GIC to acquire about 64% stake in Nirlon for Rs 1,280 cr

Singapore's sovereign wealth fund GIC today said it is acquiring 63.9 per cent stake in the Mumbai-based realty firm Nirlon Ltd for Rs 1,280 crore.

In December, GIC had announced that its affiliate Reco Berry Pvt Ltd signed a definitive agreement to acquire stake in Nirlon.

GIC said that Reco Berry, pursuant to the open offer and agreements with shareholders, is "acquiring 63.9 per cent for Rs 12.8 billion in Nirlon Ltd."

"The stake is being acquired at Rs 222 per share," GIC said in a statement.

The acquisition of 28.4 per cent stake under the open offer has been completed and the Reco Berry is in the process of acquiring the 35.5 per cent stake under the agreements, it added.

Nirlon, which is listed on the BSE, owns Nirlon Knowledge Park, a high quality office park located in Mumbai. The park comprises seven blocks and is spread across 2.2 million sq ft.

Bengaluru-based realty firm Brigade Enterprises had last year entered into a joint venture with GIC to invest up to Rs 1,500 crore for developing housing and mixed-use projects in South India.