 "Jain Housing raises Rs 240 crore from Singapore-based GIC")
The funding will be used to complete residential projects including Jain's Inseli Park, a 800 unit project in Padur Village and Phase I and Phase II of Jain's Pebble Brook, a total of 976 housing units in Thoraipakkam, near Chennai.
The company has received Rs 220 crore out of the total funding, which comes a debt component, said Sandeep Mehta, managing director, Jain Housing and Construction Ltd.
"This fresh funding from GIC will help us in developing high end residential units, a segment which is in demand in the city," he said. It has set a target to complete around 20 lakh sq ft of development in 2015 and the company see the new funding from GIC as a start to a long-term relationship, he added.
The company is also open to more funding from investors in the future either at the entity level or for any specific project by infusing equity or structured debt.
The company has so far completed 175 projects, with a total of 12 million sq ft developed. Another around 15 million sq ft is under development, through 16 projects in various parts of South India. The project cost for the ongoing projects would be around Rs 470 crore, said E S Rajinikanth, senior general manager - Finance. The company has projects in Chennai, Coimbatore, Tirupur, Kochi, Bengaluru and Hyderabad,
He said that the company is in talks with some private equity firms to raise funds for individual projects.
Besides, the company is also expected to dilute around 15-20% stake through a proposed IPO, which is planned for the second quarter of FY 2017, he said. Estimations, at present, are to raise around Rs 600 crore through the IPO.