KIAL acquires Prius Commercial Projects
Kotak Special Situations Fund managed by Kotak Investment Advisors Limited (KIAL) on Wednesday announced that it has acquired Prius Commercial Projects Private Ltd
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Mumbai: Kotak Special Situations Fund managed by Kotak Investment Advisors Limited (KIAL) on Wednesday announced that it has acquired Prius Commercial Projects Private Ltd (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 NCLT, Delhi duly approving its resolution plan, said a Kotak statement. "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," it 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 square feet.
