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| UPDATE: HCC to acquire Swiss realtor for Rs 150 cr |
| Press Trust of India / Mumbai Mar 15, 2010, 11:07 IST |
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Hindustan Construction Company (HCC) today said it will acquire 66 per cent stake in Karl Steiner AG, the second largest operator in the Swiss real estate market, for 35 million Swiss Franc (about Rs 150 crore) in an all-cash deal.
The board of HCC today approved the acquisition of 66 per cent stake in cash through issuance of fresh shares in Karl Steiner AG (KSAG) worth 35 million Swiss Francs, HCC said in a filing to the Bombay Stock Exchange.
As part of the deal, HCC would acquire the remaining 34 per cent stake in KSAG from its sole owner Peter Steiner in 2014. "The shares will be sold at a pre-agreed price based on KSAG's earnings achieved between 2010-2013," HCC said.
KSAG will utilise the fund to expand its Swiss operations and the growth of its core business in India's real estate market, the filing added.
The deal is expected to close in the first quarter of the next fiscal, HCC said, adding it is awaiting regulatory approvals in Switzerland and India.
KSAG, headquartered in Zurich, was founded in 1915. The real estate player now has branches in Basel, Bern, Geneva, Lucerne, Lausanne and St Gallen.
Shares of HCC were trading at Rs 144.25, up 1.02 per cent over previous close on BSE.
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