Hiranandani plans $750 m share sale in London | Latest News India - Hindustan Times
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Hiranandani plans $750 m share sale in London

None | ByPress Trust of India, London
Nov 22, 2006 03:52 PM IST

World's tallest residential building developer, plans to raise $750 million on the London Stock Exchange.

Hiranandani Constructions, the developer of the world's tallest residential building, plans to raise as much as $750 million selling shares next month in the biggest offering by an Indian developer on the London Stock Exchange, bankers with knowledge of the plan said.

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Hiranandani plans to rise between $500 million and $750 million selling shares in a property investment firm on the London Stock Exchange's Alternative Investment Market, the two bankers said.

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HSBC Holdings Plc and Bear Stearns Cos will arrange the offering, the bankers said.

The sale will give overseas investors access to India's growing real-estate market, with the $775 billion economy poised to expand 8 per cent for the fourth straight year.

Mumbai-based Hiranandani joins Indian developers including K Raheja Corp and West Pioneer Properties Ltd in turning to London's AIM, where rules for selling shares are less stringent than other exchanges.

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