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Unit of Indiabulls' sponsor launches mandatory offer for business trust

A UNIT of the sponsor of Indiabulls Property Investment Trust (IPIT) has launched a mandatory cash offer for the trust, it said in a Singapore Exchange filing on Wednesday.

Grapene Limited, formerly known as Mixtel and an indirect wholly owned subsidiary of real estate developer Indiabulls Real Estate, is offering S$0.25 cash for each IPIT unit, it said in a statement.

It was required to make the mandatory offer after it bought about 7.5 million units in IPIT at SS$0.20 apiece on April 27, raising its stake in IPIT from 47.51 per cent to 48.51 per cent, it added.

Grapene, which provides consultancy and advisory services to companies engaged in the business of construction and real estate development, said that its offer would be conditional upon it getting enough valid acceptances by offer close such that it and its concert parties would control more than 50 per cent of IPIT.