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Lakshmi Mittal to buy 3.9% in Indiabulls Properties

by www.indiape.com on Wed 14 May 2008 10:48 AM IST | Permanent Link | Cosmos

The world`s richest Indian Lakshmi Mittal, is planning to buy 3.9% stake in Indiabulls Properties Investment Trust (IPIT), which will be listed in Singapore, reports DNA.

Lakshmi Mittal will buy 91 million common units of IPIT at the offering price that will be determined through a book building process.

Indiabulls Real Estate, last week filed a prospectus with Monetary Authority of Singapore for an initial public offer of IPIT. The company is estimated to raise about USD 300 million.(My Iris)

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