IFC to invest US$23 million in Ashiana Housing
DSIJ Intelligence / 07 Nov 2017
The stock of Ashiana Housing was buzzing on the bourses on Tuesday following a news report that the World Bank's arm IFC plans to invest US$23 million in the company's affordable housing and senior-living projects.
The stock of Ashiana Housing was buzzing on the bourses on Tuesday following a news report that the World Bank's arm IFC plans to invest US$23 million in the company's affordable housing and senior-living projects.
IFC, an investment arm of the World Bank, is considering an 8-year structured equity investment which will provide capital during the development of the total project, estimated to cost US$267 million. The capital will be routed through newly-created special purpose vehicles (SPV) promoted by the company.
Ashiana Housing has development projects in many cities including Chennai, Pune, Kolkata, Jaipur, Delhi NCR, Gurgaon. Earlier in September, the company had signed a MoU with a Pune-based developer for building a housing project in Hinjewadi, near Pune.
Following the announcement, the stock of Ashiana Housing was trading at Rs. 176.60 per share, up by 1.35 per cent during morning hours at 9:48 hours, but slid to Rs. 172.00, down by 1.29% at 10:40 hours on Tuesday.
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