81 stressed housing projects approved under Special Window fund

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News: Union Finance Minister has approved 81 projects under the Special Window for Affordable and Mid Income Housing(SWAMIH) fund.

Facts:

  • SWAMIH Investment Fund: It has been formed in 2019 to complete construction of stalled, RERA-registered affordable and mid-income category housing projects which are stuck due to paucity of funds.
  • Fund: The fund has a target corpus of Rs 12,500 crore with a greenshoe option of Rs 12,500 crore.
  • Investment manager: The Investment Manager of the Fund is SBICAP, a wholly-owned subsidiary of State Bank of India.
  • Sponsor: The sponsor of the Fund is the Secretary, Department of Economic Affairs, Ministry of Finance on behalf of the Government of India.

Additional Facts:

  • Green Shoe Option: It is an over-allotment option which grants the underwriter of a public offer the right to sell investors more shares than initially planned by the issuer when the demand for security issue proves higher than expected.