India's Piramal Fund Management says to raise up to $117 mln to buy homes

MUMBAI, July 8 Tue Jul 8, 2014 6:16am EDT

MUMBAI, July 8 (Reuters) - India's Piramal Fund Management plans to raise a new fund of up to 7 billion rupees ($117 million) to buy residential units in major cities, the company said in a statement on Tuesday.

Piramal is targeting a fund size of 3.5 billion rupees, with an option to double it, and the average tenure will be two to three years for every transaction, the statement said.

The new fund, Indiareit Apartment Fund, will acquire the units at a discount to the prevailing market price by offering a bulk purchase to developers, according to the statement.

($1 = 59.8650 Indian Rupees) (Reporting by Indulal PM; Editing by Subhranshu Sahu)

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