The real estate investment trust, a unit of Indiabulls Real Estate, India’s fourth-largest developer by market value, had extended the retail portion of the offer by one day to Friday as it was not fully subscribed.

The offer opened on June 2 with an indicative range of $1 to $1.10. The shares are set to list on June 11, a filing to the Singapore Stock Exchange showed, marking the first Reit listing in Singapore since November.

The 353.5 million shares issue is made up of a public offer of 262.5 million shares and an already completed sale of 91 million shares to a firm owned by LN Mittal, the chief executive of Arcelor Mittal, the world’s largest steel maker.

The last two Reits to list in Singapore, Lippo-Mapletree Indonesia Retail on Nov 19 last year and Saizen Reit on Nov 9, tanked on their debuts amid turmoil in global markets.

Deutsche Bank and Merrill Lynch arranged the share sale. The Reit has two Mumbai projects under development carrying a total of 3.4 million square feet of space.

Indiabulls Real Estate shares, which have fallen 43 per cent so far in 2008, rose 4.6 per cent at 424.10 rupees on Friday in a Mumbai market that fell 1.25 per cent. — REUTERS