Tuesday, October 23, 2007

Kotak Realty Fund picks up 10% stake in Mumbai-based developer Sunteck Realty for Rs 140 crore


Kotak, originally uploaded by kaushikmajumdar2006.

Kotak Alternate Opportunities India Fund:

Kotak Realty has routed the investment in Sunteck through investment fund 'Kotak Alternate Opportunities India Fund'. This would be one of the first investments from the new $400 million realty fund recently raised from domestic investors by Kotak Realty.

Equity and Convertible Preference Share:

The investment will be done through a combination of equity and convertible preference shares, which on conversion will result in a 10% stake in the company, on a fully-diluted basis.

Expansion and Diversification:

Sunteck Realty would utilise funds to expand its real estate developments within Mumbai, and diversify into other geographical locations: Goa, Pune, Nagpur, Chennai and other key tier-II cities.

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