Indiabulls realty arm ties up with Man-based co

New Delhi, Jan 10: Indiabulls Financial Services Ltd today said its realty arm will enter into a tie up with Dev Property Development Plc, incorporated in the Isle of Man.

As per the agreement, Dev shall subscribe to new shares and also acquire a minority shareholding from Indiabulls Real Estate Ltd in its three project companies -- Indiabulls Properties Pvt Ltd, Indiabulls Real Estate Company Pvt Ltd and Indiabulls Infrastructure Development Ltd.

The company expects that an application will be made to list the Dev shares on the London Stock Exchange's AIM market.

While Indiabulls Properties Pvt Ltd is developing Jupiter Mills, Indiabulls Real Estate Company Pvt Ltd is engaged in the company's Elphinstone Mills project.

The Indiabulls Infrastructure Development Ltd is developing the Raigad Special Economic Zone.

UNI