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Private Equity | 22 November 2012    1 Comment

Nitesh Estates To Raise Funds For Residential Projects

by Sushil Surana
 
@Hemant_Kaul
@Nitesh_Estates_L Limited is planning to raise R400 Cr PE investment through its subsidiary – Nitesh Housing Developers for its residential projects.

The company is planning to provide exit to HDFC Asset Management Co. Ltd by the end of March by buying back its stake. HDFC AMC invested Rs.80 crore for a 11% stake in a subsidiary special purpose vehicle in 2009, as stated by Mint.

Last February, @HDFC_Property Limited sold its 50% stake in JV project - Nitesh Indiranagar Mall to JV partner Nitesh Estates Limited. In November, JP Morgan Global Fund invested $40Mn for a 45% stake in a Nitesh Estate SPV which was executing three projects totalling 4 mn sqft in Bangalore and Chennai.

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Cipla Limited is in preliminary discussions and have made an indicative proposal of acquiring approximately a 51% stake in Cipla Medpro South Africa Limited for a total consideration of $220 Mn.

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Nexus Venture Buys Stake In Startup Function Space

Pune based education startup Function Space has raised an undisclosed amount of funding in seed round from Nexus India Capital to strengthen its existing content and also increase its current userbase.

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