| Mumbai-based infrastructure and real estate firm Futura Infraprojects has offloaded 10 per cent equity stake to US-based private equity major Frontline Ventures for $40 million (Rs 160 crore). |
| Separately, the company is planning to raise around Rs 250 crore through a public float that is expected to hit the markets by August. |
| The company intends to use the proceeds from the private placement and the initial public offering (IPO) for its expansion plans. |
| The company is likely to file the draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) in May. |
| Confirming the development, Futura Infraprojects Managing Director Rajesh Kakani said, “We have offloaded 10 per cent stake to Frontline Ventures and the proceeds will be used for the company’s expansion plans, including building of townships, foraying into hotel business and setting stone quarrying and mining units.” |
| Futura Infraprojects, which acquired a 30-acre mining land near Panvel in Navi Mumbai, is likely to start commercial production from April. The company has also purchased land banks totalling 1,500 acres in cities like Mahabaleshwar, Panvel, Pune and Aurangabad in Maharashtra. |
| Futura Infraprojects is planning to develop residential, commercial IT and hospitality projects in these locations. The company is also planning to foray into hotels business and is in talks with a leading hotel chain company. However, the name of the company could not be ascertained. |
Source: Business Standard