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| Exchange Disseminated Time 04/05/2016 09:02:03 | Indiabulls Real Estate Ltd has informed BSE that pursuant to the acquisition of 27,696,100 units in IPIT, on the Singapore Exchange Securities Trading Limited, by Grapene Limited (Grapene), which is an indirect wholly-owned subsidiary of Indiabulls Real Estate Limited (the Company), 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% to 51.18% and accordingly IPIT has become a majority owned subsidiary of the Company. Therefore the financials of IPIT will be consolidated with financials of IBREL from Q1 of the current financial year. A brief snapshot of Proforma consolidated financials is submitted in attached presentation.
Further, 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 S$0.25 in cash for each unit. |
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