Realty firm BPTP is understood to have raised over Rs 640 crore through selling 40 per cent stake each in four of its Special Economic Zones to Citi Property Investors (CPI), the real estate investment arm of the Citigroup.
According to company sources, Citigroup has invested 160 million dollar in four SEZs to pick up about 40 per cent stake in each project.
The fund raised would be utilised in developing the SEZs. CPI had last year taken an equity stake of 5.89 per cent in BPTP by investing Rs 322.5 crore.
The Delhi-based BPTP is developing four IT/ITES SEZs in the national capital region. The SEZ at NOIDA is spread over 25 acres, while that of Greater NOIDA covers 100 acres area. Faridabad SEZ would come up in 54 acres, whereas the company would develop the Gurgaon SEZ in 27 acres of land.
The company has recently won the country's largest land deal by winning a bid for a 95-acre commercial plot in Noida for Rs 5,006 core. It plans to invest over Rs 3,000 crore on construction to develop a "commercial city" there.
BPTP has a land bank of over 2,000 acre, of which 1,500 acre is in Faridabad. The company is expecting to post a net profit of Rs 300 crore over a turnover of Rs 1,250 crore in the last fiscal.
The company is also planning to launch Initial Public Offer (IPO) sometime this year.
BPTP had announced last year its plan to raise Rs 1,500 crore from public issue in January this year. But the plan has been delayed due to volatility in the capital market.