Eyes strategic investor.
BSE-listed realty firm Rodium Realty has said it is looking at roping in a strategic investor to fund its over Rs 200-crore projects now under progress and could dilute 5-7 per cent equity.
“We are looking at roping in a strategic investor and are in preliminary negotiations with a couple of HNIs and industrial groups. We could dilute up to 7 per cent depending upon what the investor brings to the table,” said Rodium Chairman Deepak Chheda.
Besides, the firm is in talks with two lenders, Indian Overseas Bank and Kotak Mahindra Bank, for loans, he said.
“Totally, we are looking at raising equity and debt of around Rs 75 crore.”
Hitherto Mumbai-focused, Rodium plans to expand its footprint into Gujarat in the next six months through joint ventures with either industrial groups or local realtors, Chheda said.
While the firm was interested in residential and industrial warehousing projects in Vadodara, in Ahmedabad, it would primarily focus on residential, he said, adding “we have located some good properties in Gujarat.”
In Mumbai, Rodium is currently working on three projects — X’Czar, a hi-end residential project at Juhu, X’enus at Matunga and X’Point at Kandivli, both retail-cum- shops-cum-residential projects.
In November 2009, Chheda and his partners, through Rodium Properties, bought a 65.78 per cent stake in the listed but loss-making Vishal Cotsyn and changed its name to Rodium Realty. “We did not want to go through the hassles of listing and hence, took over an already listed company. As a listed entity, we will be able to access funds more easily. This move is a part of our growth strategy,” Chheda said.
On his future road-map, the realtor said the company was set to grow exponentially and eyeing a Rs 500-crore turnover by FY15 with a profit of around Rs 120 crore.
In the June quarter of the current fiscal, the company clocked a revenue of Rs 7 crore and a profit of Rs 91 lakh.
