BANGALORE: The Bangalore-based developer Embassy Property Developments is gearing up to raise Rs 800 cr in debt to develop an IT park in the city. The developer is in discussions with several banks and financial companies including HDFC and Indiabulls to raise the required amount.

Earlier, Embassy and US leading Private Equity firm Blackstone were jointly acquiring the 2.1 mn Vrindavan Tech Park but now the Blackstone will only enter in the project if Embassy buys 100 pc stake in the park.

When asked about the development a HDFC official denied the project, Indiabulls are unaware of any such talks with the developer.

The southern developer plans to fund Rs 1,951 cr and Rs 800 cr through debt and the rest amount through equity. According to sources, there is Rs 315 cr debt on the project from a public sector bank.  The tech park developed with the help of Citi Group which may fund a little for the project.

Post acquiring the tech-park the JV will not only get 2.1 mn space but will also get 75 acre of undeveloped land in the park.

To raise the required funds the developer is also thinking to sale off some space to Blackstone. The PE had also bought some stakes from the Embassy group last October.