Ascendas India Trust mulls raising S$70m via private placement

Issue price is S$0.72 per new unit.

Ascendas India Trust is proposing a private placement of new units in a-iTrust to raise gross proceeds of approximately S$70 million, with an upsize option to raise additional gross proceeds of approximately S$30 million.

The net proceeds to be raised from the private placement will be used to finance a-iTrust's targeted growth initiatives.

The company is developing Aviator, planning to buy an additional building within aVance in early 2013, and in advanced negotiations with several vendors relating to potential acquisitions of assets amounting to an aggregate sum of over S$100 million.

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