Arihant Foundations & Housing secures ₹109-crore investment

Arihant Foundations & Housing Ltd, the Chennai-based real estate developer, on Wednesday announced an investment of ₹109 crore through preferential equity allotment. The investment has been secured from marquee investment funds — the Lotus Family Trust managed by Madhusudan Kela, and CaratLane founders Mithun and Siddhartha Sacheti.

With this partnership, Arihant Foundations aims to expand its growth and project development initiatives. The funds would be utilised to expand its presence and increase its foot-hold across South India by developing projects spread across residential, commercial and senior housing, said a release.

With over two decades of experience, the company has developed over 20 million sq. ft. of residential and commercial properties and has 2.5 million sq. ft. under development, with a gross development value of over ₹3,000 crore, the release said.

On the BSE, the company’s share price closed at ₹652.90, up by ₹30.90 or 4.97 per cent.