Tuesday, September 11, 2007

Sahara has approached bankers in London to raise between $5 billion and $7 billion to create 217 townships across India

As part of the fundraising, Sahara, which sponsors India’s cricket team, is examining listing a subsidiary company called Sahara City Homes on the London stock market.

The overseas fund raising comes at a time when RBI is tightening its grip over NBFCs raising deposits from individuals. With overseas borrowings by Indian companies tightened in the wake of high money supply, a listing overseas would help Sahara raise equity to finance its plans.

In recent months, Indian realty companies like Unitech have opted to list on London's Alternate Investment Market (AIM). Unitech raised Rs 700 crore though the AIM listing and nearly a dozen other Indian companies were planning to adopt a similar strategy, though some of them could defer their plans in the wake of the recent subprime concerns.

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