IndiaBulls – BT

Indiabulls trust may not proceed with rights issue

INDIABULLS Property Management, which manages the Indiabulls Properties Investment Trust listed here, has clarified that it might not go ahead with a proposed $200 million rights issue.

In a statement, Indiabulls said that it is still in the process of evaluating various sources of funding and other means of capital management for its trust fund, including a rights issue and other borrowing facilities,

In evaluating the sources of funding, the manager will take into account the financial requirements of the fund and the prevalent market conditions to continue to build a solid foundation for long-term success and unitholders’ value maximisation.

Indeed, the trust manager said that it has not formally appointed an investment bank to act as the manager and underwriter of the rights issue or the terms of the rights issue.

Instead, it will make these decisions at a later stage depending on the financial requirements of IPIT and the prevalent market conditions at the material time.

However, it did make a listing application to the stock exchange for new units to be issued under a rights issue.