Lodha Group may seek to raise as much as 30 billion rupees ($615m) in an initial sale of shares in India by the end of the year, a person familiar with the matter said today.

The Mumbai-based developer plans to use the money to pay debt of up to 5 billion rupees and develop new projects, the person said, declining to be named before a formal announcement. The company has hired Enam Securities Pvt. and JPMorgan Chase & Co. to help it sell the shares, he said.