MENAFN.com
7th Feb 2008
(MENAFN) Officials at Indiabulls Real Estate Ltd., India's fourth-biggest developer by market value, said that it plans to raise about $1.2 billion in an initial public offering (IPO) of a trust in Singapore, Bloomberg reported.
Indiabulls Properties Investment Trust will acquire two properties in Mumbai being developed by two of the company's units, the statement said. The Singapore exchange granted Indiabulls Real Estate eligibility to list on February 5.
Indian developers including DLF Ltd., Unitech Ltd. and Indiabulls are raising funds to meet growing demand for offices, houses and shops in the world's fastest-growing major economy after China. Indiabulls plans to set up 30 shopping malls over the next year, among other projects, the company said in September.
India's Business Standard newspaper reported earlier that Indiabulls Real Estate aims to raise $1.2 billion for its property trust on the Singapore stock exchange.
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