IL&FS Investment Managers Ltd (IIML), which ranks as the nation’s foremost homegrown private equity firm concerning assets under management (AUM), is charting plans to introduce a new fund under the umbrella of Amsterdam’s Euronext-listed Yatra Capital.
Yatra Capital, backed by Saffron Capital Advisors, concentrates its investment activities on the Indian real estate landscape.
Archana Hingorani, the chief executive officer and executive director at IIML, conveyed that the firm is in the process of securing shareholder approval at the approaching annual general meeting. Upon obtaining approval, IIML intends to raise fresh capital, contingent upon the performance of the capital markets.
IIML aims for a better outcome this time around.
As part of a previous strategy, they considered renaming existing Yatra Capital shares as ‘real estate shares,’ while designating the new share class as ‘infrastructure shares.’ This restructuring aimed to transform Yatra Capital into a multi-class fund house, pursuing investments in Indian infrastructure through debt and equity components, diverging from its present focus on equity investments in the Indian realty sector.
Yatra Capital has allocated investments across various asset classes, with a substantial presence observed in the retail segment, notably exemplified by investments in market city projects spearheaded by Mumbai-based realtor Phoenix Mills Ltd. Furthermore, it holds an enterprise-level ownership stake in both Saket Engineers Pvt Ltd and Phoenix Mills.
Following the submission of the proposal, shareholders suggested amendments. Ultimately, the board decided to postpone implementation until a definitive resolution on the prospective amendments was attained. This decision transpired despite the board acknowledging what it characterized as robust investor backing.