Ascendas rolls out India property trust

Ascendas India Trust (A-iTrust) is launching an initial public offering to raise 500 million Singapore dollars.

Ascendas India Trust (A-iTrust) is launching an initial public offering (IPO) on Wednesday in hopes of raising 500 million Singapore dollars ($330 million).

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The Singapore-based trust has a tax-exempt dividend of about 4.75 per cent in its forecast year from April 1 to March 31, 2008.

It is the first Singapore-listed Indian property trust and has a portfolio comprising information technology parks in Bangalore, Chennai and Hyderabad.

A-iTrust is offering 423 million shares at 1.18 Singapore dollars (78 US cents) each with 31 million shares for the public.