Axis Bank (formerly UTI Bank) has invested Rs 250 crore ($59 million) in Lavasa Corporation, a real estate subsidiary of Hindustan Construction Company (HCC). The bank will get in return about 2.5 per cent stake in the form of convertible preference shares and convertible debentures. The deal pegs the valuation of Lavasa at Rs 10,000 crore. Lavasa is developing a 12,500-acre hill city near Pune. Axis Bank is not known to making direct private equity investments such as this. The bank also has a private equity arm called Axis PE, which is focused on infrastructure sector. It recently raised $150 million in its first closing.