Bahraini Islamic lender Khaleeji Commercial Bank is finalising a deal to set up a logistics service project in India worth more than $400 million, the bank said in a letter to the Bahrain Stock Exchange on Monday.

The bank wrote to the bourse confirming a news report in Kuwait's al-Wasat newspaper. The project will involve investors across the Gulf Arab region the bank said, without giving further details.

The company said earlier this month it would list one billion shares on Bahrain's bourse on June 12 to diversify their shareholder base and increase the firm's liquidity. It also plans to list on other regional bourses.

Bahrain-based Islamic investment bank Gulf Finance House is Khaleeji's biggest shareholder with a 40 percent stake.-Reuters