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Oberoi Realty Invests Additional INR2.69 Billion in Wholly-Owned Subsidiary

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Oberoi Realty (NSE:OBEROIRLTY, BOM:533273) has invested an additional 2.69 billion Indian rupees in its wholly-owned subsidiary, Centerstage Realty, through the acquisition of shares on a rights basis, according to a Tuesday filing to the Indian stock exchanges.

The real estate developer acquired around 268.5 million equity shares of 10 rupees each of Centerstage.

Centerstage was incorporated on June 2 as a wholly owned subsidiary of the company with an initial paid-up share capital of 100,000 rupees and is the special purpose vehicle for a development project on the railway land in Mumbai, India.

The company's shares were down nearly 1% in recent trade.

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