Gurgaon: Indiabulls Alternative Investments
Limited plans to raise Rs 1000 crore for a new fund from Non-Resident Indian (NRI)
investors in West Asia, Asia-Pacific and Europe.
India opportunities Fund, a real
estate-focused Alternative Investment Fund (AIF), allows NRI investors, along
with Persons of Indian Origin (PIOs) and other foreign investors, to
participate in domestic real estate investments.
It plans to initially raise Rs 500 crore and
raise an additional Rs 500 crore in case of higher-than-expected demand. The
fund has a tenure of four years, extendable by a year. Indiabulls Alternative
Investment is both sponsor and manager of the fund.
Reserve Bank of India (RBI) released a
notification in November which eased norms pertaining to foreign investments in
domestic funds established as trusts. Subject to the fulfillment of certain
conditions, foreign investments in AIFS, Real Estate Investment Trusts (REIT)
and Infrastructure Investment Trusts (InvITS) registered with the Securities
and Exchange Board of India (SEBI) would be permitted under the automatic route
without subjecting the investment vehicles to restrictions under the FDI
policy, the notification said.
The investment theme of the new fund will be
the same as other real estate funds managed by Indiabulls, which is primarily
debt and structured debt investments in under-constructuion residential
projects across top property markets.
Indiabulls Asset Management Co Ltd, a unit of
Indiabulls Housing Finance Ltd, is currently raising its second fund —
Indiabulls high Yield Fund — that raise to raise up to Rs 1000 crore from domestic
investors to invest in residential
projects in key property markets.
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