Piramal Fund Management plans to raise a new fund of up to Rs 700 crore ($117 million) to buy residential units in major cities, the company said in a statement on Tuesday.
Piramal is targeting a fund size of Rs 350 crore, with an option to double it, and the average tenure will be two to three years for every transaction, the statement said.
The new fund, Indiareit Apartment Fund, will acquire the units at a discount to the prevailing market price by offering a bulk purchase to developers, according to the statement.
($1 = Rs 59.8650)
Copyright: Thomson Reuters 2014
