Hiranandani Const to raise $750mn from LSE

Mumbai-based Hiranandani Constructions is planing to raise $750 mn by selling shares next month in the biggest offering by an Indian developer on the London Stock Exchange (LSE), banking sources said.

Hiranandani plans to sell shares in a property investment firm on the LSE's Alternative Investment Market, the two bankers said.

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

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