IL&FS Investment Managers, India's, only listed private equity fund, has acquired 9.4 % shareholding in an Indiabuls' firm that is developing the 8.3-acre Bharat Mills at Worli in south central Mumbai. IL&FS has bought the stake for ()200 crore, valuing the project at ()2,126 crore. The purequity deal assumes significance in the backdrop of most private equity deals into realty sector taking route of structured and mezzanine finance given the sluggish property market. IL&FS will undertake the investment through its second realty fund worth $895 million, and the transaction will mark total deployment of this fund raised in 2008.
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