Ansal Properties is raising R300Cr from PE investors in a project level investment, according to DNA. This deal is a part of R500Cr PE funding the company is planning to raise.

The funds will be raised to develop a residential project in Gurgaon.

Established in 1967 as a family business, Ansal Properties currently operates in a range of business verticals such as integrated townships, condominiums, group housing, malls, shopping complex, hotels, SEZs, IT parks and infrastructure and utility services. The company has 19 integrated townships in northern India with maximum saleable area in the residential segment.

Last year in February, Red Fort Capital acquired 26% stake in Joint venture with Ansal Properties for R200Cr.The JV will develop a 108-acre residential township project adjacent to its Esencia township project in Gurgaon.

Earlier, the company had raised R70Cr from a group of HNIs via preferential allotment in August 2010 and R230Cr through a QIP in October that year.

In a seperate announcement, IL&FS Investment Managers Limited is planning to exit it's investment in SEZ Project in Gurgaon promoted by Ansal Properties And Infrastructure Limited.

IL&FS will also exit from first phase of of Ansal's Esencia township project where it had invested Rs.80 Cr in 2008 after the mandatory lock-in of three years ends in August 2011 and Rs.70 Cr in the 47-acre SEZ for IT industry in 2007.

A number of other real estate developers are also trying to raise funds either from PE players or by placing NCDs with NBFCs after after banks tightened lending to this sector. A number of real estate developers Nitesh Estate and Indiabulls have raised PE funding for their ongoing projects, while Golden Gate Properties raised R200Cr by placing NCDs with JM Financial.

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