Indiabulls Real Estate Ltd. said Indiabulls Properties Investment Trust will be delisted from the Singapore stock exchange Dec. 11 at 9 a.m. local time.
Indiabulls Real Estate, through its Brenformexa Ltd. subsidiary, launched an offer to buy and delist Indiabulls Properties in October. In late November, it received enough valid acceptances for the offer to push through, and it ran an offer Dec. 4 to Dec. 7 for the compulsory acquisition of all the Indiabulls Properties units that were not tendered during the takeover period for 90 Singaporean cents apiece.
As of the Dec. 7 closing of the offer, Indiabulls Real Estate owned 100% of the target.
As of Dec. 8, US$1 was equivalent to S$1.35.
