Indiabulls Real Estate, one of the country's largest developer has said that Deutsche Bank AG and Merrill Lynch have signed an agreement to underwrite the intial public offering of its Singapore-based investment trust.
Each of the two banks are underwriting 12.47 crore units of Indiabulls Properties Investment Trust, the Mumbai-based realty developer said in a statement to the Singapore Stock Exchange.
The company is seeking to raise $284 million from selling 35.3 crore units in the trust in Singapore. The funds so raised will help the company invest in office space in central Mumbai.
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