Alliance Infrastructure Pvt Ltd, holding company of Alliance Group, will be diluting nearly 15% to 18% of its promoters stake to a Los Angeles-based venture capitalist firm to raise funds for its infrastructure projects through foreign direct investment (FDI) route.
During the current year, the group will be raising approximately Rs 600 crore by diluting stake in the holding company as also in three of its special purpose vehicles (SPVs).
Speaking at a press conference in Hyderabad, Manoj Namburu, chairman and managing director of the group and one of the promoters of the company said, ?We will be raising Rs 600 crore during the current year to finance our projects. Right now, we have 13 projects in hand. Stake sale is one route we will be following to raise funds. International VC firm will be picking up stake in the holding company?. He, however, refused to give any details citing reasons of confidentiality clause. He was here in the city to talk about the company?s Inner Circle project coming up in Shamirpet in Hyderabad.
He said, through the Inner Circle the company is foraying into the Hyderabad market, the project would have 350 luxury villas priced between Rs 80 lakh to Rs 2 crore.
