Isha Homes to raise Rs 150 cr via PE

Chennai-based real estate developer Isha Homes (India) Pvt Ltd plans to raise fund through private equity to invest in its three upcoming projects cumulatively valued at Rs 500 crore. The company has announced launch of second phase of its residential project Isha Yara, at Medavakam in Chennai today.

“We are in talks with two to three private equity firms to fund our projects inthe pipeline for the current fiscal. Apart from the Rs 145 crore Yara project, we are planning two more projects in Chennai and one in Coimbatore for a total project value of Rs 500 crore,” said Suresh Krishna, MD, Isha Homes. The amount to be raised could go up to Rs 150 crore, but the company has not finalised the matter. “We are still analysing whether to go with PE fund or to raise money through bankers,” he added.