Indiabulls Real Estate's IPIT to offer units in Singapore

Indiabulls Real Estate Ltd has announced that Indiabulls Properties Investment Trust ("IPIT") (a business trust proposed to be formed and registered under the laws of Singapore) is contemplating offer of its units for subscription by the investors, including the public in Singapore, by way of an initial public offering in Singapore ("IP0"), which is proposed to be listed on the Main Board of Singapore Exchange Securities Trading Ltd ("SGX-ST"). In pursuance of the aforesaid, SGX-ST has granted the 'Eligibility to list' to IPIT on February 05, 2008, subject to the conditions specified therein.

IPIT will acquire the One Indiabulls Centre and Elphinstone Mills ("Properties") developed and owned by Indiabulls Properties Pvt Ltd ("IPPL") and Indiabulls Real Estate Company Pvt Ltd ("IRECPL") respectively. These Properties are held by Indiabulls Real Estate Ltd ("IBREL") through investments in IPPL and IRECPL.

IBREL is committed to supporting IPIT over the long-term and after the Listing Date expects to hold a specified number of units of IPIT, upon the completion of the Offering.

The stock closed the day at Rs.650, down by Rs.28.60 or 4.21%. The stock hit an intraday high of Rs.679 and low of Rs.646.

The total traded quantity was 679 compared to 2 week average of 646.

Source : Equity Bulls

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