The two companies, Unitech Ltd. and Indiabulls Real Estate Ltd., have deferred plans to list their respective real estate investment trusts on the Singapore Stock Exchange owing to a shortage of liquidity in the global markets.
Unitech fell 28.6 rupees, or 9.7 percent, to 265.95 and Indiabulls Real Estate dropped 73.95 rupees, or 13 percent, to 494.15.
DLF REITLarger rival DLF Ltd might also delay its plans for a Singapore RIET listing, a source told Reuters earlier this week.
Unitech, had planned to raise about $500 million, Indiabulls Real Estate about $1 billion and DLF $1.5 billion from the initial public offers of their real estate investment trusts in Singapore.
Indian developers, hit by soaring land costs and curbs on bank loans, are looking to tap REITs, which are not yet allowed in India, although draft guidelines for them were issued in December.
- The Financial Express
DLF : Getting real