CCEA approves UIOF-11 Fund

New Delhi, Nov 23 (UNI) The Cabinet Committee on Economic Affairs(CCEA) today gave its approval for a proposal by Urban Infrastructure Opportunities Fund (UIOF-11) to raise capital upto 20.7 billion dollars and Peninusal Reality Fund, Mumbai, to permit overseas investors to invest.

The UIOF11 will raise money from the NRIs and other foreign investors by way of foreign investment into the Fund with a green shoe option of Rs 4.14 billion for NRIs and foreign investors. A sum of Rs 2.3 billion or more will be raised from domestic investors with green shoe option of Rs 0.46 billion.

The total inflow of foreign investment as a result of this transaction is up to Rs 2,484 crore.

The Peninsula proposal will permit overseas investors to invest through a SPV in Units to be issued by Scheme B for making investment in FDI compliant project of the Fund. This will involve an aggregate amount of 350 million dollars ( Rs1,596 crore).

The total inflow of foreign investment as a result of this transcation is up to Rs 1,596 crore.

UNI GS RP ND2154