Real estate major Sobha Developers is in talks with private equity players such as JP Morgan, Actis and IL&FS for selling stakes in some of its projects to raise much-needed fund for the development.
The Bangalore-based firm is also planning a qualified institutional placement to reduce debt burden by almost Rs 800 crore this fiscal, said sources.
The capital raised through QIP is aimed at paying off its debt while roping in financial investors at special purpose vehicle (SPV) level is about kick-starting certain projects with near-term development horizon.
Sobha Developers carries a debt of Rs 1,850 crore and the promoters, who hold a 87% stake, may be open to diluting their holding by 26% to raise cash. Sobha is looking to raise up to Rs 1,500 crore via the QIP route in the coming weeks. The exact quantum of the mop-up would be announced soon.
Times of India