*ETA Star Property Developers Private Limited* is in talks with PE investors to dilute stake in its SPV- *ETA Star TechCity Private Limited*.
The funds from the stake dilution will be used to partially fund the project. The company's projects usually have a debt portion of around 70% while the remaining is equity funded. Transaction Note ETA Star Property Developers is a part of the Dubai-based *ETA Ascon Star Group*. In 2008, the company had signed an MoU with the* Tamil Nadu Industrial Development Corporation* to set up an integrated township at Sriperumbudur for an estimated cost of Rs 3,750 cr. TNIDC holds about 1% stake in the SPV. Under Phase I, the company is planning to develop around 60 acre of residential flats and commercial complex with an investment of around Rs 160 cr. It is looking at developing 400 units of flats for the mid-segment. The project to be implemented in 3 years would create a built up space of 17.5 mn square feet for apartments, houses, bungalows, shopping mall, car park, hospitals, schools, hotels and service apartments on about 350 acres. It would also include IT and ITeS special economic zone on about 50 acres. The company has signed up with Mumbai-based Ryan International Schools for developing a school in the SEZ. The land for the project had been privately purchased by the ETA Group and no land acquisition by the government was required Recently, *Ackruti City Ltd *had announced its plans to divest stake in its SPV formed for projects to raise a total of Rs 250cr. Prior to that, *Kumar Urban Development Ltd* was also looking out to raise upto $80mn through PE by diluting stake in various SPVs. -- Regards Hardik Shah -- You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en.
