Mumbai: Indiabulls Real Estate Ltd said Thursday its board had approved acquiring the entire stake in Dev Property Development Plc in a 138- million-pound sterling (Rs10.9 billion) share-swap deal.
Dev, which listed on London’s junior stock exchange in 2007, is promoted by the Indian property developer and holds stakes in several of Indiabulls’ projects in India.
Indiabulls Real Estate will issue its own shares to Dev’s investors, which include Farallon Capital, Fidelity, Government of Singapore and Citigroup.
Dev shares closed Wednesday at 75.50 pence, valuing the firm at around 120 million pounds sterling.
Several Indian developers, keen to expand in a booming urban real estate market, have raised funds from London’s AIM exchange in the past two years. These include Mumbai-based developers such as the Rahejas and Hiranandani group.