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Grapevine: OYO standstill clause looms for SoftBank; Dewan Housing sells DHFL House
Photo Credit: VCCircle

OYO Hotels and Homes founder Ritesh Agarwal and largest minority investors Lightspeed Venture Partners and Sequoia Capital India have put in a clause that Japan’s SoftBank cannot raise its shareholding beyond 50% without their approvals, The Times of India reported, citing filings. SoftBank currently holds 46% stake.

OYO, launched in 2013 and operated by Gurugram-headquartered Oravel Stays Pvt. Ltd, is looking to raise a new round at a valuation of over $10 billion, to lead which it is looking for a new investor.

Meanwhile, stressed firm Dewan Housing Finance Ltd (DHFL) has sold the DHFL House in the Andheri suburb of Mumbai to the promoters of Charak Pharma for Rs 121 crore (about $17.6 million at current exchange rate), way below its current market price, two persons with direct knowledge of the development told The Economic Times.

The property that has 90,000 square foot (sq ft) built-up area and is spread over half an acre, off the Western Express highway, was valued at a little over Rs 13,000 per sq ft, as against the current market rate of over Rs 18,000 per sq ft. The building has a total of 63 car parking slots.

The new owners have already leased the building to BookMyShow India for setting up its headquarters.

In another development, Canada’s Brookfield Asset Management is looking to acquire a prime Mumbai real estate asset for Rs 750 crore (about $109 million at current exchange rate) from Sanjay Narang-owned Mars Enterprises and Hospitality Ltd, two people aware of the development told Mint.

The asset at Sahar Road in Andheri East is spread across 9.67 acres with over half of the area covered by a 100-room five-star boutique hotel and a club; the remaining is an undeveloped land parcel. Narang was looking to sell the asset for the past seven to eight years, the report said.

Brookfield is likely to use the land to develop a 1.3 million sq ft office space, said one of the persons mentioned above.

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