Indiabulls Real Estate rallies as firm hikes stake in Singapore biz

NEW DELHI: Shares IndiaBulls Real Estate ended higher by 5.69 per cent in Thursday's trade after the company informed the exchanges that it now has a majority stake of 51.18 per cent in the Singapore-listed business trust IPIT after it acquired additional 2.77 crore shares though its subsidiary, Grapene.

Following the announcement, the stock surged 8.64 per cent to hit a high of Rs 73.50 on BSE. The stock was trading at a striking distance of its 52-week high of Rs 73.55 touched on October 20, 2015.

The company earlier had 47.5 per cent stake in Indiabulls Properties Investment Trust (IPIT), which has a portfolio of over three million sq ft of completed commercial office space with an equal area under construction as residential space, PTI reported.

The company told the exchanges that with the stake buy, IPIT has become a majority-owned subsidiary and its financials will be consolidated with financials of Indiabulls from Q1. “We further wish to inform that Grapene has also made an offer announcement, pursuant to the requirements under the Singapore Code on Take-overs and Mergers, for acquisition of all remaining units in IPIT at an offer price of Singapore $0.25 in cash for each unit,” the company informed BSE.