Axis Bank's investment in HCC's Lavasa

There have been numerous reports of Axis Bank's recent investment of Rs. 250 crores for a 2.5% stake in Lavasa Corporation, a subsidiary of HCC and how it implies a valuation of Rs. 10,000 crores for the company. However, we haven't see any comments on the form of the investment. From the article (and the press release):

Axis Bank has infused the funds in the real estate project in the form of convertible preference shares and convertible debentures. This puts the valuation of Lavasa at Rs 10,000 crores.

Based on the language, it is clear that this transaction is a structured investment and not direct equity. So, Axis Bank is probably willing to pay Rs. 250 crores for the 2.5% stake contingent on either events like a development/sales timeline or any future investment/valuations. In addition, since the investment is in the form of preference shares/debentures, Axis Bank will get paid some annual return (which is not true for other equity holders) and till conversion, its securities are likely senior to common stock. It is also important to find out if this investment by Axis is part of a broader transaction (like ICICI Venture's investment in Jaiprakash Infratech). Whichever way you look at it, the math of Rs. 250 crores investment for an eventual 2.5% stake = Rs.10,000 crores current valuation looks hard to swallow