IIFL invests $12M in Urbana’s Jaipur housing project

India Infoline has invested Rs 78 crore in a housing project, developed by Urbana group, at Jaipur.

The deal was advised by the Mumbai-based investment banking firm Ashika Capital.

"Jaipur-based project Urbana Jewels, promoted by Urbana group, has raised Rs 78 crore from India Infoline Ltd (IIFL) to complete pending construction," Ashika Capital said in a statement.

Urbana Jewels will have 1,200 apartments and the amount raised would be used for finishing the project.

Ashika Capital President Vaibhav Jain said: "It is a unique deal for Rajasthan, especially considering the ticket size does raise optimism for the future. More such transactions are in the offing." 

Ashika Capital operates under the flagship of Ashika Group, which is headquartered at Kolkata.

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