Deutsche Bank, Merrill to buy shares in Indiabulls S'pore IPO
Indiabulls Real Estate (IBREL), which is seeking to raise up to SGD 389 million in an initial public offer in Singapore, on Friday said Deutsche Bank AG and Merrill Lynch have agreed to purchase 124 million shares each.
By PTI |
NEW DELHI: Indiabulls Real Estate (IBREL), which is seeking to raise up to SGD 389 million in an initial public offer in Singapore, on Friday said Deutsche Bank AG and Merrill Lynch have agreed to purchase 124 million shares each.
Deutsche Bank AG and Merrill Lynch (Singapore) Pte, the underwriters for public issue of Indiabulls Properties Investment Trust, IBREL's business trust arm incorporated in Singapore, have entered into a share-purchase agreement to buy 124 million shares each, a filing made by the company to the Singapore Stock Exchange said.
The IPO had opened on June 2 and would close today. IBREL has offered to sell about 353.5 million shares of IPIT in a price band of 1.0-1.1 Singapore dollar each, and in the projected price range, the IPO could mop up SGD 353-389 million ($259-286 million) for the company.
Yesterday, IPIT said in a revised indicative time table for the IPO filed with the Singapore Stock Exchange that the price would be fixed on Friday and shares would commence trading on June 11.
An investment arm of NRI billionaire Lakshmi Mittal family has already agreed to purchase 91 million shares in the trust at the IPO price, amounting to a 3.9 per cent stake.
IPIT had filed an IPO prospectus for listing its properties investment trust in Singapore earlier last month.
Deutsche Bank AG and Merrill Lynch (Singapore) Pte, the underwriters for public issue of Indiabulls Properties Investment Trust, IBREL's business trust arm incorporated in Singapore, have entered into a share-purchase agreement to buy 124 million shares each, a filing made by the company to the Singapore Stock Exchange said.
The IPO had opened on June 2 and would close today. IBREL has offered to sell about 353.5 million shares of IPIT in a price band of 1.0-1.1 Singapore dollar each, and in the projected price range, the IPO could mop up SGD 353-389 million ($259-286 million) for the company.
Yesterday, IPIT said in a revised indicative time table for the IPO filed with the Singapore Stock Exchange that the price would be fixed on Friday and shares would commence trading on June 11.
An investment arm of NRI billionaire Lakshmi Mittal family has already agreed to purchase 91 million shares in the trust at the IPO price, amounting to a 3.9 per cent stake.
IPIT had filed an IPO prospectus for listing its properties investment trust in Singapore earlier last month.
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The company is a business trust registered under the laws of Singapore and had made the offer of its units for subscription by investors, including those in that country.Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
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