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Indiabulls Properties hires advisers for Grapene's takeover offer

IndiabullsProperties Investment Trust's trustee-manager has appointed advisers inrelation to the takeover offer by IndiabullsReal Estate Ltd.'s Grapene Ltd.

Specifically,it appointed Provenance Capital Pte. Ltd. to serve as the independent financialadviser and Lee & Lee as the legal adviser.

Aspreviously reported,Grapene plans to acquire the entire issued units in Indiabulls Properties thatit does not own, controlled or has already agreed to buy.

Inaddition, according to the filing, Grapene and its affiliates have amassed a51.24% stake in Indiabulls Properties as of May 5. Consequently, the number ofunits held by the public went down to 10% and the Singapore bourse may suspendtrading of the company's units, pursuant to the bourse's regulations.