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RYLAND GROUP PLANS STOCK OFFERING

 RYLAND GROUP PLANS STOCK OFFERING
 COLUMBIA, Md., Feb. 10 /PRNewswire/ -- The Ryland Group, Inc.


(NYSE: RYL), a national homebuilder and financial services company, announced today that it plans to issue 2.5 million shares of its common stock.
 The company said it expects to use the net proceeds from the stock offering for general corporate purposes to expand the company's homebuilding business in existing and new markets, as well as to reduce bank debt.
 Kidder, Peabody & Co. Incorporated, Lehman Brothers, and Dillon, Read & Co. Inc. are managing the offering. The company said a registration statement relating to the securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
 Copies of the preliminary offering prospectus may be obtained from Kidder, Peabody & Co. Incorporated, 10 Hanover Square, New York, NY 10005; Lehman Brothers, American Express Tower, New York, NY 10285; and Dillon, Read & Co. Inc., 535 Madison Avenue, New York, NY 10022; or The Ryland Group, Inc., 10221 Wincopin Circle, Columbia, MD 21044.
 Ryland is one of the nation's most diversified homebuilders, with operations in 15 states and 26 markets. Ryland Mortgage Company provides various mortgage-related products and services for retail and institutional customers and conducts advisory services to RAC Income Fund, Inc., a closed-end mutual fund (NYSE: RMF) and RAC Mortgage Investment Corporation, a real estate investment trust (NYSE: RMR). The company is headquartered in Columbia.
 (This release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there by any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.)
 /delval/
 -0- 2/10/92
 /CONTACT: Nancy L. Smith of The Ryland Group, 410-730-4176/
 (RYL) CO: The Ryland Group, Inc. ST: Maryland IN: CST SU: OFR


CC -- PH032 -- 8506 02/10/92 17:29 EST
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Publication:PR Newswire
Date:Feb 10, 1992
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