GIC to acquire 62.6% stake in Nirlon

Global investment firm GIC today said it will acquire 62.6 per cent stake in city-based Nirlon.
The company's affiliate Reco Berry has signed a definitive agreement to acquire 34.2 per cent stake and will make an open offer to pick up to an additional 28.4 per cent shareholding, a release issued here said.
"Reco Berry, an affiliate of GIC, has signed definitive agreements to purchase up to 3,08,25,114 shares from Geraldton Finance, Real India Invest Aktiengesellschaft and promoters Maneesha Rahul Bhat, Mallika Vir Advani, Bilby Ltd and Guildford Ltd for a per share price of not more than Rs 222 each, representing 34.2 per cent stake in Nirlon," a release issued here said.

Under the applicable regulations prescribed by SEBI, Reco Berry will make an open offer to the public share-holders of Nirlon.
The open offer being made is for up to an additional 28.4 per cent stake of Nirlon at Rs 222 per share. On completion of the deal, Reco Berry will hold 62.6 per cent of Nirlon, the release said.
Nirlon owns 3.3 million sqft information technology park - Nirlon Knowledge Park - at Goregaon in suburban Mumbai.

"Nirlon has created a high quality asset and we are excited about supporting the next phase of growth and asset enhancement to build sustainable value for this development.

"We look forward to working closely with the Sagars and their management team. This acquisition is consistent with our strategy in India to invest in assets that generate stable income streams over the long term," GIC Real Estate Managing Director and Co-Head Asia Loh Wai Keong said.
Meanwhile, Reco Berry has also signed definitive agreements to purchase up to 45,05,902 shares from Alfano Ltd, Deltron Ltd, Kunal Sagar and Rahul Sagar, the existing promoters of Nirlon, for Rs 222 a piece, representing 5 per cent shareholding in the company, the release said.