Realty major, Vatika Group, attracts $250 million PE funding
01 December 2007
Goldman Sachs, Wachovia Bank and Bayer Capital have picked up a 9% stake in Gurgaon-based real estate firm Vatika group, for about $250 million. It is expected that funds from the three investors would be fully paid up by March 2008. The stake transfer takes place even as the group plans to approach the capital market with an IPO early next year.
The company will use proceeds from the PE placement and the IPO to part finance its ongoing development plans.
The company has recently undertaken a 1200-acre integrated township project in Jaipur and is developing about 3.8 million square feet of residential projects in Gurgaon. It would also be developing a 53-acre IT special economic zone as part of its Jaipur township, for which it has the required approvals.