The Hindu Business Line : Sobha ties up for PE funding

Bangalore, May 26 Sobha Developers has entered into an agreement with a private investor for joint development of projects. Mr J.C. Sharma, Managing Director, said that the company has entered into a term sheet with a private equity investor, Purna Partners, for an investment of Rs 225 crore “at the special purpose vehicle (SPV) level for development of certain projects in Bangalore and other cities.” The company received Rs 25 crore on Tuesday. Both the partners have to “mutually agree on the percentage of stake that the private investor would hold in these developments,” said Mr Sharma. “We are not averse to giving more than 51 per cent stake in these projects also,” he added. Each of these projects would be valued separately, said the company in its announcement. Sobha Developers has identified the land parcels for these projects, which could be residential, commercial or mix development, “but the number of projects will be decided by the investor,” he said. The company will use land parcels from its land bank, execute and market these projects too, he said. —

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