The public issue of Indiabulls Properties Investment Trust, IBREL's business trust arm incorporated in Singapore, opened on June 2 and was originally scheduled to close today.
IBREL is offering 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.
IPIT said in a revised indicative time table for the IPO filed with the Singapore Stock Exchange that the price would be fixed tomorrow 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.
The company had filed an IPO prospectus for listing its properties investment trust in Singapore earlier last month. IPIT 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.
Shares of Indiabulls Real Estate were trading at Rs 381.25 on the BSE, down 7.47 per cent from the previous close.
