Urban Infrastructure Opportunities fund
Anand Jain run Urban Infrastructure Opportunities Fund (100% subsidiary of JaiCorp) has snapped up properties worth Rs 1,100 crore in 14 developments across the country.
Latest news is that UIOF along with a Mumbai Developer will develop about 2 million sq ft in Mumbai by investing about Rs 250 crore. There may be many more..
After one of the fastest closing of a real estate fund, sources say UIOF is now looking at raising upto one billion dollars (Rs. 4000 crore)through an overseas Urban Infrastructure Real Estate Fund.
- CNBC also visit
WWW.jaicorpindia(dot)com for more.
The above are in addition to Rs. 2000 raised through stake sale and being distributed between the following 7 sub-contractors who will be implementing the SEZs.
Urban Infrastructure Constructions Private Limited,
Urban Infotech Solutions Private Limited,
Urban Water Supply Private Limited,
Urban Communications Infratsructure Private Limited,
Urban Energy Generation Private Limited,
Urban Energy Transmission Private Limited,
Urban Energy Distribution Private Limited.
The last 4 outfits will deal in telecommunications and energy generation/ trasmission/ distribution which are taboo for Mukesh for some more time due to non-compete clause with Anil Ambani.
Now coming to JaiCorp - Jain sold Rs 2000 crore worth of stock and is now recouping 1500 of these stocks through preferential allotments.
Further dilution of 45% of their holdings has been put to postal ballot which is as good as approved. If 10% stake sale rakes in Rs 2000 crore Jain will ensure that the 49% stake sale takes place at a much higher price.
Therefore Jain has everything to loose if the stock remains LC for much longer, unless he is upto his tricks to corner the preferencial shares at a very low price. But this will not be music to the ears of the FIIs who have invested Rs 2000 crore at a price of Rs 1050per share - unless, again as heard on the street, it is
Mukesh who made the purchase through the FIIs.
It is therefore very important to find for whom the FIIs made these purchases worth Rs. 2000.
This sale, monetarily one of the biggest 'single' transaction in recent times, was made on the open market with SEBI's blessings. So SEBI knows and many of the punters know. When will we small timers come to know? Hopefully, not before our hard earned money evaporates before we can sell even one of the stocks we fondly hold.
So let us hope it is not
Mukesh who made the purchase!!!!!!!!!
