BlackSoil Realty Fund exits from Mumbai-based Sheth Developers

Sheth Developers had received an investment of Rs 30 crore from the fund in Aug 2014

BlackSoil Realty Fund on Tuesday announced its exit from its first investment made in Mumbai-based Sheth Developers. BlackSoil Realty Fund had invested Rs 30 crore in Sheth Developers via secured non-convertible debentures in August 2014. The exit has generated an investment multiple of 1.55 times.

Ashwin Sheth, founder & CMO of Sheth Developers, said, "BlackSoil helped us raise funds in a tailor made way in August 2014."

Virendra Gala, partner of BlackSoil Realty Investment Advisor LLP, said, "We are happy to conclude this exit with favourable terms ahead of time. We look forward to maintain the strong relations with Sheth Developers through our fund and NBFC (non-banking financial company) platform."

 

  

Formed in early 2013, BlackSoil Realty Fund, which is managed by BlackSoil Realty Investment Advisor LLP, has raised 160 crore so far and invested Rs 120 crore through six transactions across Mumbai, Bangalore and Hyderabad. The fund is expecting a couple of more complete exits in the coming weeks.