Rodium Realty eyes strategic investor, to enter Gujarat

MUMBAI: BSE-listed realty firm Rodium Realty has said it is looking at roping in a strategic investor to fund its over Rs 200-crore projects now under progress and could dilute 5-7 per cent equity.

"We are looking at roping in a strategic investor and are in preliminary negotiations with a couple of HNIs and industrial groups. We could dilute up to 7 per cent depending upon what the investor brings to the table," Rodium Chairman Deepak Chheda told PTI here.

Besides, the firm is in talks with two lenders, Indian Overseas Bank and Kotak Mahindra Bank, for loans, he said.

"Totally, we are looking at raising equity and debt of around Rs 75 crore."

Hitherto Mumbai-focused, Rodium plans to expand its footprint into Gujarat in the next six months through joint ventures with either industrial groups or local realtors, Chheda said.

While the firm was interested in residential and industrial warehousing projects in Vadodara, in Ahmedabad, it would primarily focus on residential, he said, adding "we have located some good properties in Gujarat."

In Mumbai, Rodium is currently working on three projects -- X'Czar, a hi-end residential project at Juhu, X'enus at Matunga and X'Point at Kandivli, both retail-cum- shops-cum-residential projects.