×
Home Companies Industry Politics Money Opinion LoungeMultimedia Science Education Sports TechnologyConsumerSpecialsMint on Sunday
×

Religare to buy Piramal’s 85% stake in Indireit for Rs 212 cr

Religare to buy Piramal’s 85% stake in Indireit for Rs 212 cr
PTI
Comment E-mail Print Share
First Published: Tue, Dec 07 2010. 06 24 PM IST
Updated: Tue, Dec 07 2010. 06 24 PM IST
New Delhi: Ajay Piramal is set to exit from realty-focused venture capital fund Indireit Fund Advisors by selling his entire 85% stake to financial services firm Religare Enterprises for Rs 212 crore.
“Religare is buying Piramal’s 85% stake in the company for just above of Rs 212 crore, valuing the company at Rs 250 crore,” a source close to the development told PTI.
Both parties have agreed to the deal, which is likely to be inked in another 10-15 days, the source added, requesting anonymity.
Indiareit chief executive officer and managing director Ramesh Jogani holds the remaining 15% stake in the venture capital fund.
Jogani will hold his stake in the firm and continue in his current position even if it changes hand, the source said.
When contacted, Jogani, however, declined to comment.
Since its launch in 2006, Indiareit Fund Advisors has so far launched three domestic funds and one offshore fund, in which private equity fund 3i is a cornerstone investor, taking its total corpus to Rs 2,850 crore. It is also in the process of launching two more domestic funds.
Promoted by Malvinder and Shivinder Singh, Religare Enterprises recently acquired a 55% stake in US-based Landmark Partners, a private equity and realty fund-of-funds asset manager for $171.5 million.
Piramal Enterprises has interests in textiles, health and healthcare, glass containers, engineering and IT. It also has interests in real estate. Piramal’s exit from Indiareit was prompted by conflicts of interest between the two parties over land acquisition and development.
Comment E-mail Print Share
First Published: Tue, Dec 07 2010. 06 24 PM IST