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Our Bureau

New Delhi, Jan. 10 Unitech Ltd on Thursday said it has received a green signal from the Singapore Exchange for the Initial Public Offering of ‘Unitech Office Trust’, in the island nation.

According to sources, the company plans to mop-up about $700 million through the IPO and the process of fund raising is expected to be completed by March this year.

In a notice to the Bombay Stock Exchange today, Unitech said that Singapore Exchange Securities Trading Ltd (SGX-ST) had granted the ‘Eligibility to list’ to UOT (a business trust proposed to be formed and registered under the laws of Singapore). The Trust is proposed to be listed on the Main Board of SGX-ST.

Initially, the wholly-owned subsidiaries of the Trust will hold the entire shareholding of three Indian companies having the development properties in India. These include two IT/ ITES SEZs located in Gurgaon and Kolkata and one IT Park located in Noida. In this regard, the subsidiaries of the Trust would acquire the shareholding in the three firms from its current shareholders — Unitech Corporate Parks Plc (an AIM-listed entity), Maxion Ltd and Unitech Ltd (including its affiliates).

These projects have a combined leasable area of about 10 million sq ft, sources said. The company is learnt to have appointed Deutsche Bank, Morgan Stanley, JP Morgan and UBS for the transaction.

Meanwhile, Unitech Ltd is also planning to raise over $1 billion through a qualified institutional placement, sources said. The road shows for the QIP issue kicked-off today and the issue is expected to be completed in a week’s time.

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