Nitesh Estates To Raise Funds For Residential Projects
by Sushil Surana
Nitesh Estates 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 Ventures 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.