Billionaire Lakshmi Mittal, the world's richest Indian, has committed to buy units equivalent to a 3.9 per cent stake in Indiabulls Properties Investment Trust, which is in process of listing in Singapore.
Mittal will purchase 91 million common units of IPIT at the offering price that will be determined through a book building process, but would "not be obliged to subscribe and pay" for any of the units if the subscription cost exceeds 100.1 million Singapore dollars (about 73 million US dollars).
Indiabulls Real Estate, part of diversified Indiabulls group with interests in financial services, power, retail and realty businesses, last week filed a prospectus with Monetary Authority of Singapore for an initial public offer of IPIT, estimated to raise about USD 300 million.
Read more in
The Economic Times article.
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