Sunday, January 21, 2007: After Unitech, K.Raheja and Hiranandani, it is now the turn of Dev Property Development to raise capital on the London Stock Exchange.

Incorporated in the Isle of Man, Dev Property is seeking a fund raising of up to Rs. 2,750 crore (316 million pounds) through an institutional offering. .The company will raise Rs. 2400 crore (275 million pounds) from the initial listing, and a 15% over allotment option would garner the balance, totaling at Rs.2750 crore.

The company is providing for projects in residential and commercial properties in Mumbai,, Delhi, Kolkata, Chennai, Bangalore and Hyderabad, as well as in SEZs. The company has made a start with buying minority interests from Indiabulls Real Estate in two ongoing IT and ITES projects in Mumbai city, and one multi-product SEZ in the city’s suburbs, valued at Rs. 18,500 crore by Knight Frank.

The funds raised from the public offer on the LSE would be utilized for the above projects, and the proceeds from the over allotment option would be used for future investments. Chairman Rishi Khosla is preparing a portfolio of investments with Indiabulls Real Estate to make the most of the real estate boom.