GIC said it had signed agreements to buy 39.2 per cent in Nirlon from its promoters, including the Sagar family, for Rs 784.3 crore (Rs 222 a share). It will make an open offer for 28.4 per cent stake from public shareholders at the same price.
GIC is also in discussions with other shareholders to buy two per cent, or 1.8 million shares, in the company.
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Kunal Sagar will continue to hold the post of executive vice-chairman, Nirlon, while Rahul Sagar will remain executive director.
Kotak Mahindra Capital Company Ltd, HSBC Securities and Capital Markets (India) Private Ltd are joint managers of the open offer. Amarchand & Mangaldas & Suresh A Shroff & Co are the legal advisors to the acquirer
On Tuesday, the Nirlon stock closed at Rs 193 on BSE, down 1.88 per cent.
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