Mumbai-based public-listed realtor Indiabulls Real Estate Ltd (IBREL) has increased its stake in Singapore-listed business trust Indiabulls Properties Investment Trust (IPIT) to 51.18%, according to a stock market disclosure.
It has acquired 27.7 million equity shares in the Singapore-listed trust through its indirect wholly-owned subsidiary Grapene.
Prior to this transaction, IBREL held 47.5% stake in IPIT, which has a portfolio of over three million sq ft of completed commercial office space with an equal area under construction as residential space.
The financials of IPIT will be consolidated with IBREL from the first quarter of the current fiscal, IBREL said in the filing. However, IBREL’s net debt will rise to Rs 7,435 crore from Rs 4,617 crore, post consolidation.
“Further, Grapene has made an offer announcement, pursuant to the requirements under the Singapore Code on Take-overs and Mergers, for acquisition of all remaining units in IPIT at an offer price of S$0.25 in cash for each unit,” IBREL said.
For the financial year 2014-15 and 2013-14, IBREL registered a profit after tax of Rs 271 crore and Rs 202 crore, respectively.
In March, the Mumbai-based developer raised Rs 470 crore through private placement of non-convertible debentures (NCDs) in various tranches.
IBREL is developing 11 projects in India with total saleable area of 30.51 million sq ft. It has presence in key Indian metros, including Mumbai, NCR and Chennai.