Kotak Realty Fund is exiting its investment in Lalith Gangadhar Constructions Private Limited, with around 10 times return on its investment in 2007. Kotak is selling its 49% stake for R53Cr to the promoters, according to mint.
The fund invested invested R5Cr for 49% stake in the real estate firm in 2007. Later in 2008, it invested R45Cr in Lalith Gangadhar’s high-end villa project in Bangalore called LGCL Ashler.
Promoted by Girish Puravankara, Lalith Gangadhar Constructions is engaged in real estate development, real estate marketing, facility management and project management activities through its subsidiary companies.
UTI Ventures Funds Management Company Private Limited, the private equity investment subsidiary of UTI Asset Management Co Pvt Ltd, has sold its stake in Ascent Capital Pvt Ltd to the management of the firm, which is headed by Raja Kumar.