Kuwait firm to pick up 20.7 per cent stake in Uniply

Leading integrated architectural, design and build turn-key solutions provider Uniply Industries Ltd Wednesday announced signing of an agreement with Kuwait-based Markab Capital WLL under which the latter would acquire a controlling stake in the company.

"The deal values Uniply Industries at an enterprise value of over Rs 1,550 crore on a fully diluted basis," a company statement said here.

Markab Capital WLL, Kuwait and their wholly-owned Indian subsidiary, Markab India SPV Pvt Ltd, would acquire 20.7 per cent shareholding from Uniply Industries Ltd Chairman Keshav Kantamneni and his group entities at Rs 82 per share, a premium of 28 per cent to the price of shares of company.

Shares of Uniply Industries Ltd ended at Rs 63.40 apiece upby 0.88 per cent over previous close in BSE.

According to the deal, Kantamneni would hold seven per cent stake in the company and continue in key functional support role, the release said.

The transaction aims at leveraging the deep global relationships of Markab Capital and create a long-term value for shareholders by bringing value and global contracts into the execution fold of the incumbent teams at Uniply.

On the deal, Markab Capital Chairman, Ahmad Al Omani said, "Markab Capital is delighted to enter the burgeoning Indian building solutions market with the acquisition of controlling stake in Uniply."