Alliance Group, a Bangalore-based real estate developer, is planning to raise money via the private equity (PE) route to develop its land bank spread across five cities in south India.
Declining to reveal the PE entity and amount being raised, Manoj Namburu, chairman and managing director of Alliance Group, said, "The group last week signed the term-sheet with a PE player and presently we are observing a 90-day gag order."
"The 10 per cent dilution will help us raise funds for our ongoing projects and develop new ones. The group currently has a land bank of 650 acres spread across Bangalore, Hyderabad, Chennai, Coimbatore and Mysore," he added.
The group last year raised Rs 600 crore in foreign direct investment from US-based Westport Capital for its special purpose vehicle (SPV)