Indiabulls Real Estate has announced that it will delist its Singapore arm by buying back stake held by non-promoters.
In a stock market disclosure on Thursday, the company said, “acquisition of all units in Indiabulls Properties Investment Trust, a SGX-ST listed business trust (‘IPIT’) will be done through Brenformexa Limited, a wholly-owned subsidiary of Indiabulls Real Estate.”
Brenformexa will make a voluntary unconditional cash offer for all of the issued units in IPIT, other than those already owned and controlled by its related corporations or their respective nominees, at the offer price of S$ 0.90 per unit in IPIT.
Indiabulls holds a 54.95 per cent stake in Indiabulls Properties Investment Trust (IPIT) while the rest 42.67 per cent and 2.38 per cent are held by Farallon Group and public investors respectively.
Last year in July also, Indiabulls said, it was planning to delist its Singapore arm. It had suspended trading in units of IPIT for an indefinite period after the public shareholding in the company dropped below the 10 per cent. At least 10 per cent stake should be held by public shareholders at all times as per the provisions under the SGX-ST listing manual.
Indiabulls had listed its arm in Singapore in 2008 and became the third Indian company to get listed its REIT overseas after DLF and Unitech.