Saturday, May 9, 2009

Real estate venture capital fund launched

The first Securities and Exchange Board of India (SEBI) recognised real estate venture capital fund (VCF) in Kerala was launched in Kozhikode on Wednesday.

Named Secura, the first private VCF of the state was jointly started by Hi-lite group, a major real estate player, and a group of professionals.

The company was launched by Principal Secretary to Industries T. Balakrishnan at Hotel Hyson Heritage here. Secura Managing Director M. A. Mehaboob said the fund would be operated in accordance with the ‘Shariah’ laws and regulations.
Minimum investment

According to him, the company plans to mobilise Rs. 50 crore initially with the closing date on July 31. Minimum investment limit is Rs. 5 lakh and investments can be made in different instalments. An investor need to give only 20 per cent of the investment as the first instalment.

The balance can be paid in 18 months in instalments. There is no higher limit for investment.

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