Indiabulls Real Estate extends Singapore REIT IPO close to Fri

[K.Karthik Raja]

Indiabulls Real Estate extends Singapore REIT IPO close to Fri
Thursday, Jun 5

MUMBAI - Indiabulls Real Estate Ltd has extended closure of
initial
public offer of its Real Estate Investment Trust, to be listed in
Singapore,
to Friday, an official close to the development told NewsWire18.
As of now, the issue is subscribed 1.8 times led by institutional
investors' response. However, "to enable wider retail investors
participation," the closing date has been extended by one more day,
the
official said.
The company is in process to raise $286 mln (12.25 bln rupees) by
selling
353 mln shares of Indiabulls Properties Investment Trust priced
Singapore
$1.00-1.10 each. Around 25% of this issue is reserved for retail
investors.
Final approval to list REIT on Singapore Stock Exchange was
delayed and
was issue opening only Monday, thereby delaying the commencement
issue, the
official said.
News of weak retail participation to the company's proposed REIT
pushed
the share down.
At 2:21PM, shares of Indiabulls Real Estate were trading at 384.90
rupees
on the National Stock Exchange, down 6.8% from Wednesday.
The trust will have two properties in Mumbai, being developed by
Indiabulls Real Estate, with total 3.4 mln square ft. End
.