MUMBAI, Nov 7 (Reuters) - Real estate firm Kolte-Patil Developers expects to raise up to 2.75 billion rupees through an initial public offer (IPO) to fund construction and land acquisitions.

The Pune-based firm on Wednesday set a price band of 125-145 rupees per share for its 19 million shares offer, which opens on Nov 19 and closes Nov 22. The issue will constitute 25.25 percent of the post-issue paid up capital.

"We have signed MOUs for acquiring a few land plots in Pune. We have also identified a few plots in Bangalore, which we will conclude after the IPO," Chairman and Managing Director Rajesh Patil told Reuters.

Kolte-Patil is currently developing 28 projects in Pune and Bangalore, which includes an integrated township, commercial and residential complexes and information technology parks. It has a land bank of 39 million sq ft (3.62 mln sq metre) under development.

Of these, it has formed two joint ventures with ICICI Ventures and Euronext-listed Yatra Capital <YATRA.AS> for developing three projects each.

"Our focus is on affordable housing. We plan to expand only into Tier II and III cities like Nagpur, Mysore and Hyderabad," Patil said.

In 2006/07, Kolte-Patil reported net profit of 835.6 million rupees on total income of 2.5 billion.

DSP Merrill Lynch and Edelweiss Capital are the book-running lead managers for the issue.

($1=39.25 rupees)

(Reporting by Prashant Mehra, editing by Harish Nambiar)

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