The Sunil Mantri Group (SMG) is looking to raise Rs 750 crore through private equity players to fund its existing projects and fuel expansion plans. The Mumbai-based realty developer is open to diluting its holding by 30% at the project level to raise cash.
Sunil Mantri, chairman of the Sunil Mantri Group, said: “We are trying all possible options to raise equity and are talking to a number of people. The due diligence process is on and we hope to close the deal by the end of 2010.” He refused to divulge further details.
The company is in talks with two-three PE players, who have shown interest in buying stakes in five residential projects, to raise funds. “The company is not doing very good business. It is difficult to raise money as the expected valuation is very high,” said an analyst, on condition of anonymity.
More : economictimes.indiatimes.com
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