Here is the list of Major Investors in Lavasa City - Another big Land Grab
Pre FY10 Axis Bank Rs225cr Deep Discount Convertible Debentures (DDCD).
Pre FY10 Axis Bank Rs25cr Compulsory Convertible Preference Shares (CCPS).
Pre FY10 Bank of India Rs150cr Deep Discount Convertible Debentures (DDCD).
Pre FY10 Allahabad Bank Rs 50cr ------------------“--------“-----------------------
July 10, 2009 IndusInd Bank Ltd Rs50cr ------------------“--------“-----------------------
August 4, 2009 Andhra Bank Rs25cr ------------------“--------“-----------------------
August 19, 2009 United Bank of India Rs50cr ------------------“--------“-----------------------
November 6, 2009 Allahabad Bank Rs50cr ------------------“--------“-----------------------
January 6, 2010 ICICI Bank Ltd Rs250cr ------------------“--------“-----------------------
May 31st 2010 J&K Bank Rs100cr ------------------“--------“-----------------------
Total Rs975cr
There was a mention of Lavasa by CBI's lawyer and news articles said banks gave undue favors to Lavasa. We await further details on this before making a call. For the information of investors, Lavasa has around Rs10bn worth of DDCD's/CCPS subscribed by various banks (see the list below). Including this
Rs9bn, Lavasa has a total debt of Rs19bn of the total investment of Rs25bn in the Lavasa project. We await further details on MMFSL’s involvement in debt arrangement of Lavasa, and if any issues, we would update investors.
