December 5, 2006
The media had reports that Peninsula Land Limited will be investing Rs. 2500 crore in the Indian real estate sector over the period of two years.
The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company.
Peninsula Land Limited has vide its letter inter-alia stated, "Ashok Piramal Group has floated a Venture Capital Fund - Peninsula Reality Fund, which will be floating two schemes - domestic and off-shore through which it expects to raise approximately Rs 500 crores and US $350 million respectively. The Company is committed to co-invest up to 25% in every investment made by the fund. The company has set up a subsidiary - Peninsula Investment Management Company Limited, which will manage the real estate fund. The Company will also be undertaking project management of projects invested by the fund."
Source: National Stock Exchange of India Limited
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