Indiabulls Real Estate (IREL), a subsidiary of Indiabulls Financial Services, is planning equity arrangements with Isle of Man-based Dev Property Development Plc.According to a release issued by Indiabulls to the BSE today, Dev will subscribe to new shares and acquire a minority shareholding in the following project-companies:* Indiabulls Property (IPPL), which is developing Jupiter Mills.* Indiabulls Real Estate Company (IRECPL), which is developing Elphinstone Mills; and* Indiabulls Infrastructure Development (IIDL), which is developing the Raigad SEZ."IREL, on completion of the transactions, will receive Rs 437.4 crore for sale of partial stake in IPPL and IRECPL. "Additionally, IPPL, IRECPL and IIDL will receive a total of Rs 617.9 crore as fresh equity capital from the subsidiaries of Dev," the release added.The Indiabulls release said Dev has completed an initial public offering of its ordinary shares for a total amount of Rs 1200 crore (pound 138 million), which will be listed on the Alternative Investment Market of the London Stock Exchange Plc.
