Delhi-based Parsvnath Developers is in talks with various foreign funds to rope in investment for its real estate projects in the national capital region (NCR). The developer aims to raise around Rs 300 crore from this initiative and is expecting to attract funds for at least three of its projects being developed

in NCR.

“We expect to finalise the deal over the next one month,” a senior executive in the Parsvnath Developers told Financial Chronicle. He, however, did not divulge names of the projects for which funding was being scouted for by the company.

The company has several residential, retail and commercial projects in Delhi, Gurgaon and Noida.

In June this year Private Equity fund Red Fort Capital picked up 18 per cent stake in La Tropicana for Rs 90 crore. La Tropicana is the premium residential project being developed by Parsvnath Landmark Developers — a subsidiary of Parsvnath Developers — at Delhi, which is expected to generate revenues of around Rs 1300 crore.

The ongoing talks with foreign funds may be for similar kind of an arrangement. “We are still discussing the quantum of stake and the money to be invested by the funds,” the executive said.

When contacted the company spokesperson confirmed that the talks are going on. She however, refused to provide further details of the talks.

The company is also planning to raise around $70 million (Rs 335.6 crore) through the qualified institutional placement (QIP) of shares. The process would involve a share being sold at

Rs 121.25. The QIP process closes on Tuesday.

The placement of shares is being looked at by the

Citigroup Global Markets, JM Financial and Edelweiss Capital.

The company would use 60 per cent of the funds thus raised to retire a part of its debt while the remaining 40 per cent would be used towards construction of its ongoing projects. The total debt of the company stands at Rs 1,600 crore.