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Indiabulls Real Estate Trust Plans Raise $1.2 Billion through IPO
| February 6, 2008 |  (Be the first to rate this story!) Loading ... |
Indiabulls Real Estate Ltd, India’s fourth biggest property developer as far as market value is concerned plans to rise about $1.2 billion through an IPO of a trust in Singapore. The information was revealed by two close associates of the sale.
India Bulls Real Estate Ltd, partly owned by Goldman Sachs Group Inc. and Merrill Lynch & Co will sell shares in a proposed investment trust to be listed on the Singapore exchange, the company said in a filing to the Bombay Stock Exchange yesterday. Indiabulls Properties Investment Trust will acquire two properties in Mumbai being developed by two of the company’s units, the statement said. Singapore exchange granted Indiabulls Real Estate eligibility to list on Feb. 5, the statement added.
According to Mr. Ajit Mittal, the head of investor relations and president of corporate affairs at Indiabulls Real Estate, the amount to be raised will depend on the timing of the sale and the numbers of shares shares Indiabulls and two other shareholders decide to sell,'’ Mittal said in a telephone interview.
News Published Under: Real Estate Developers |
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