Bahrain-based Gulf Finance House EC, an Islamic investment bank, has raised $630 million in private equity for its $2 billion Energy City India project.
Energy City India, part of the infrastructure projects that Gulf Finance House is building at multiple locations, will be spread across over 300 acres in Navi Mumbai, and is expected to house companies in the entire oil and gas value chain. The offer, which was oversubscribed by 60%, is touted as the most successful equity offer in the bank’s history.
The initial offer size was $395 million, which opened for subscription in May. In October last year, Gulf Finance signed the memorandum with the Maharashtra government to build Energy City India and hired Valuable Infrastructure to carry out a feasibility study and to assist in land acquisition. It plans to directly acquire the land for this project.
Read more in The DNA Money article.
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