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Indiabulls REIT planning to raise USD 1.2 Billion through Initial Public Offer

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Indiabulls Real Estate Ltd, the subsidiary of the Indiabulls Financial services and India’s 4th leading property developer is on plans to rise about USD 1.2 billion through an IPO of a trust in Singapore, added the source at the www.propertykhazana.com.
Goldman Sachs Group Inc. and Merrill Lynch & Co have stakes in the company has advised to raise the funds alike other key realty players in India and the partner companies will sell shares in a proposed investment trust which will be listed on the Singapore stock exchange, the company said in a filing to the BSE. As per the source saying @ the www.propertykhazana.com Indiabulls Properties Investment Trust has already on hold of 2 prime properties in Mumbai and thereafter raising the funds the same will be invested on the said projects.
Mr. Ajit Mittal, the head of investor relations and president of corporate affairs at Indiabulls Real Estate, speaking to the www.propertykhazana.com said that the total planned to raise raised will rely on the timing of the sale and the no’s of shares.
Source: NBTVLIVE

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