Raheja, Unitech head for LSE to raise $1 bn

Real estate companies have found an alternative way of raising money. Two realty firms — K Raheja and Unitech — are in the process of raising at least $1 billion from the alternative investment market (AIM) of the London Stock Exchange.

Real estate sources said the two groups would raise $500 million each from the AIM in three-four months. Sources close to the Raheja group said the company would float a special purpose vehicle (SPV) for a particular project that would get listed with the AIM in three months.

The group has appointed Enam Financial Consultants for the purpose, they added. They said the Unitech group would follow the SPV model as well.

Source: http://www.business-standard.com