PMorgan Chase has invested Rs 2.5 billion in a closely-held property developer BPTP for an equity stake of 3%, reports Business Standard.
The deal values BPTP at Rs 83.33 billion. Citigroup Property Investments (CPI) holds 5.89% in the company, which it bought for Rs 3.22 billion last year.
Recently, BPTP bagged a Rs 50.06-billion land deal in Noida, outbidding well- known developers such as DLF, Omaxe and Ansal Housing & Construction.
The Noida deal and the companys plans to make it a business complex has increased the valuation of the company.
Source : myiris.com
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