12 Oct '17, 4pm

[email protected] to delist Singapore property trust, buy Farallon’s #stake for $214 mn| #realestate https://t.co/qP0lSPEMZo

.@indiabullsrel to delist Singapore property trust, buy Farallon’s #stake for $214 mn| #realestate https://t.co/qP0lSPEMZo

Mumbai-based developer Indiabulls Real Estate Ltd has decided to take its Singapore-listed Indiabulls Properties Investment Trust (IPIT) private by buying out investors and public shareholders. The company has a 54.95% stake in the trust while the Farallon Group and the public hold 42.67% and 2.38%, respectively. Brenformexa Ltd, a wholly-owned subsidiary of Indiabulls Real Estate, has made an unconditional cash offer to buy out Farallon Group at S$0.90, or $0.66, per unit. Farallon will be paid $214 million in three tranches. VCCircle could not immediately ascertain the investment Farallon made in the trust. “As per the relevant Singapore rules, the company will be allowed to mandatorily acquire all the remaining units held by its public unit-holders who have not accepted the offer, who will be paid the full S$ 0.90 in cash up front,” the statement said. Following this, I...

Full article: https://www.vccircle.com/indiabulls-to-delist-singapore-p...

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