Singapore Exchange has suspended trading in units of IPIT, a business trust sponsored by Indiabulls Real Estate, for an indefinite period as public shareholding in the company has fallen below the minimum of 10 per cent. Indiabulls Real Estate (IBREL) today informed BSE that its indirect wholly-owned subsidiary Grapene Ltd (the Offeror) has acquired 54.95 per cent stake in Indiabulls Properties Investment Trust (IPIT). The offer closed today. IPIT has a portfolio of over three million sq ft of completed commercial office space with an equal area under construction as residential space. ".the total number of units owned, controlled or agreed to be acquired by the offeror and parties acting or deemed to be acting in concern with the offeror (including valid acceptances to the offer) amount to an aggregate of 414,306,203 units, representing approximately 54.95 per cent of the total number of units," IBREL said in a BSE filing. Grapene said that as per the applicable provisions under the SGX-ST listing manual, at least l0 per cent of the total number of units should, at all times, be held by the public for the continuity of the trading of units on the bourse. "Since the number of Units held by public Unitholders is approximately 3 per cent as at 5.30 p.m. (Singapore time) on 22 June 2016, which is less than the Unitholding Requirement, the SGX-ST has informed that the units will be suspended from trading immediately following the close of the offer for an indefinite period of time," the filing said. Grapene had stated in the offer document dated May 11, 2016 that it "do not intend to maintain or support any action taken or to be taken to meet the Unitholding Requirement or maintain the present listing status of IPIT." Last month, Grapene had increased its stake in IPIT to 51.18 per cent from 47.51 per cent. Accordingly, IPIT became a majority-owned subsidiary of IBREL. Grapene had made an offer announcement, pursuant to the requirements under the Singapore Code on take-overs and mergers, for acquisition of all remaining units in IPIT at an offer price of Singapore USD 0.25 in cash for each unit. IBREL had said that the financials of IPIT will be consolidated with IBREL from the first quarter of the current fiscal. Post consolidation, IBREL's net debt will increase from Rs 4,617 crore to Rs 7,435 crore, it had said.