Property developer Indiabulls Real Estate is talking to investors to raise at least $150 million (Rs 750 crore) from sale of shares to select investors as part of its qualified institutional placement (QIP) plan.
Unitech and Indiabulls Real Estate Ltd (IBREL) have deferred the listing of their respective real estate investment trusts (REITs) on the Singapore Stock Exchange (SGX)owing to the liquidity crunch in the global markets. Both Unitech and IBREL have received approval from the SGX for the initial public offers (IPOs) of their trusts.
India's fourth biggest realty company (by market cap) Indiabulls Real Estate (IBREL) on Tuesday said that it was planning to launch an initial public offering (IPO) for its property trust Indiabulls Properties Investment Trust (IPIT) on the Singapore Stock Exchange (SGX).
Now, the property developer has snapped up a controlling 63.9 per cent stake in the loss-making Piramyd Retail at Rs 30 per share. The Rs 159 crore (Rs 1.59 billion) Piramyd has been running 7 large Piramyd lifestyle outlets and 33 small convenience stores called TruMart.
Indiabulls Financial Services on Thursday said leading international real estate consultancy Knight Frank has valued its real estate business at Rs 15,125 crore (Rs 151.25 billion).
Last month, the bank was placed under Prompt Corrective Action due to high level of bad loans, lack of sufficient capital to manage risks and negative return on assets for two consecutive years.
The market breadth, indicating the overall health of the market turned negative from positive
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