New Delhi: The Singapore-listed Indiabulls
Properties Investment Trust, which is part of realty major
Indiabulls Real Estate, is planning to raise up to 200 million
Singapore dollars (about Rs 676 crore) through a rights issue.
The proceeds would be used to pay debts of the company.
Indiabulls Properties Investment Trust (IPIT) in a filing
to the Singapore Stock Exchange has said it is looking at a
rights issue for the purpose of "raising up to 200 million
Singapore dollars of gross proceeds, for the primary purpose
of repaying and/or pre-paying part of the borrowings".
Indiabulls Property Management Trustee Pte, the
trustee-manager of IPIT, has submitted an additional listing
application for the planned rights issue to the Singapore
Exchange Securities Trading Ltd.
"Under the rights issue, new units will be offered to all
existing unit holders (including Indiabulls Real Estate
Limited, which is the sponsor of IPIT) on a renounceable and
underwritten basis," the firm said.
According to Monday`s filing, the trustee-manager has not
taken any firm decision in relation to the rights issue
including the price.