Nitesh Estates is likely to mop up Rs 700 crore through the private equity
route for its Rs 1,350 crore Chennai Boat Club project. This is in addition to
the Rs 450 crore it intends to raise through an Initial Public Offer.
Currently, the company is holding talks with private investors as it plans to
dilute its 74 per cent stake in the project.
The project is likely to develop one million sq ft of residential,
commercial, retail and hospitality spaces.
This apart, the company has also signed an MoU with Ritz-Carlton. It is
developing Ritz-Carlton hotel in Bangalore which is slated to be ready by April
2011.
Also See:
Nitesh
plans to raise funds for Ritz Carlton project (18-Nov-09)