Kumar Urban Development Ltd (KUL) has raised Rs.50 crore from two private investors, taking its total fund-raising this year to about Rs.300 crore.
The Pune-headquartered developer, promoted by Lalitkumar Jain, raised Rs.30 crore from Reliance Portfolio Management Services, a part of Reliance Capital Asset Management Ltd, and Rs.20 crore from Kotak Mahindra Bank Ltd’s non-banking financial company (NBFC).
KUL had planned a Rs.400 crore initial public offering in 2009-10, but deferred it because of a volatile equity market. “We will be raising another $300-400 million (Rs.1,350-1,800 crore) of funds through a combination of equity and debt for our projects,” said Jain, who is also the National President of the Confederation of Real Estate Developers’ Association of India.
The company has 15 ongoing projects across four cities in India with a total saleable area of 3.42 million sq. ft. It plans to launch two more projects in Mumbai and Pune after Diwali.
Earlier this year, KUL raised $55 million from FMO, the entrepreneurial development bank of the Netherlands, for the Pune and Mumbai projects. “Of this, about $35 million has been disbursed so far,” said Jain.
