NiFCO to raise $50 mn through offshore fund in 4-5 months

Real estate-focused fund Nisus Finance Services Co (NiFCO) plans to raise USD 50 million (around Rs 335 crore) through an offshore fund in the next 4-5 months.

The fund will invest the proceeds in mid-income residential projects in seven key markets across the country, a top official of the company said.

This will be the company's maiden offshore fund. It had successfully raised Rs 80 crore since the start of its operations in August 2014.

"Our focus is on raising small funds and invest in mid-income residential projects. International investors especially the high networth individuals (HNIs) are keenly looking at the Indian real estate market and we are hopeful we will be able to complete raising the funds in the next 4-5 months," Nisus Finance Services Co Chief Executive Amit Goenka told PTI.

He said the company will invest the funds in key markets, including Mumbai Metropolitan Region, Pune, Bengaluru, Chennai, Hyderabad, Kolkata and Delhi-NCR.

The fund will have a tenure of four years, and the company will look at investing around Rs 30-40 crore in every project. The investment will be made for around two to two-and-half years. PTI PSK ARS MR SBT ABK .