indiabulls-prepares-to-delist-dev-property

Indiabulls prepares to delist Dev Property

Indiabulls Real Estate will buy Dev Property Development Fund for about $274 million in an all-share deal, offering investors an exit at the same price at which they bought their shares 12 months ago.
February 28, 2008
Indiabulls is preparing to delist Dev Property Development Fund from LondonÆs junior stock exchange, the Alternative Investment Market AIM, just over a year after it listed the fund there. The total outlay for the transaction is ú138 million $274 million.

Dev Property shareholders will receive 0.12091 new Indiabulls global depositary receipts for each Dev Property share held. At Indiabulls' closing share price of Rs654.40 $16.49 on February 27, this translates to a value of each Dev share of ú1. The shares were offered in 2007 at ú1 each thus shareholders are being offered an exit at the same price that they bought in. Investors are, however, net negative by the carrying cost for...
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