Puravankara shares gain nearly 4 pc

Shares of Puravankara Ltd on Thursday gained nearly 4 per cent after the company said IFC will invest Rs 556 crore in an affordable housing platform of the realty firm to develop up to four projects.

Shares of Puravankara Ltd on Thursday gained nearly 4 per cent after the company said IFC will invest Rs 556 crore in an affordable housing platform of the realty firm to develop up to four projects. The stock jumped 3.80 per cent to close at Rs 76.40 on BSE. During the day, it gained 6 per cent to Rs 78.05.

On NSE, it jumped 2.84 per cent to settle at Rs 75.85. IFC and IFC EAF have partnered with the Puravankara Group to invest in the development of up to four residential projects under the Puravankara group's affordable housing brand 'Provident'.

Two of these four projects are planned in Kochi and Bengaluru with a saleable area of 4.5 million sq ft. About 4,000 housing units will be built in the next five to seven years, with other projects to be identified by 2021. ''IFC, together with IFC Emerging Asia Fund, will invest up to Rs 556 crore (about USD 76 million) in special purpose vehicles set up by Puravankara Group. This will comprise of an investment of Rs 240 crore (about USD 33 million) by IFC and an equal amount by EAF, along with a loan of Rs 76 crore (about USD 10 million) from IFC,'' the company said. ''This strategic partnership aims to address the growing demand for housing in India by providing customers with affordable quality homes,'' Puravankara group MD Ashish Puravankara said..