Affordable housing developer Signature Global (India) Pvt. Ltd has hired investment bankers to raise 1,000 crore through a public list, said two people aware of the development.
Signature Global, backed by KKR & Co and HDFC Capital, has appointed Axis Securities, ICICI Securities and Kotak Mahindra Capital Company to advise on the share sale, one of the people who requested anonymity.
The second person said existing investors of Signature Global, including World Bank’s investment arm International Finance Corporation (IFC), KKR and HDFC Capital, can also reduce their stake through share sale.
Signature Global, Kotak and Axis Securities did not respond to queries. IFC, HDFC Capital and KKR, too, did not receive a response till press time, while ICICI Securities said “we will not comment on your queries”.
The Gurugram-based property developer has raised funds from IFC, HDFC Capital, ICICI Prudential’s real estate fund and New York-based private equity giant KKR over the years. In 2019, IFC had proposed to finance an affordable housing project by Signature Global.
The company has raised funds from several financial institutions in the past. In 2017, the non-bank lending arm of KKR invested 200 crores in some projects of Signature Global. In the same year, HDFC Capital made an investment of $38.76 million (approx. 250 crores) in some of the projects of Signature Global. Prior to these investments, Signature Global had raised funding of 150 crores from ICICI Prudential. Debt-ridden Altico Capital, now owned by Ares SSG Capital, also invested an undisclosed amount in Signature Global.
Established in 2014, Signature Global has a presence in both the commercial and residential sectors. It develops affordable housing projects in Gurugram, Karnal and Ghaziabad. The company’s members are Pradeep Agarwal, Ravi Agarwal, Lalit Agarwal and Devendra Agarwal.
Signature Global is also one of the key stakeholders of financial investment firm SMC Group. It entered the real estate domain through its subsidiaries Signature Builders Private Limited. Ltd., Signature Global Developers Pvt. Ltd., Sarvpriya Securities Pvt. Ltd., JMK Holdings Pvt. Ltd., Forever Budtech Pvt. Ltd. and Sternal Buildcon Pvt. Ltd.
The company has so far taken up 28 projects under the affordable housing policy of the Haryana government with its latest ‘Millenia IV project’. Residential projects include multi-storey apartments while commercial space includes retail.
Never miss a story! Stay connected and informed with Mint.
download
Our App Now!!
,