Realty major, Sunil Mantri Realty, is considering a 25 per cent stake-dilution in its special purpose vehicle, Sunil Mantri Gwalior, a top company official said.
"We are investing around Rs 2,000 crore to develop an integrated township in Gwalior. We are talking to a few big-time investors for a stake-sale in our SPV," Sunil Mantri Realty's Chairman, Sunil Mantri, told PTI.
The company was already in negotiations with a few big-time investors, he said, without, however, divulging their identities.
Amongst the potential investors are a Canadian and a Singapore entity and one from India, he said. "All are highly-reputed entities," Mantri said.
"We are looking at a stake-sale of 25 per cent amounting to around Rs 300 crore. The funds raised would be used for the Gwalior project," he said.
The company has already got an in-principle nod for Rs 300 crore term loans from banks and by September this component should be tied-up, he said.
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The Mumbai-based realty major with a land-bank currently at 4,000 acres, is betting big on Madhya Pradesh and plans to invest around Rs 4,000 crore in the state over the next four to five years.
"Madhya Pradesh is a high-potential market. We plan to invest around Rs 4,000 crore there in the next four to five years," Mantri said.