IL&FS Realty Fund picks 15% in Akruti SPV
The Economic Times, February 03, 2009, Page 13
MUMBAI: IL&FS Realty Fund, an Indiafocused real estate fund managed by IL&FS Investment Managers, has picked up 15% equity stake in Infrastructure Ventures India, an SPV floated by Mumbai-based developer Akruti City, for Rs 200 crore. Infrastructure Ventures India is primarily a public-privatepartnership project formed for developing housing infrastructure for Mumbai Police in Ghatkopar, a Mumbai suburb.
Parsvnath pledges shares
NEW DELHI: Parsvnath Developers has pledged more than 10% shares with financial institutions as collateral for loans in different projects, chairman Pradeep Jain said on Monday. “We have over 10% of shares pledged and all of it is for project financing,” Mr Jain said, clarifying that promoters have not pledged any shares for their personal investments. Meanwhile, Parsvnath Developers reported 96% decline in profit to Rs 5 crore and 80% decline in revenues to Rs 90 crore for the quarter ended December ‘08. The company said it sold a negligible number of homes in December quarter, without giving the exact number. Mr Jain said property prices have dropped around 10% in new launches. Parsvnath has a total of Rs 1,800 crore of debt on its balance sheet, of which Rs 75 crore is due by March 2009.
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