Indiabulls trust loses public float

INDIABULLS Property Investment Trust's (IPIT) free float has dropped below 10 per cent after a unit of its sponsor raised its stake, the trust said in a Singapore Exchange filing on Friday night.

Grapene Ltd, a unit of the trust's sponsor Indiabulls Real Estate, bought about 7.54 million units in IPIT at S$0.20 apiece on April 27, raising its stake in IPIT from 47.51 per cent to 48.51 per cent.

Given that stake increase plus another around 42.05 per cent held by other substantial unitholders, the percentage of trust units held in public hands has fallen below the minimum 10 per cent required, IPIT said.

Because of its stake increase, Grapene was required to launch a mandatory offer for the rest of IPIT, which it did on April 27, offering S$0.25 apiece.