Indiabulls to raise $286mn from Singapore IPO

Indiabulls to raise $286mn from Singapore IPO
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First Published: Mon, May 26 2008. 06 53 PM IST
Updated: Mon, May 26 2008. 06 53 PM IST
PTI
New Delhi: Indiabulls Real Estate Ltd will raise upto $286 million through an initial public offer in Singapore, for which it has begun a roadshow there today.
IBREL has offered to sell about 353.5 million shares of Indiabulls Properties Investment Trust (IPIT) at a price band of 1.0-1.1 Singapore dollar each, investment banking sources briefed on the matter told PTI.
The IPO saw robust demand from investors on the first day of the roadshow and a final price could be fixed within a week, the sources said.
An investment arm of NRI billionaire Lakshmi Mittal family has already agreed to purchase 91 million shares in the trust at the IPO price, amounting to a 3.9% stake.
At the projected price range, the IPO would mop up 353-389 million Singapore dollars (259-286 million US dollars) for the company.
The company had filed an IPO prospectus for listing its properties investment trust in Singapore earlier this month.
IPIT is a business trust registered under the laws of Singapore and is planning to make an offer of its units for subscription by investors, including those in that country.
When asked whether the company expected the prevailing market conditions to affect the demand for the issue, a company official had told PTI at the time of prospectus filing that company was not concerned about such issues as its fundamentals were strong.
Shares of Indiabulls Real Estate closed at Rs484.25, down 1.26% on the BSE.
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First Published: Mon, May 26 2008. 06 53 PM IST