Hiranandani may raise $750 mn on LSE

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.

Hiranandani plans to raise 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.

HSBC Holdings and Bear Stearns 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.