Ascendas India Trust raises $150m from oversubscribed private placement

It will be used to fund a business park development in Bangalore.

Ascendas India Trust (a-iTrust) has raised $150m from a 4.1 times oversubscribed private placement of 99.47 million units, an announcement revealed.

Also read: Ascendas property fund to raise $100m through private placement

The private placement was upsized from the initial 66.313 million units totalling $100m. The issue price was fixed at $1.508 per unit.

Most of the proceeds will be used to partly finance the Phase 1 of a business park in Bangalore, India. $3m will be used to pay the expenses from the private placement, and another $3m will be for funding existing pipeline projects and repaying debts.

The trading of the units in SGX-ST is expected to start on 28 November.

Photo from a-iTrust website