Dalmia Nisus Finance Investment Managers exits from Puravankara project

Mumbai, February 11, 2022: Dalmia Nisus Finance Investment Managers LLP (“Dalmia Nisus”), an alternatives manager has recently exited their entire investment amount of Rs 50 Cr in a project belonging to a wholly owned subsidiary of Puravankara Limited, through their Real Estate Credit Opportunities Fund – I (RECOF – I).

The Fund had invested in October 2020 and the exit comes at a time when many large NBFC’s and Banks are finding it difficult to exit from their loans to the real estate sector. The entire amount was repaid post Puravankara Ltd sold 100% of its stake in the subsidiary companies to a third party, as per their Exchange filing in Oct 2021.

Dalmia Nisus had invested the amount in a plotted development project spread across ~43 Acres of land located near Chennai with a total sale potential of ~1 Million sq.ft.

Purvankara Limited has recently also raised ~ USD 76 million from IFC and the IFC Emerging Asia Fund towards its affordable housing platform “Provident”.

Commenting on their investment, Gaurav Dalmia, Advisory Board Member, Dalmia Nisus Finance Investment Managers LLP said “Our capital provides a unique solution to good development companies while providing attractive risk mitigated returns to our investors. We are happy with the outcome of our investment and the furthering of our relationship with Purvankara”

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Amit Goenka, CEO and Advisory Board Member of Dalmia Nisus Finance Investment Managers LLP added, “Our investment in this project was uniquely structured to provide a superior return with the added safety of a brand like Puravankara along with a well-planned exit strategy. We always strive to create a win-win with our investee companies while significantly mitigating idiosyncratic risks. Our investors have generated a significant alpha due to the uniqueness of our structure and partnership. RECOF-1 is on its way to become an outperformer within the RE-PE space”.

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