Real estate company news over past week

Puravankara subsidiary to raise Rs7.5bn through private equity
Puravankara’s wholly owned subsidiary, Provident Housing and Infrastructure, is in talks with four overseas private-equity funds to raise ~Rs7.5bn to acquire land for its affordable housing projects. – Business Standard, Aug. 26

DLF seeks shareholder approval to raise Rs100bn; plans overseas foray
DLF plans to seek shareholder approval to raise up to Rs100bn from institutional investors (Business Standard, Aug. 27). The company has clarified that this is only an enabling resolution and there are no near-term plans to issue fresh capital. The company in fact intends to place back the bought back equity shares at a steep premium to the bought back price.



Merrill Lynch hikes stake in Ansal Properties
Merrill Lynch Capital Markets Espana SA SV acquired as much 1.163m equity shares, representing a 1.03% stake, in Ansal Properties through the secondary market purchase route on August 20, thereby increasing its stake to 5.96%. – Financial Express, Aug. 23

HDIL to raise Rs10bn for slum land swap
HDIL plans to raise debt of Rs10bn within a year to buy land and relocate slum dwellers for the Mumbai airport modernization project. The company intends to buy land within 1km from the airport. – Mint, Aug. 27

Kolte-Patil, UK’s Arora Intl may call off hotel JV
The proposed joint-venture between Kolte-Patil Developers and Arora International Hotels, a UK-based hotelier, is learnt to be in trouble and is likely to be called off. However, Kolte-Patil has denied any such development. Kolte-
Patil had announced plans to enter a JV with Arora International Hotels to develop two hotel properties in Nagar Road at Pune and Hosur Road in Bangalore. – Economic Times, Aug. 25

UAE-based Emke group to build Rs12bn mall in Kochi
The UAE-based Emke Group is setting up one of India’s largest malls, including a 300-room hotel, in Kochi with an investment of Rs12bn. The project will have a built-up area of 2m sq ft and is to be completed by 2010. – Mint, Aug. 25

Plaza Centers, Elbit Imaging to develop India projects
Plaza Centers has entered into an agreement to acquire a 47.5% stake in Elbit India Real Estate Holdings to develop three projects with a total area of ~3.8m sq ft in Bangalore, Chennai and Kochi. – Economic Times, Aug. 26

Jain Heights to raise UD$25m
Jain Heights plans to raise up to US$25m from foreign investors to develop a mid-segment residential and a luxury hotel project in Bangalore. The company has tied up land for both projects and detailed plans for the residential project are in place. – Economic Times, Aug. 28