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Purvankara subsidairy to raise 750 cr
| September 5, 2008 |  (Be the first to rate this story!) Loading ... |
The wholly owned subsidiary of Bangalore-based real estate developer Purvankara Projects, Provident Housing and Infrastructure is planning to raise Rs 750 crore through private equity funds. The funds would be used to acquire land for its affordable housing projects. The total cost of the project is Rs 8, 000 crore. Of this, Rs 750 crore will be raised through private equity funding at the project level. While one is an Asia-based fund, the remaining three are from the US.The remaining Rs 7, 250 crore would be raised through a mix of internal accruals, debt and customer advances. The company could also dilute between 30 and 40 percent stake in each of the affordable housing projects.
News Published Under: Real Estate Developers |
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