Indiabulls Asset Management Company CEO Sanjay Chandel has taken up the majority holding of 86% in Azure Capital Private, a private equity firm majorly owned by Mantri Developers.
None of the companies have disclosed the financial details of the agreement.
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Earlier in 2012, Mantri Developers had acquired a majority 51% stake in the venture, with Bagri family-owned Oasis Securities purchasing second highest stake of 49% in early 2014, according to DealCurry.com.
With this agreement, Chandel will undertake reigns of Azure capital as an alternate investment fund along with Bagri Family, while Mantri will exit the private equity firm.
Azure Capital that had previously raised INR500m ($8.32m) for its first fund India Realty Fund I, is intending to raise up to INR5bn ($83.2m) through a real estate fund named India Realty Fund-II.
The new fund would be aimed at commercial properties across top seven cities of India.
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