Manx-based Dev Property Development is at the centre of a share deal which would be the biggest of its type.
Mumbai-listed property company Indiabulls will make an all-share offer for the AIM-listed firm in a deal worth £138 million.
The deal, which still yet to be approved, would value Dev Property more than 30 per cent above its closing share price..
Last year, the firm was the fourth Indian developer to list an Indian real estate fund on AIM.
Dev's investors include Farallon Capital, Fidelity and Citigroup.
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