Indiareit Fund says raises 4.4 bln rupees through exits

Last Updated: Tue, Dec 04, 2012 07:10 hrs

MUMBAI, Dec 4 (Reuters) - Indiareit Fund Advisors, an Indian real estate fund and unit of drugmaker Piramal Enterprises , said on Tuesday it raised 4.4 billion rupees ($80.48 million) by selling three of its investments.

The exits include its phased stake sale in a special economic zone and a residential project in Pune and another residential project in Mumbai's western suburbs, it said in a statement.

The fund house has already returned about 9.05 billion rupees ($165.52 million) to investors from previous exits in earlier vintage funds and third party mandates, Indiareit said. ($1 = 54.6750 rupees) (Reporting by Indulal PM; Editing by Anand Basu)

More from Sify: