IBREL raises stake in Singapore biz trust IPIT to 51.18%

Indiabulls Real Estate (IBREL) today said the company now has a majority stake of 51.18 percent in Singapore-listed business trust IPIT after acquisition of 2.77 crore shares by its subsidiary.

The company earlier had 47.5 percent stake in Indiabulls Properties Investment Trust (IPIT), which has a portfolio of over three million sq ft of completed commercial office space with an equal area under construction as residential space.

In a BSE filing IBREL said "pursuant to the acquisition of 27,696,100 units in IPIT, on the Singapore Exchange Securities Trading, by 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 percent to 51.18 percent." Accordingly, IPIT has become a majority-owned subsidiary of the company, the filing added.

IBREL further said the financials of IPIT will be consolidated with IBREL from the first quarter of the current fiscal.

Post consolidation, IBREL's net debt will increase from Rs 4,617 crore to Rs 7,435 crore.

"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 Singapore USD 0.25 in cash for each unit," IBREL said.