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Vatika Group gets $250 mn foreign funds

Vatika Group gets $250 mn foreign funds
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First Published: Fri, Nov 30 2007. 01 41 AM IST
Updated: Fri, Nov 30 2007. 01 41 AM IST
New Delhi: Three foreign financial institutions, Goldman Sachs, Wachovia Bank and Baer Capital Partners, are investing $250 million (Rs995 crore) in New Delhi-based Vatika Group ahead of a possible initial public offering (IPO), the realty company said.
Vatika director Gaurav Bhalla said in a statement that the funds would go towards existing projects, consolidating land banks and help in acquiring new projects. The disbursement of funds, which has already begun, will be completed by March, Vatika said. Vatika, whose portfolio ranges from realty to hospitality and facilities management, said it plans an IPO and is in the process of evaluating the best time and quantum.
The market capitalization of the group’s real estate business is estimated at Rs8,000 crore and includes group housing, corporate office complexes, IT parks, special economic zones and integrated townships in Gurgaon, Ambala and Jaipur, all spread over some 2,000 acres.
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First Published: Fri, Nov 30 2007. 01 41 AM IST