Real estate developer Lodha Group has bagged an investment of $54 million (Rs 250 crore) from an HDFC-sponsored offshore fund registered in Mauritius for the development of the group?s residential and commercial projects in Hyderabad. As part of the strategy, the HDFC-sponsored fund will pick up a 45% stake in Lodha?s special purpose vehicle (SPV). The advisor for the transaction was Mumbai-based Trustcap.
Abhinandan Lodha, director of Lodha Group, said, ?The total project cost will be around Rs 920 crore. We will be setting up mixed used development in Hyderabad which will have a base of 2,200 residential apartments at a 20% premium apart from other commercial projects. We are also planning to come up with an initial public offering (IPO) in the next eight months. However, we are yet to finalise the amount we would be raising through the IPO. In the next 24 months, we hope to mop up $2 billion both from private equity players as well as through the IPO.? Investment by HDFC-sponsored funds will be the fourth in the group by a private equity company, taking investments by PE firms to over Rs 2,400 crore.