ALSO READIndiabulls Real Estate acquires 10.08% stake in Indiabulls Infraestate Indiabulls Real Estate tanks nearly 10%; mcap down Rs 1,064 cr Indiabulls Real Estate to raise up to Rs 500 cr via debentures Indiabulls Real Estate promoter sells 3.3cr shares for Rs662cr Indiabulls Real Estate promoter sells shares worth Rs 178 cr
Indiabulls Real Estate today said it will acquire non-promoter stake worth nearly Rs 1,500 crore (about 306 million Singapore dollars) in its Singapore-listed property trust and de-list the entity.
Indiabulls Real Estate owns 54.95 per cent stake in Indiabulls Properties Investment Trust (IPIT) while the rest is held by Farallon Group (42.67 per cent) and public investors (2.38 per cent).
In a regulatory filing, the company said its wholly-owned subsidiary Brenformexa has announced that "it intends to make a voluntary unconditional cash offer for all of the issued units in IPIT, other than those already owned and controlled by its related corporations or their respective nominees, at the offer price of S$ 0.90 per unit in IPIT".
The deal will result in Indiabulls Real Estate "becoming the full 100 per cent owner of IPIT and IPIT will get delisted from SGX-ST".
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