Deal Street

December 04, 2017

Singapore arm of Indiabulls Real Estate to be delisted


Indiabulls Real Estate, Mumbai-based developer, has acquired non-promoter stake worth nearly Rs 1,500 crore (about 306 million Singapore dollars) in its Singapore-listed property trust and de-listed the entity.

Indiabulls Real Estate owns 54.95 percent stake in Indiabulls Properties Investment Trust (IPIT) while the rest is held by Farallon Group (42.67 percent) and public investors (2.38 percent).

The Indian counsel for Indiabulls Real Estate was Luthra & Luthra and Allen & Gledhill LLP were the Singapore law counsel. Partners Sundeep Dudeja and Vaibhav Kakkar along with Managing Associate Prashant Shah, and Senior Associate Avisha Gupta led the Luthra team.

Partner Karan Mitroo assisted on the Banking & Finance aspects of the transaction.

Aloysius Ng and Christopher Koh were a part of the Allen & Gledhill LLP team. Wong Partnership were the Singapore law counsel while Trilegal acted as the Indian counsel for Farallon.

The Trilegal team included Partners Nishant Parikh and Aniruddha Sen and Counsel Harsh Jain.

The deal will result in India Bulls Real Estate “becoming the full 100 percent owner of IPIT and IPIT will get delisted from SGX-ST,” said India Bulls sources.

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