(The Gist of PIB) Special Window for Stressed Residential Projects to boost investment

[August-2020]

The Union Finance Minister reviewed the performance of Special Window for Affordable and Mid Income Housing (SWAMIH). The fund has so far approved 81 projects with an investment of Rs 8767 crore.

SWAMIH Investment Fund has been formed to complete construction of stalled, RERA-registered affordable and mid-income category housing projects which are stuck due to paucity of funds.
The fund has a target corpus of Rs 12,500 crore with a greenshoe option of Rs 12,500 crore.
The Investment Manager of the Fund is SBICAP Ventures, a wholly-owned subsidiary of SBI Capital Markets, which in turn is a wholly-owned subsidiary of the State Bank of India.
The Sponsor of the Fund is the Secretary, Department of Economic Affairs, Ministry of Finance, Government of India on behalf of the Government of India.
In November 2019, the Union Cabinet cleared a proposal to set it up.

A greenshoe option is an over-allotment option.
In the context of an initial public offering (IPO), it is a provision in an underwriting agreement that grants the underwriter the right to sell investors more shares than initially planned by the issuer if the demand for a security issue proves higher than expected.