Indiabulls Real Estate. Indiabulls website.

Property developer Indiabulls Real Estate offered to buy remaining stake in its Singapore unit Indiabulls Properties Investment Trust (IPIT) for about S$306 million (about 1,500 crore rupees).

Indiabulls Real Estate owns 54.95 percent stake in Indiabulls Properties Investment Trust while the rest is held by Farallon Group and public investors.

Indiabulls Real Estate's unit Brenformexa made the offer at a price of S$ 0.90 per unit in IPIT, the company said in a statement on Wednesday.

The offer represents a premium of 252.9 percent or more than three times the unit's last transacted price of 26 Singapore cents on June 21, 2016 - the last full trading day of the units prior to its trading suspension.

Indiabulls Real Estate intends to delist and privatise IPIT as it believes it would provide the company and IPIT with the flexibility to manage and develop the existing investments of IPIT while exploring opportunities without the regulatory hassles.

The deal will result in Indiabulls Real Estate "becoming the full 100 per cent owner of IPIT and IPIT will get delisted from SGX-ST".