Unitech Ltd. (507878.BY), one of India's biggest property developers by sales, has received offers to raise for about INR16.21 billion by selling shares to institutional investors, a senior executive said Monday.

The investors include Singapore-based Orient Global, Hong Kong's Och-Ziff Capital Management Group LLC and U.S.-based Sandstone Capital, the executive, who asked not to be named, told Dow Jones Newswires.

"The issue has been subscribed nearly three times," the executive said.

About 90% of the issue has been subscribed by foreign institutions and the remainder by Indian investors, the executive said.

-By Santanu Choudhury, Dow Jones Newswires: +91-11-4356-3305; santanu.choudhury@dowjones.com