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Indian real estate group Unitech plans to raise $700 million from London Stock Exchange's Alternative Investment Market. It will list a newly created entity called Unitech Corporate Parks Plc, which in turn will hold stakes in six special purpose vehicles that own IT park/IT SEZ projects. They include one IT Park in the National Capital Region, and an IT SEZ project in Kolkata.

Unitech Corporate Park is incorporated in the Isle of Man. Its ordinary shares will be listed on the LSE's Alternative Investment Market. Deutsche Bank AG and Morgan Stanley are advising Unitech on the IPO. A Unitech subsidiary, Nectrus Ltd, will provide investment advisory services and the parent company Unitech will provide project management services to the AIM-listed entity.

This will be the third real estate listing by Indian companies in London Stock Exchange. K Raheja Group's Ishaan Real Estate Plc had recently raised $340 million via an IPO which had received an excellent response from institutional investors. Hiranandani Constructions is also planning a $750 million IPO in London's Alternative Investment Market.

Related:

Raheja's Ishaan Real Estate Raises $342 Million From London Stock Exchange

Hiranandani Constructions Too To Raise $750 Million From London's AIM