Indiabulls Properties Invst Trust plans to raise Rs 676 cr
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Last Updated: Tuesday, August 25, 2009, 18:34
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.

Bureau Report

First Published: Tuesday, August 25, 2009, 18:34

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