Indiabulls Real Estate (IBREL) has announced that its board had sanctioned its plan to acquire 100% stake in Dev Property Development in a 138- million-pound sterling (10.9 billion rupees) share-swap deal.

Dev, an entity listed on Alternate Investment Market of London Stock Exchange, is promoted by the Indian property developer and owns stakes in various Indiabulls’ projects in India.

Indiabulls Real Estate will issue its individual shares to Dev’s investors that comprise Farallon Capital, Fidelity, Govt of Singapore and Citigroup.

Dev Property concentrates on investment in commercial realty developments and Information Technology Enabled Services (ITES) and residential real estate developments in Tier 1 cities in India including Mumbai.

The AIM listed entity also has plans to make investments in Special Economic Zones (SEZs).