MUMBAI, March 20 IDFC Alternatives Ltd, a private equity fund managed by India's IDFC Ltd, raised 7.5 billion rupees ($122.94 million) for a debt fund that will lend to developers of residential real-estate across the country.
The debt fund will be backed by housing projects that are under construction across Delhi, Mumbai, Chennai, Bangalore, Hyderabad and Pune, IDFC said in a statement on Thursday.
Sluggish home sales and high interest rates in Asia's third-largest economy are putting pressure on debt-laden developers, that need to raise funds to recapitalise existing bank loans and invest in future projects.
IDFC manages about $2.4 billion across various funds. ($1 = 61.0050 Indian rupees) (Reporting by Indulal PM and Aditi Shah; Editing by Sunil Nair)