Nirlon surges as Singapore-based GIC acquires 64% stake

The stake is being acquired by its affiliate Reco Berry Pvt Ltd at Rs 222 per share

Shares of Nirlon were up nearly 6% at Rs 170 on the Bombay Stock Exchange after Singapore's sovereign wealth fund GIC said it has acquired 63.9% stake in the Mumbai-based Nirlon Ltd for Rs 1,280 crore.

The stake is being acquired by its affiliate Reco Berry Private Ltd at Rs 222 per share, GIC said in a release on Tuesday.

The stock opened at Rs 171 and touched a high of Rs 180. At 9:40AM, nearly 38,000 shares were traded on the Bombay Stock Exchange.