Valuemart Retail India acquires stake in Residencey Projects

Retail solutions firm Valuemart Retail (India) has signed a deal to acquire a 59.86 per cent stake in Residency Projects and Infratech Limited from the existing promoters.

Residency Projects and Infratech Limited, a housing finance, real estate property and infrastructure development firm, is listed on the Bombay Stock Exchange.

Valuemart Retail is making an open offer to acquire 20 per cent stake from the public shareholders as per Sebi guidelines. The open offer was announced publically on November 22. IFCI Financial Services has been appointed a managers to the offer, a release from Valuemart said today.

Valuemart Retail (India), promoted by C K Vasudevan, Managing Director of the firm is registered with the BSE. Valuemart Info Technologies holds a 13.72 per cent stake in Valuemart Retail (India) Limited.

Valuemart offers business to consumer solutions, smart cards, web-based solutions for retail and financial services sectors, RFID solutions. With this acquisition, Valuemart Retail India will extends its service oferings in the housing finance and financial services sector.