IBREL shares up nearly 6% as co raises stake in Singapore biz

Shares of Indiabulls Real Estate surged nearly 6 per cent today after the company said the company now has a majority stake in Singapore-listed business trust IPIT.
The stock ended with a gain of 5.69 per cent at Rs 71.50 on BSE. During the day, it climbed 8.64 per cent to Rs 73.50.
At NSE, shares of the company surged 5.54 per cent to close at Rs 71.40.
In terms of volume, 30.36 lakh shares of the company were traded at BSE and over 2 crore shares changed hands at NSE during the day.
Indiabulls Real Estate (IBREL) yesterday said the company now has a majority stake of 51.18 per cent in Singapore-listed business trust IPIT after acquisition of 2.77 crore shares by its subsidiary.

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.
In a BSE filing IBREL said "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 per cent to 51.18 per cent."

Accordingly, IPIT has become a majority-owned subsidiary of the company, the filing added.