Parsvnath raises Rs100 crore by selling project stake

Realty firm Parsvnath Developers on Tuesday said it has raised Rs100 crore by selling a 49.9 per cent stake in a housing project at Ghaziabad to private equity (PE) firm Sun Apollo.

The 31-acre housing project, 'Parsvnath Exotica', is being developed by its subsidiary Parsvnath Buildwell.

"Sun-Apollo will invest up to Rs100 crore for a 49.9-per cent stake in the project SPV Parsvnath Buildwell , which will develop the project," Parsvnath said in a statement.

The construction of the project has already commenced and all requisite approvals, including sanction of building plans, have already been obtained.

"This is the fifth project being developed by us in which foreign investors have made direct investment (FDI)," Parsvnath Developers Chairman Pradeep Jain said.

For Sun Apollo, this is the second investment in a Parsvnath project. Earlier, it had invested Rs75 crore in a housing project in Gurgaon.