Shriram plans to raise funds over Rs 700 Crore
Shriram Properties, a Bangalore-based realty player, is in talks with private equity (PE) firms to expand its land bank.
The firm has planned to raise funds of Rs 700-800 crore through private equity. It is in talks with several PE firms including JP Morgan, Morgan Stanley and few other mid-sized PE firms.
Shriram Properties has confirmed that it is looking to raise capital for new projects through PE. The funds raised are expected to be used for expanding the company’s land bank in South India which will later be used for developing residential projects.
Shriram currently has around 3.5 million square feet space under construction and is looking to launch new projects of over 11 million square feet in FY13. It is also looking to double its revenues from last fiscal’s Rs 350 crore to around Rs 700 crore in FY 13.
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Source: Moneycontrol
Capital, JP Morgan, land bank, Morgan Stanley, new projects, Private equity (PE) firms, Residential projects, Revenues, Shriram Properties, South India
