Indiabulls Real Estate (IBREL) has said that the company now possess a majority stake of 51.18 percent in Singapore-listed business trust IPIT following the acquisition of 2.77 crore shares by its subsidiary.
Earlier the company had 47.5 percent stake in Indiabulls Properties Investment Trust (IPIT) that has a portfolio of over three million sq ft of completed commercial office space with an equal area under construction as residential space.
IBREL has said in a BSE filing that “pursuant to the acquisition of 27,696,100 units in IPIT, on the Singapore Exchange Securities Trading, by Grapene, which is an indirect wholly-owned subsidiary of Indiabulls Real Estate, the total number of units, owned and controlled by the company (directly or through its wholly-owned subsidiaries) in IPIT has increased from 47.51 percent to 51.18 percent.”
