India'sIndiabulls Real Estate Ltd.said its Grapene Ltd. unit has launched a mandatory conditional cash offer to buyout Singapore-based Indiabulls Properties Investment Trust.
Accordingto a news release, Grapene on April 27 bought 7,540,300 Indiabulls Properties unitsat 20 Singapore cents apiece.
The stakeacquisition brings Grapene's holdings in Indiabulls Properties to 48.51%, which,under Singapore's code on takeovers and mergers, requires the former to launch thecash offer.
Grapeneis offering 25 cents in cash for each Indiabulls Properties unit that it does notown.
The IndiabullsReal Estate unit added that it intends to continue the target's existing businessactivities and that it has no plans to introduce any major changes, redeploy anyof the trust's fixed assets or let go its employees.
Grapeneis a property consultancy and advisory firm and was established by Indiabulls RealEstate, a developer based in India, in 2007. Indiabulls Properties, meanwhile, waslisted in Singapore in 2008. Its principal activities include investing in, acquiringand developing properties globally, the majority of which are in the commercialand hospitality sectors.
As of April 26, US$1 was equivalentto S$1.35.