Sunteck gets Rs 140 cr from Kotak realty fund

Mumbai: The Mumbai-based Sunteck Realty Group, on Monday said it would receive a significant investment of Rs 140 crore from Kotak Alternate Opportunities (India) Fund to part finance its expansion plans.

Sunteck Realty said the investment would be through a combination of equity and convertible preference shares, which on conversion will result in a 10 per cent stake in the company, on a fully diluted basis.

Sunteck group plans to utilise the funds towards developing residential and commercial projects in Mumbai, Goa, Pune, Nagpur, Chennai and other key tier-II cities.

The group is developing a premium residential project in Mumbai — at Bandra-Kurla Complex, apart from other office/IT Park projects in Vile Parle, Andheri and Sion.

Mr Kamal Khetan, Chairman, Sunteck Realty Group, said: “This investment will complement our existing expansion plans. We intend to add other value accretive properties to our existing list of acquisitions, especially in Mumbai. We would also like to extend the group’s footprint to select tier-II cities across India.”