Mumbai: Realty major Unitech Ltd Thursday said it has received approval from the Singapore Exchange to launch the Initial Public Offer of its office trust in that country.
The company plans to raise about $700 million through the IPO and the process of fund raising and listing is expected to get completed by March this year, a company source said.
In a filing to the Bombay Stock Exchange, Unitech said Unitech Office Trust, which is 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 through an IPO in Singapore.
The trust is proposed to be listed on the Main Board of Singapore Exchange Securities Trading Ltd (SGX-ST).
SGX-ST has granted the ‘eligibility to list’ to Unitech Office Trust on 9 January.
Initially, the wholly-owned subsidiaries of Unitech Office Trust would hold the entire shareholding of three Indian firms holding the development properties in India, which are two IT / ITES SEZs located in Gurgaon and Kolkata and an IT park located in Noida.
In this regard, the subsidiaries of the trust would acquire the shareholding of the three firms from its current shareholders -- Unitech Corporate Parks Plc, Maxion Ltd and Unitech Ltd (including its affiliates).
Meanwhile, India’s largest real estate firm DLF is also planning to list its office trust in Singapore.
In late afternoon trade, shares of the company were trading at Rs530.30, up 2.58% on the BSE.