Parsvnath Developers has inked an agreement with two Saffron Group managed funds, Yatra Capital and Saffron India Real Estate Fund I (SIREF I), for the development of BEST bus depot near the Bandra Kurla complex in Mumbai.
The development activities will be undertaken through a special purpose vehicle under the name of Jarul Promoters & Developers, being a subsidiary of the company.
PDL and Jarul have entered into agreements with Yatra Capital and SIREF I, whereby the Investors shall each held a 15% equity stake in Jarul, on a fully diluted basis. For the purpose of acquiring this stake, Investors will make an investment of Rs 186 crore, thereby valuing the project at Rs 620 crore.
The company made this announcement during the trading hours today, 17 April 2008.
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