Indiabulls sponsor unit launches mandatory cash offer for trust

Singapore

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

Real estate developer Indiabulls Real Estate's indirect wholly owned subsidiary Grapene Limited, formerly known as Mixtel, is offering S$0.25 cash for each IPIT unit it does not own, Grapene said in a statement.