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PE Fund To Part Exit Nitesh Estates In IPO

Posted on December 03, 2009

ADCB Macquarie Infrastructure Fund (AMIF) is selling around 6.8 million shares (out of over 17 million or 24% stake that it owns in Nitesh Estates) to the promoters. This is as per an agreement that entitles the promoters to a call option to buy back a certain number of shares assuring 15% return per annum to the Och Ziff advised fund.This deal is likely within the next two months and comes as the Bangalore-based realty firm Nitesh Estates is looking to raise Rs 450 crore through a public float (in addition to a greenshoe option to raise a further Rs 45 crore).In the meantime, the company is a...

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