Mumbai, Sep 3 (UNI) Garnet Constructions, a decade-old professionally managed real-estate property developer, has decided to issue 60 lakh warrants to part finance Company's ongoing projects.

The Board of Directors of the Company approved the proposal of coming out with convertible warrants for a period of 18 months that will be allotted to its stakeholders, a company release stated here today.

Commenting on the corporate development, Garnet Constructions Director Arun Kumar Kedia said, ''We are issuing the warrants to raise money for part funding of our ongoing construction of high-end row houses, bungalows and other commercial projects titled Magic Hills.'' Garnet Constructions has entered into an exclusive global marketing alliance with the Sternon Group (Dubai-based real estate developers, builders and promoters) to market its residential and commercial project, Magic Hills to prospective buyers around the world.

The Sternon Group will invest upto USD 3-4 million in this project. The Sternon Group, which has the distinction of successfully serving the needs of customers located in more than 28 different countries, will have the exclusive rights to market Garnet Constructions' mega residential and commercial township projects to overseas Indians, the release added.

UNI