Shriram Properties raises Rs 125 crore from LIC Housing's arm for Bengaluru project
Shriram Properties has raised Rs 125 crore from non-banking financial arm of LIC Housing Finance to develop a residential project in Bengaluru. The funds will be used to construct Shriram Greenfield, a two-million sq ft residential project being developed across two phases in Whitefield, Bengaluru. The company has so far sold more than 75% of the inventory in the first and second phases. “The fund is being used to replace one of the existing investment with lower interest rate,” said two people with direct knowledge of the transaction. “The company recently gave exit to real estate private equity fund Motilal Oswal Real Estate from the above project, with a nearly two-fold return in less than four years,” said one of the person quoted above.
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