable area of 2,59,000 sq. ft.

“The controlling stake held by KSSF provides it a platform to build a portfolio of office assets along the lines of Prius, leveraging on the group's extensive expertise in real estate as well as resolution of stressed assets,” the release said.

Close

This investment targets refurbishment and leasing of Prius' office space, where KSSF’s extensive real estate portfolio management experience will support a professional management team, the company said.

Kotak Investment Advisors Limited (KIAL) on February 12 announced that Rajnish Kumar, former Chairman of State Bank of India (SBI), would be exclusive advisor for its US$ 1 billion Special Situation Fund.

The former SBI chairman had taken up an advisory role with Baring Private Equity Partners India earlier this month.

Kumar retired from SBI in October 2020 and comes with nearly 40 years of experience. He is credited with the mega merger of seven banks with India’s largest lender.

Kotak Investment Advisors Limited (KIAL) is a wholly-owned subsidiary of Kotak Mahindra Bank Limited that focuses on the Alternate Assets business of the Group. It was set up in early 2005 to focus on the Group’s alternate assets.
Moneycontrol News
first published: Mar 10, 2021 01:42 pm

stay updated

Get Daily News on your Browser
Sections