At meeting held on 29 June 2015
Brigade Enterprises announced that the Board of Directors of Brigade Properties, subsidiary of the Company has approved on 29 June 2015, the acquisition of the property admeasuring 15 acres 86 cents situated at Perungudi on OMR, Chennai from Kansai Nerolac Paints for a consideration of Rs. 550 crore subject to Legal Due Diligence.The acquisition of property would be done either directly by Brigade Properties or through its nominee or through a special purpose vehicle wherein Brigade Enterprises Limited or its nominees and GIC Singapore through one of its affiliates would be the shareholders.
Brigade Properties has entered into a Term Sheet today with Kansai Nerloac Paints relating to the same.
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