Markets

Piramal Fund raises Rs 500 cr

Our Bureau Mumbai | Updated on December 11, 2017

Piramal Fund Management said it has surpassed its initial fund size of Rs 350 crore for the ‘Indiareit Apartment Fund’ by raising Rs 500 crore of commitments under three months since launch.

The platform has exercised its greenshoe option to increase the size of the offering to Rs 700 crore.

The fund is uniquely positioned as a first-to-market platform for underwriting units only -- physical sqft rather than financial participation, whilst adhering to the basic tenets of a defined use of funds, appropriate security and monitoring as well as ensuring developer alignment and project completion.

The Fund has already disbursed its first transaction of Rs 50 crore to Omkar Alta Monte project in Mumbai.

It has also approved two more transactions, in Mumbai (Bandra Kurla Complex) and Chennai (Adyar), which are in final stages of pre-disbursement diligence.

Khushru Jijina, Managing Director, Piramal Fund Management said, “With the Apartment Fund, we have consciously added another product to our suite of offerings. This strategy enables them to advance construction and delivery of units without the pressure of sales and increases visibility of site progress.”

Published on November 05, 2014

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