HONG KONG- Philippine conglomerate Ayala Corp launched on Wednesday an up to $251 million selldown in Ayala Land Inc, the country's largest property developer, Thomson Reuters publication IFR reported.

Ayala is offering 320 million shares in a range of P30-P32 each, putting the total deal at P10.24 billion ($251 million), added IFR, citing a term sheet of the transaction. The price is equivalent to a discount of as much as 8.6 percent to Ayala Land's Wednesday close of P32.85.

The deal might be raised further, with 79 million additional shares being offered in an upsized option, IFR added.

UBS was hired as sole bookrunner on the offering.