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Our Bureau

Bangalore, Sept 16 The Dubai-based Pan Atlantic LLC has invested an additional $10 million to increase its stake by 30 per cent to 70 per cent in the special purpose vehicle floated by Sobha Developers for its residential project in Bangalore.

Though Pan Atlantic will have the majority stake, Sobha enjoys the right to market the property.

Pan Atlantic, whose total investment in the SPV now is $20 million, had announced its first investment only last month, keeping its option open for enhancing its stake, said Mr J.C. Sharma, Managing Director of Sobha Developers.

The SPV will start work on the project at Hosahalli, Bangalore South, by next year. The project is spread over 13.27 acres.

It will have 1,000 luxury apartments with modern facilities.

Mr Sharma said the company hopes to finalise its rights issue at its annual general meeting on September 22.

In July, it had announced that it would be raising Rs 360 crore through the issue.

Inam Securities and HSBC Securities have been appointed lead managers to advice the company on the rights issue.

More Stories on : Venture Capital | Real Estate & Construction | Karnataka

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