Shriram Properties to raise around Rs 1500 crore
The real estate arm of the Rs 60,000 crore Shriram Group, Shriram Properties, is planning to raise around Rs 1,000-1,500 crore equity. The company is in discussions with four PE funds, and the money is likely to be raised by end of next month. M Murali, managing director, Shriram Properties informs that the land bank of the company is around 1,300 acres. The discussions are on to build 45 million sq ft. For which the requirement is that of Rs 1,000-1500 crore equity.
Around $300 million from around seven PE funds have been invested in Shriram Properties till now. Walton Street Capital, TPG, Star Wood Capital, Sun Apollo, ICICI Prudential and ASK Property Investment Advisors are its investors. ICICI Prudential exited with 27% IRR from the company allaying fears of poor returns, given the state of the economy.
The turnover reported by the company was Rs 500 crore in 2013-14, compared to Rs 378 crore in 2012-13.
Source: Business Standard
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