Deutsche, Merrill underwrite Indiabulls S'pore IPO

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.