DivyaSree Developers to raise Rs 900-crore
DivyaSree Developers which is one of the largest privately-held realtors in south India is planning to bring as much as 7 million square feet of its leased out office space under one umbrella. The company is set to raise $150 million (Rs 900 crore) through the private equity (PE) route.
The realtor, in which TPG-Axon had made a $100 million investment at the enterprise level during 2007, is understood to be close to signing the mandate to Standard Chartered Bank for the fund raise.
Bhaskar Raju the managing director of DivyaSree Developers stated that the company is finalising its plans to raise about Rs 900 crore at its commercial development arm. He also mentioned that the company should be finalising the contours of the transaction pretty soon. There is a high interest for rental-yielding commercial properties in India and the company does not want to miss out on making profits through that.
DivyaSree Developers has an annual rental income of about Rs 300 crore and it has added another 3 million square feet of office space. DivyaSree Developers is under a debt of close to Rs 1,000 crore and part of the proceeds from the fresh transaction will be used to pay the debts.
DivyaSree Developers has in the recent past has started an aggressive expansion in the residential segment and it is currently in the process of rolling out 3 million square feet of built-up space.
Source- Business Standard
