IL&FS’ PE arm IL&FS Investment Managers (IIML) will invest in two special purpose vehicles (SPVs) being floated by Ansal Properties and Infrastructure (APIL). IL&FS will reportedly get 49% equity in the SPVs with an investment of about Rs. 130 crores.
The two SPVs will develop projects in Gurgaon. While the first SPV is being floated for an integrated township, the second SPV will develop an IT special economic zone (SEZ). IL&FS is the second private equity fund to commit investments in an APIL SPV in the last six months. Earlier, HDFC Realty Fund had taken 33% equity in an APIL SPV for developing an SEZ in Greater Noida.
In recent times, APIL has also attracted private equity investment in the holding company by diluting promoters’ stake. The company had raised Rs. 175.8 crores through a 5% private placement with Citigroup in October last. Later, in November, George Soros had bought close to 1% equity in the company for Rs. 25 crores through the secondary market.
Read the article in The Economic Times.
Dealcurry: Capital Markets, Investment Banking, Private Equity 