This unit of Indiaâ??s Kotak Mahindra Bank hopes to attract pension funds and other institutional investors, mostly from Europe, with an internal rate of return target of around 25%. And the valuation issue has hit performances by recent debutantes such as Mumbai-listed Akruti Nirman Ltd. Kotak Realty Funds is raising $350-million for land joint venture projects in India and stakes in [...] Speaking on the sidelines of a conference in Mumbai, Krishna said he was looking to take equity stakes in developers and exit through initial public offerings in three or four years time.
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