Sch 1 Update-Dev Property Dev

RNS Number:2686Q
AIM
29 January 2007


             ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH AIM RULE 2

ALL APPLICANTS MUST COMPLETE THE FOLLOWING:

COMPANY NAME:
DEV PROPERTY DEVELOPMENT PLC

COMPANY ADDRESS:
Top Floor, 14 Athol Street, Douglas, Isle of Man,
COMPANY POSTCODE:
IM1 1JA

COUNTRY OF INCORPORATION:
Isle of Man

COMPANY BUSINESS OR, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTMENT STRATEGY TO BE DISCLOSED IN
ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (J) OF THE AIM RULES:
Dev Property Development plc is a real estate investment company incorporated in the Isle of Man whose strategy is to
invest in commercial and residential real estate developments in major cities in India such as Mumbai, New Delhi,
Kolkata, Bangalore, Chennai and Hyderabad, which are suitable for foreign direct investment ('FDI'). The Company also
intends to make investments in Special Economic Zones ('SEZs') in India which are suitable for FDI

The Company's general strategy will be to invest in a range of residential developments and Commercial/IT-ITES
developments in Tier 1 cities in India, and selected SEZs which have obtained in-principle SEZ approval from the Board
of Approval and are suitable for FDI.  The Company's initial portfolio investments will be in the Jupiter Mills Project
and Elphinstone Mills Project which are Commercial/IT-ITES developments and in the multi-product Raigarh SEZ Project.
DETAILS OF SECURITIES TO BE ADMITTED (i.e. where known, number of shares, nominal value and issue price to which it
seeks admission and the number and type to be held as treasury shares):
Ordinary Shares of 1 pence each nominal value.

CAPITAL TO BE RAISED ON ADMISSION:
#138 million pre greenshoe

FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS:

  * Rishi Khosla, Chairman and Non-executive director
  * Alan Kingsley, Non-executive director
  * Atul Kumar Shukla, Non-executive director
  * Richard Marcus Melhuish, Non-executive director
  * Sameer Gehlaut, Non-executive director
  * Ita McArdle, Non-executive director



PERSON(S) INTERESTED IN 3% OR MORE OF THE ISSUER'S CAPITAL, EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL
BEFORE AND AFTER ADMISSION:
Before admission:

Rishi Khosla                                       (100%)



After Admission:

Investor Name                                    Allocation

Farralon Capital Management Partners              19.9%
Fidelity International Ltd                        13.0%
Government of Singapore                            9.8%
HSBC PB Guernsey (Karrick)                         7.4%
khronos                                            7.4%
Capital Research                                   7.0%
TRIBECA GLOBAL MANAGEMENT LLC                      5.2%
Miura                                              5.0%
Asian Century Quest                                3.7%
Indea Capital                                      3.7%
JLF ASSET MANAGEMENT                               3.7%
Treeline                                           3.7%
Portfolio Logic                                    3.0%

NAMES AND ADDRESSES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES:
None.

ANTICIPATED ACCOUNTING REFERENCE DATE:
31 March

EXPECTED ADMISSION DATE:
1 February 2007

NAME AND ADDRESS OF NOMINATED ADVISER:
Deutsche Bank AG, London Branch
1 Great Winchester Street
London
EC2N 2DB

NAME AND ADDRESS OF BROKER:

Deutsche Bank AG, London Branch
1 Great Winchester Street
London
EC2N 2DB

DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A STATEMENT THAT THIS
WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITS SECURITIES:
Latham & Watkins
99 Bishopsgate
London
EC2M 3XF

DATE OF NOTIFICATION:
26 January 2007

NEW/ UPDATE (see note):
UPDATE




                      This information is provided by RNS
            The company news service from the London Stock Exchange
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