Indiabulls Real Estate has acquired 27,696,100 units in Indiabulls Properties Investment Trust, a SGX-ST listed business trust (IPIT), on the Singapore Exchange Securities Trading, through Grapene (Grapene), which is an indirect wholly-owned subsidiary of Indiabulls Real Estate.
The total number of units, owned and controlled by the company (directly or through its wholly owned subsidiaries) in IPIT has increased from 47.51% to 51.18% and accordingly IPIT has become a majority owned subsidiary of the company.
Further, Grapene has also made an offer announcement, pursuant to the requirements under the Singapore Code on Take-overs and Mergers, for acquisition of all remaining units in IPIT at an offer price of S$0.25 in cash for each unit.
Indiabulls Real Estate is engaged in real estate development, directly as well as through various subsidiaries and associate companies. The main focus of the company is construction and development of properties, project management, investment advisory and construction services.
