Unitech floats Rs 300-crore Mumbai redevelopment fund
Unitech Group, which runs the country's second-largest developer, Unitech Ltd, launched a Rs 300-crore venture capital fund to raise funds for its slum redevelopment projects in Mumbai, a top group executive said.
Called Mumbai Redevelopment Fund I, the fund will have an initial target of Rs 200 crore and a greenshoe option of Rs 100 crore, the executive said. The group had promised a fixed coupon rate of eight per cent and overall returns of 20 per cent to investors, he said.
The fund, which was launched around two weeks ago, is expected to close within the next two months. When contacted, a Unitech spokesperson confirmed the launched.
The group was also likely to launch similar funds for Mumbai redevelopment projects, the executive said.
The fund was launched by the group's fund management arm Unitech Realty Investors (URI) and expected to invest initially in the five redevelopment projects in Mumbai. The fund has a minimum investment threshold of Rs 5 lakh.
Unitech Group, which runs the country's second-largest developer, Unitech Ltd, launched a Rs 300-crore venture capital fund to raise funds for its slum redevelopment projects in Mumbai, a top group executive said.
Called Mumbai Redevelopment Fund I, the fund will have an initial target of Rs 200 crore and a greenshoe option of Rs 100 crore, the executive said. The group had promised a fixed coupon rate of eight per cent and overall returns of 20-23 per cent to investors, he said. The fund, which was launched around two weeks ago, is expected to close by end of June months. When contacted, a Unitech spokesperson confirmed the launched.
The group was also likely to launch similar funds for Mumbai redevelopment projects, the executive said. The fund was launched by the group's fund management arm Unitech Realty Investors (URI) and expected to invest initially in the five redevelopment projects in Mumbai. The fund has a minimum investment threshold of Rs 5 lakh.
Product Note: http://latestinvestmentupdates.blogspot.com/2010/06/unitech-floats-rs-300-crore-mumbai.html
Read News Update on this Issue: http://latestinvestmentupdates.blogspot.com/2010/06/mumbai-redevelopment-fund-update.html
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