Photo: Pradeep Gaur/MintBengaluru: Realty firm Supertech Ltd plans to divest some of its shopping malls and hotels in smaller Tier-II cities and raise around Rs1,000 crore, which will be used to generate liquidity for the business and to reduce debt, a top company executive said. Separately, the firm expects to deliver 17,000 residential units, which will generate receivables of around Rs1,000 crore from its customers by end of December 2018. In December, Supertech said it raised Rs430 crore from Altico Capital India Pvt. A number of residential project developers, who ventured into retail mall and hotel development, have been divesting portfolios to focus on their core business of building homes. Ltd sold its mall portfolio in Amritsar and Ahmedabad to Blackstone Group Lp for a little less than Rs1,000 crore.

Source: Mint February 12, 2018 13:07 UTC