After the tie ups with Citigroup - Bangalore based realty giant Nitesh Estates is making their next step with better deals of fund raising with TPG Capital and JP Morgan. Earlier the Nitesh has the support of around 350 million dollar funding from the Citi group at the harsh instance of realty last year, as per the source depicted at www.propertykhazana.com. The current tie ups will lead to the fund raise with project level and equity sale amounting nearly Rs 1200 crore. It consists of both Initial Public Offering and private equity deals for the fourth economic term of the year.
Sources of www.propertykhazana.com also reveals that the Nitesh team is planning to create around Rs 600 by means of IPO and another Rs 500 – 600 via private equity. Here both Farallon and JP Morgan are the experienced players in the realty where TPG tries his first hand on realty with Nitesh. The TPG capital is also making effort for more talks with realty major to acquire some assets placed on the discount category. Its foremost realty venture comes with a tag of 10 billion dollar hedge source from its TPG Axon Capital Management.
Source reported at www.propertykhazana.com states that, the Nitesh Estate has approached many prominent equity firms for their upcoming realty segment at various locations of Chennai, Bangalore and Kochi. Confidential reports also reveal that Citigroup has made slow movements on the budding markets taking account of the economic chaos of past year which made an investment of 55 million dollar for Nitesh’s Ritz Carlton hotel at the Silicon Valley. For more and latest real estate updates follow us at www.propertykhazana.com.
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