Citigroup Venture Capital International, the private equity arm of Citigroup, has invested Rs. 150 crores ($33 mn) in Hyderabad-based infrastructure and real estate player Indu Projects Limited. Indu Projects has placed 9% equity at Rs. 1214 per share, and post-issue, the company’s equity stands at Rs. 13.69 crores while its total valuation stood at Rs. 1650 crores. DSP Merrill Lynch was the financial adviser to the transaction. The proceeds of the private placement are intended to improve the company's net worth and fund projects in the commercial and residential space that include construction of 28 mn sq. ft. of plinth area in Hyderabad, Bangalore, Pune, Coimbatore, Chennai and Nandyal (Andhra Pradesh). The company has over 30 mn sq. ft. of real estate development under way across the country.
Read the Business Standard and Moneycontrol.com article.
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