Indiabulls Real Estate to delist Singapore arm

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".